Retailers Tackling Out-of-Stock Issues with Artificial Intelligence - The Food Institute

Proper inventory management is a top concern for retailers. Out-of-stock items and inefficient replacement strategies can result in lost sales, reduced customer satisfaction, and lower loyalty levels. In response to these challenges, companies like Walmart and Kellogg's are harnessing the power of artificial intelligence to improve real-time product substitutions and predict shortages weeks in advance. Artificial intelligence in the food and beverage market is expected to reach $29.94 billion by 2026, growing at a CAGR of over 45.77% during the forecast period, reported Research and Markets. This growth is largely attributed to consumer's increasing demand for fast, affordable, and easily accessible food options.