Applying machine learning to retailer planning and buying decisions could introduce dynamic change to the whole industry.
The growth of AI has had a big impact on the retail industry, from search tools to tracking a product’s journey. Both of these innovations demonstrate how AI can impact on customer experience, yet there could also be room for development behind the scenes. A new AI platform is using AI to harness data for retailer use.
Insite AI is an intelligent merchandising platform that targets retailers themselves. With more and more large-scale retailers using AI in their own businesses to engage with customers better, AI-powered data could also prove useful within the business. Their system can make intelligent recommendations on various business decisions, from pricing options to hypothetical scenarios. It gathers data from various sources, such as retailers’ internal data, operations statistics, and even the weather. Such input can offer intelligent insight into important planning and buying decisions for retailers.
Insite’s advanced machine learning benefits from input from various artificial neural networks along with learned training and statistical methods. The end result is the equivalent of thousands of hours of retailer input. The combined efforts of these factors results in a sophisticated yet simple AI platform that could be revolutionary in the retail industry. The company’s biggest focus is currently the purchasing of vitamins and non-prescription medications. With this in mind, the first major pilot will be with Chemist Warehouse.
The platform gained 1.8 million USD in funding from Goat Ventures, along with other angel investors. Their future plans for these investment is to develop the technology still further and ultimately build up the business globally.