The grocery retail industry has changed dramatically in recent years. The modern shopping environment is constantly evolving, and customer expectations are increasing. Retail supply chain operations are also becoming more complex.
Shifting trends and the future of grocery retail
Customer shifts around online, convenience and healthy lifestyle agendas create an extraordinary challenge and a golden opportunity for grocers. But the physical and digital worlds are all too often operating in siloes. Even for store brands with some visibility into inventory, it’s possible that guesswork and making assumptions without a factual basis are at play.
There’s simply too much data to manage manually, and processes that existed to unify information under a single authority are falling short. Modern grocery shopping must be based on factual information to ensure that the consumer data gathered can inform future purchasing decisions honestly. That’s where invent.ai’s expertise and AI-Decisioning Platform can make the most prominent financial gains possible for grocery inventory planning.
Experts weigh in
In this “The Future of Omnichannel Grocery Retail” podcast, Professor Gurhan Kok, Founder and CEO and of invent.ai, and Justin Honaman, Head of Worldwide Consumer Products – Food & Beverage, Amazon Web Services, get together and answer the fundamental questions that are on grocery retailers’ agenda, including:
- What do you think today’s consumers expect from online grocery retail establishments?
- What should grocery retailers do well to meet expectations and win in an increasingly competitive space across physical and online shopping experiences?
- Today, online platforms and apps can deliver orders in an hour or less. What do you think this means for physical stores in the near future and the customer experience at large?
- How important is it to make granular, data-driven forecasts in the modern grocery market?
- What do you think will be key trends shaping the grocery industry in the coming years that will help businesses and consumers save money and create more meaningful experiences?
You wouldn’t, and the sales data you’ve been collecting can be a lifesaver in boosting your strategic decisions for effective inventory management.
The inventory planning function is now tied to the financial side of the organization. CFOs now oversee planning teams, processes, procedures, systems, and data, and everyone is trying to get on the same page to make better inventory decisions that directly improve the bottom line. Inventory has a cost that is tied to revenue and is part of company quarterly filings and investor presentations that CFOs deliver.
Get help navigating the future of retail with invent.ai
There was indeed a time when managing inventory meant gathering some baseline reports and moving forward. That might have worked even with some national chains, but now, the volume of data is too great. Invent.ai is a leader in applied AI in retail for improved purchasing. Learn more about the value of working with invent.ai by speaking with an expert in retail AI now.