Retail Digital Revolution is a dynamic product experience that learns, adapts, and predicts your visitors’ needs as they navigate your online store. It’s a powerful ecommerce merchandising strategy that can amplify your brand, reduce out of stock incidents, and drive up average order value (AOV).
For example, if you know that your customers like to buy items in a certain size, you can use intelligent merchandising to avoid showing products that are out of stock for those sizes. This saves your shoppers from frustration and increases their conversion rate.
Predictive analytics and machine learning are enabling retailers to create smarter, personalized merchandising strategies. By predicting customer lifetime value or product demand, predictive analytics algorithms can make predictions about the products that will be most popular with your audience. By combining these predictions with real-time visitor data, you can then serve up the most relevant products and content that will grab your shoppers’ attention – making them more likely to convert.
The Art and Science of Intelligent Merchandising: A Comprehensive Guide
Intelligent merchandising can also help you manage seasonal peaks, back-to-school sales and other special occasions by automatically adjusting your prices and promoting items that are likely to sell well. This is possible thanks to a combination of merchandising tactics and an AI-based pricing engine that uses a model-based approach to optimize your planograms and perform store-specific space optimization. To make the best decisions, artificial intelligence combines various data points like supply and demand, competitor pricing, weather, and more to determine a price that is most profitable for your business. Retailers leveraging intelligent merchandising experience higher sales, profit, and ROI. However, to achieve this, you need high-quality labeled data. That’s why Taskmonk offers human-in-the-loop data labeling solutions that act as a source of truth for AI merchandising solutions.