An AI supported ecommerce platform is capable of collecting the user data, analyze them and come up with predictions. The results come handy in many areas of the company. I have mentioned a few of them, moreover both the applications and capabilities of the tool are increasing everyday.
In terms of Inventory management the tool helps to predict the probable sales volume for the near future, so the process owner needs to maintain only the required stock and manage without any dead stock investment. The most preferred inventory management model these days is the JIT (Just In Time) model wherein very less quantity of inventory stock is maintained at any point of time. In this case, a sudden spike of demand might turn risky wherein there might be a situation of stockout for few items.
With the help of the predictive analytics tool a similar situation can be avoided. Similarly the tool is capable of coming up with probable buying interests of a particular customer with details like the comfortable price range, preferred brand or probable items of interest. With this prediction the system can showcase those items in his window which can improve customer retention, customer satisfaction and probable sales too.