Artificial intelligence is being used by retailers across the entire product supply chain and customer service cycle, including key areas such as pricing and promotional planning. Artificial Intelligence can determine the best price for individual items using data including seasonality, price elasticity customer product preferences and purchase histories, along with real-time inputs on inventory levels and competitive products and prices. This results in more specific discounts or marginal price increases on individual SKUs to increase demand and maximise profits. Metcash’s ALM last year announced a partnership with AI provider Complexica for standardising and optimising its promotions by using its PCM capabilities to plan and analyse campaigns, along with predicting and optimising their effectiveness.
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