“Anticipating customer trends and pre-empting stock quantities is a known pain point of the retail industry,” says Grayston. “Partnering with Insite AI gives us access to innovative methodologies that could help solve this problem.”
Shaveer Mirpuri, chair of Insite AI, says shoppers are all too familiar with the experience of finding that their favourite item is out of stock, and all too often retailers get stuck with product they can’t sell.
“As consumers get savvier and retail margins get tighter, it’s important that every merchandising and buying decision is as precise as possible,” says Mirpuri, in a statement.
“Retail is complex. Current buying-decisions are largely manual, and often made by gut feel, or with archaic software that can’t accurately see into the future. There’s a much better way.