Retail Innovation Conference & Expo (RICE), is the industry’s annual go-to event that brings together retail leaders, innovators, and experts. The 4R exhibition booth gave retailers an opportunity to explore AI-powered solutions for demand forecasting and inventory management. We shared insights on leveraging data analytics and automation to streamline supply chains and optimize inventory management.
Visitors to our booth had a variety of inventory challenges that were common in the industry.
Overstocking and Mismatch of Inventory
Retailers are not only dealing with excess and obsolete inventory, but they’re also contending with items on the shelves that are a mismatch or are missing due to the ever-changing consumer demand. These inventory issues have a negative financial impact on the business. To decrease stockouts, loss sales and reduce overstock carrying costs, retailers need a better way to forecast demand to drive improved inventory planning processes, including replenishment planning, allocation planning, assortment optimization and strategic markdowns.
Ongoing Labor Shortages
Retention and labor challenges continue to be top of mind. Retailers were looking for technologies and services that automated day-to-day key functions, including inventory planning, vendor ordering and purchasing. They want the employees that they do have to work on impactful projects that match their skill sets. A solution that automates the inventory management processes coupled with access to expert analysts and planners will help ease the pain of the labor shortage and empower existing employees to do the jobs they were hired to do.
The Retail Innovation Conference and Expo in Chicago had an energy and vibe that drove stimulating and qualitative discussions at the 4R booth. We hope we helped attendees understand and embrace innovations that can revolutionize customer experiences, supply chain management, and overall operations.