Retail & Online
Boost sales and customer satisfaction
Firefly.ai for Retail & Online
Online and offline retailers use analytical tools to better understand customer behavior, streamline inventory management, and improve pricing optimization. But AI capabilities such as machine learning add detailed predictions to improve performance even further, delivering up to $600 billion of added value, according to McKinsey.
With Firefly.ai’s automated machine learning platform, retailers can create effective models that predict demand and analyze pricing data, so that they can maintain ideal stock levels and optimum pricing even without an advanced data science team.
Sales and demand forecasting
Overstocking means losing income through unmade sales, while stockouts cause retailers to miss out on ongoing revenue as customers abandon them for their better-stocked competitors.
Demand forecasting using Firefly.ai helps retailers to better predict product sales for improved stock levels. It allows sales-focused businesses to overcome seasonal fluctuations, raise accuracy and granularity in inventory management, and maximize the efficiency of stock replenishment cycles. Firefly.ai empowers online and offline retailers to quickly and simply build machine learning models for streamlined, cost-effective inventory management.
Predictive pricing optimization helps retailers to find the sweet spot which maximizes profit without putting off customers. The ideal price for each item can fluctuate according to the weather, the season, sales channel, and promotions by local competitors.
Big retailers apply autoML algorithms to stay ahead in price optimization. With Firefly.ai, every retailer can create accurate machine learning models that predict changes in the marketplace to calculate the optimum price for every product on every channel.
Firefly.ai delivers new efficiency for the retail industry
The retail industry can use AutoML to boost profits and implement savings. By applying machine learning models, retailers can improve sales and demand forecasting to save money on overstocking and avoid stockouts, while also raising revenue through smart pricing optimization. Firefly.ai’s easy to use automated platform brings machine learning-powered inventory and pricing insights within easy reach of every retail business, without the need for a robust data science department.