Whether you like it or not, AI is reshaping many industries and ecommerce is no exception. The technology is making it easier than ever for brands to create a more personalized shopping experience and meet business goals. This is all thanks to intelligent merchandising, an innovative new approach to merchandising that takes into account everything from customer data to supply chain analytics to automatically optimize and personalize product selections and recommendations.
For Retail Innovation and AI managers and merchandisers, intelligent merchandising is a game-changer. It frees them up to focus on the big picture and improve strategy while automating the execution of tedious tasks. For example, dynamic collections can make sure that your homepage is constantly up-to-date and always includes the most popular products. And when you need to adapt to seasonal trends, AI can automatically re-order products based on customer demand and inventory levels.
Personalized Merchandising: Tailoring the Shopping Experience with AI
Other smart merchandising features include real-time pricing optimization to match demand, price elasticity and other factors that impact sales. By doing this, you can eliminate prices that are too high for shoppers and reduce stock holding costs. And when you combine this with predictive analytics and machine learning, you can even anticipate what your competitors are doing to maximize your competitive advantage and win more market share.
To take full advantage of the possibilities of intelligent merchandising, you need a single source of truth for all your data. This means using a unified data platform to bring all the information you need in one place so that it’s easy to align objectives with merchandising strategies. Taskmonk’s human-in-the-loop data labeling solutions deliver this and ensure that the AI merchandising algorithms work on high-quality, trustworthy data.