AI in Retail

Innovations using Artificial intelligence (AI) and Machine Learning (ML)are among the top technology trends in the retail world. They are having a great impact on the industry, in particular in e-commerce companies that rely on online sales, where the use of some kind of AI technology is very common nowadays. However bigger companies have that resource to spend on AI inclusion into their scheme of things, but when it come to SMB’s and startups , such expertise is difficult to get. That is where EulersLab has been working to create solutions which help retail companies to avail benefits of AI and ML without worrying about the technicalities.

Below are some of the use cases wherein EulersLab have helped retail companies.

1)Recommendation Systems:

Use cases of recommendation systems have been expanding rapidly across many aspects of eCommerce and online media over the last 4-5 years, and we expect this trend to continue.
Usually, recommendation engines use either collaborative or content-based filtering. In this regard, the customer’s past behavior or the series of the product characteristics are under consideration. Besides, various types of data such as demographic data, usefulness, preferences, needs, previous shopping experience, etc. go via the past data learning algorithm.

2) Pricing Optimization

Usually, recommendation engines use either collaborative or content-based filtering. In this regard, the customer’s past behavior or the series of the product characteristics are under consideration. Besides, various types of data such as demographic data, usefulness, preferences, needs, previous shopping experience, etc. go via the past data learning algorithm.

EulersLab devised Machine learning algorithms assist retail companies with creating the proper price perception by going through and evaluating copious amounts of data and taking into consideration every non-linear interconnections across items and multiple pricing and non-pricing parameters. Equipped with optimal prices, retailers can gain the attention of customers and take over the market.

3) Product Search

One of the major issue that any retail company in digital space faces is implementing Intelligent Search Engine. AI using NLP can make search engine very interactive picking up vernacular languages also as input.One of important aspect is Product Search to take normal language as input which is possible with combination of AI and NLP.

4) Inventory Management

Inventory, as it is, concerns stocking goods for their future use. The retailers aim to provide a proper product at a right time, in a proper condition, at a proper place. In this regard, the stock and the supply chains are deeply analyzed.
Powerful machine learning algorithms and data analysis platforms detect patterns, correlations among the elements and supply chains. Via constantly adjusting and developing parameters and values the algorithm defines the optimal stock and inventory strategies.