Inventory management

 

Inventory management

A survey conducted by MIT Technology Review indicated that fraud detection and inventory management are just as likely to be AI-enabled in retail as customer service.

Inventory management in particular is an area of retail where many different types of AI are already being used. There’s camera vision, (like Google’s new shelf-checker tool), but there’s also sensors (smart shelves, anyone?) and demand forecasting. There’s plenty of room in this last use case for AI to make a big difference: According to McKinsey & Co., using AI-powered forecasts in supply-chain management can reduce errors by up to 50%, reducing lost sales and product unavailability by up to 65%.

Lowe’s is one retailer that has gone all in on AI for inventory management, introducing a “LoweBot” to Bay Area stores in 2016. LoweBot uses cameras and sensors as it moves around a store, helping direct customers to specific items and monitoring inventory, flagging low-stock or out-of-stock items.

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