Artificial intelligence (AI) is transforming how enterprises analyze and process information. It is also shifting from theoretical to real-world technology. Companies are deploying AI technologies to boost efficiency, reduce costs, and grow sales and profitability. The technology can also reduce marketing waste by predicting what works. It is the most impactful innovation of our lifetime, and it will create new winners and losers across entire industries.
OTTAWA, ON, June 15, 2020 /CNW/ - Kinaxis Inc. (TSX: KXS), the authority in driving agility for fast, confident decision-making in an unpredictable world, has signed a definitive agreement to acquire Toronto-based Rubikloud, a disruptive, emerging provider of AI solutions that automate supply chain prescriptive analytics and decision-making in the retail and consumer packaged goods (CPG) industries. Globally-recognized retailers and CPG manufacturers in the health and beauty, household and grocery segments use Rubikloud's AI-based products today. Their offerings include demand forecasting and automation to manage and optimize trade promotions, pricing and assortment to drive product demand and dramatically improve financial results. Kinaxis will enhance RapidResponse's demand planning capabilities with the Rubikloud offerings, anticipating initial opportunities in the company's rapidly-growing CPG customer base and over time for other industries such as life sciences. The acquisition also offers Kinaxis a springboard into the enterprise retail industry.
Which AI applications are playing a role in automation or augmentation of the retail process? How are retail companies using these technologies to stay ahead of their competitors today, and what innovations are being pioneered as potential retail game-changers over the next decade? Innovation is a double-edged sword, and as with any innovation, results are a mixed bag. While many AI applications have yielded increased ROI -- this case study of AI in retail marketing segmentation is one example -- others have been tried and failed to meet expectations, shining a light on barriers that still need to be overcome before such innovations become industry drivers. Below are 10 brief use cases across five retail domains or phases.
Machine learning-based personalization has gained traction over the years due to volume in the amount of data across sources and the velocity at which consumers and organizations generate new data. Traditional ways of personalization focused on deriving business rules using techniques like segmentation, which often did not address a customer uniquely. Recent progress in specialized hardware (read GPUs and cloud computing) and a burgeoning ML and DL toolkits enable us to develop 1:1 customer personalization which scales. Recommender systems are beneficial to both service providers and users. They reduce transaction costs of finding and selecting items in an online shopping environment and improves customer experience.
The sense of discovery and surprise at something that matches an unrecognized yearning can be exhilarating. But the sheer size of many stores is exhausting -- with some, I need a site map, flashlight, and overnight bag to take it all in. In others, the inventory is specialized and packed in so tightly that online seems a better way to find what I want. If you're primarily an online shopper, you may be asking how relevant brick-and-mortar stores are. The answer is: quite relevant.
About Blue Ridge Blue Ridge Supply Chain Planning and Price Optimization solutions empower distributors and retailers to tap into undiscovered margin through enterprise-wide inventory intelligence, automation and synchronization. Blue Ridge uniquely combines demand forecasting with pricing strategy, so that businesses can proactively understand the unpredictable and allocate the right inventory – right-priced across the entire mix – to accelerate top- and bottom-line results. In a world where the only constant is change, Blue Ridge provides more certainty, more speed, and more assurance – so companies can see the why behind the buy, and respond faster to the unexpected. That's why major retailers and distributors rely on Blue Ridge for a more foreseeable future. For more information, go to www.blueridgeglobal.com.
"We needed to invest in a building of that type of size and scale so we can deliver the convenience, in terms of delivery speed, to the Australian customer base."Mr Fuller said while the centre would likely improve Amazon's delivery times across most of its Australian customers, the retailer would not know the material benefits of the centre until its completion in 2021.When we launched in Australia there were lots of unknowns…we had to learn the nuances of the Australian marketplaceCraig Fuller, Amazon Australia's director of operationsWhile Amazon operates around 30 robotic fulfilment centres internationally, this will be its first in Australia. The centre will still use humans to pick and pack items, but instead of workers walking to the shelves to pick the items, robotic units take the shelves to them, improving fulfilment time and reducing the amount of walking workers have to do.Amazon has faced criticism in the past over the treatment of its distribution centre workers, who have described working conditions at its Melbourne centre as a "hellscape" due to allegedly unrealistic performance targets.New South Wales Premier Gladys Berejiklian said the jobs created by the new centre come at a time the Australian economy " …
LLamasoft published the results of a global retail supply chain study, which revealed that 73% of retailers believe artificial intelligence (AI) and machine learning can add significant value to their demand forecasting processes. Meanwhile, over half say it will improve 8 other critical supply chain capabilities. The research also found that while 56% of overperforming retailers, also known as'retail winners', use technology to model contingency plans for severe supply chain interruptions, a mere 31% of retailers who are not overperforming do the same. Overall, 56% of retailers surveyed are struggling with the ability to respond to rapid shifts, and the lack of flexibility has cost them during the disruptions such as COVID-19, with many seeing a huge drop in revenue as a result. In addition, 73% of'retail winners' have the foresight and ability to monitor capacity, which allows them to prepare for sudden shifts in demand and supply, compared to 35% of'other' or'under-performing' retailers.
This week brought good sales on Apple and Amazon devices, as well as some intriguing gaming deals. The Apple Watch Series 5 dropped to $299 again after WWDC kicked off earlier this week and Amazon still has some of its Echo speakers on sale (including the handy Echo Dot with clock). You can grab some extra storage for your Nintendo Switch for less at Newegg and Steam's Summer Sale has just begun. Here are the best deals we found this week that you can still get today. The latest Apple Watch has dropped to its lowest price ever again at Amazon and Walmart.
When it comes to smart assistants, we like Google Assistant over Amazon's Alexa here at WIRED. It's easier to set up and is just better at answering voice questions, hands-free. A growing number of smart speakers and smart displays support it, too. It was $574 and dropped down to $300 around March. Now it's the lowest we've seen, and the Amazon price is about $150 cheaper than other major retailers like B&H.