Retail Analysis
NEXT GENERATION RETAILING
Retail Express’ Ed Betts explains that the time to reach for advanced tools is now – and the opportunity to optimise retail processes does not have to be disruptive or difficult.
M
anaging intricate supplier interactions can be a minefield. Each vendor puts
different demands on retailers and carries its own expectations on the way business should be done. Every product line, promotion and media campaign applies more pressure on already stretched retail teams. Major suppliers may dominate in terms of volume – both in terms of product and communication – potentially alienating the smaller suppliers that could present true incremental growth opportunities if they could only be heard. This isn’t a tenable situation. Every
retailer must approach the next few years with an evolution in mind in
6 | May/June 2024
terms of their supplier engagement practices; suppliers expect it, and they deserve it. To keep pace, the solution is to embrace today’s keystone technology – elements like artificial intelligence (AI), automation, and big data. These, combined, form the core of algorithmic retailing.
AI step-by-step Integrating AI tools into one’s business is not the monumental and daunting task it might first appear to be. Embracing the power of AI, machine learning, and retail algorithms is not a case of refactoring every process at once, neither does it mean ceding control to a monolithic AI engine.
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