The best retail pricing solutions teams use data-driven intelligence to make decisions. However, it can be challenging to track the impact of AI tools on merchandising performance. The key to success is to rally your team and work together to ensure that you are leveraging AI to the fullest extent possible.
Intelligent merchandising is an AI-powered approach to retail that uses real-time data to provide more targeted product recommendations to shoppers. By analyzing troves of user information, including browsing and search history, and customer intent, smart merchandising helps to personalize product discovery experiences.
Maximizing Sales with AI: How Intelligent Merchandising is Transforming Retail
In addition, AI-driven smart merchandising can help to improve ecommerce fulfillment by improving inventory management and replenishment processes. By analyzing real-time sales and returns data, AI can detect trends and anticipate demand, automatically predicting and adjusting order volume to minimize inventory carryover and increase sell-through.
Lastly, intelligent merchandising can also accelerate the planning process by providing real-time insights into customer purchase trends and patterns. This helps to improve product assortments, optimize pricing strategies, and support segmentation and attribute management.
As a result, intelligent merchandising can help to boost AOV and conversions by offering upsell and cross-selling opportunities. This can be done through personalized product recommendations based on customers’ interests and behavior, enabling retailers to deliver personalized shopping experiences and build loyalty. For example, ecommerce retailers can use AI-driven smart merchandising to offer product bundles, one-click subscriptions, Complete the Look widgets and more.