Representatives from Hugo Boss and Invent Analytics have shared insights on how AI can transform sales.
- The discussion took place at the Drapers Inner Circle Summit on 16 October.
- A focus was placed on utilising AI for demand forecasting and inventory optimisation.
- Emphasis was on enhancing sustainability and growth within the retail industry.
- Insights could lead to significant reductions in lost sales for retailers.
Retail leaders from Hugo Boss and Invent Analytics have unveiled the transformative potential of AI in retail, focusing on demand forecasting and inventory optimisation. At the Drapers Inner Circle Summit, held on 16 October, these experts elaborated on AI’s capacity to mitigate lost sales.
The summit, a gathering of industry frontrunners, became the platform where Hugo Boss and Invent Analytics illustrated how predictive technologies can refine retail operations. By embracing AI, retailers aim to foresee consumer demand more accurately, thus decreasing the chances of surplus or insufficient stock.
Inventory optimisation, a focal point of the discussion, highlighted AI’s role in ensuring the right products are available at the right time. This method not only aims to please consumers by having their desired items in stock but also strives for better resource management within the industry.
The discussions underscored a dual benefit of adopting AI solutions: enhancing sustainability practices and bolstering retail growth. The emphasis was placed on how AI can reduce waste by better aligning supply with actual market needs, thereby fostering more environmentally friendly practices.
Incorporating AI into retail operations promises to be a game-changer, not just by streamlining inventory and demand predictions but also by paving the way for sustainable growth. Hugo Boss and Invent Analytics believe that leveraging these technologies provides a powerful tool for retailers looking to achieve a competitive edge.
AI offers a promising avenue for retailers aiming to optimise operations and improve sustainability.
