HOW DOES DATA HELP RETAILERS AND BRANDS BETTER FORECAST DEMAND AND SURVIVE THE CRISIS?

We leverage many different machine learning models for our predictions and use computer vision AI to create recommendations that will streamline the workload for professionals in the retail industry. In fact, we have started using COVID-19 datasets in our modelling process, which has increased the accuracy of our predictions.

IN ADDITION TO MANAGING STOCK MORE ACCURATELY, WHAT ARE THE OTHER BENEFITS OF USING TECHNOLOGY TO FORECAST DEMAND?

Our AI algorithms have been used by retailers and brands to buy faster and more accurately, thus reducing overstock and markdowns. This helps merchandise planners and buyers make more informed decisions backed by data. Considering the industry is still heavily reliant on traditional tools like Excel and industry knowledge, by leveraging the wealth of data available today like weather patterns, competitor sites, the demand planning process will streamline the process by speeding up the decision-making process.

INNOVATIONS HELP US BUILD UP SUPPLY CHAIN RESILIENCE AMID THE CRISIS — WHAT ABOUT THE POST-PANDEMIC ERA? HOW ARE THESE TECHNOLOGIES GOING TO IMPROVE THE SUPPLY CHAIN EFFICIENCY AND RESILIENCY IN THE LONG RUN?

Those that integrate machine learning and big data analytics into the supply chain will plan better and all around, have fewer inefficiencies. AI algorithms can analyse and learn from real-time data, ultimately helping optimise routes for each vehicle and save costs, reduce driving time, and increase productivity.

CHAIN OF DEMAND'S MISSION IS TO BE THE LINK BETWEEN SUSTAINABILITY AND PROFITABILITY – HOW DOES THE COMPANY EMPOWER RETAILERS TO BRING ABOUT A SUSTAINABLE AND PROFITABLE BUSINESS?

Chain of Demand helps retailers minimise deadstock by producing less items upfront, thereby drastically reducing your carbon footprint. At times, there are goods that cannot even be sold and sent to the landfill or worse, burned. Today, our predictive analytics digs into the data to identify emerging trends to understand today's customer tastes so retailers only produce what the customer wants.

USERS OF CHAIN OF DEMAND ARE MOSTLY FROM THE FASHION INDUSTRY. CAN TECHNOLOGY ALSO BE APPLIED TO OTHER RETAIL SECTORS LIKE FOOD AND GROCERY?

Yes. Most of our expertise is in the retail industry, specifically in fashion, which is why most of our users were from this area. However, the technology involved can be applied to all industries, as every business in the modern digital age has data, and along with that comes insights.