Retail

technology
management

Theme: AI-Driven
Demand Forecasting
and voice commerce

By
Madhu sravya
Rashika
Vishakha
 Introduction
Impact of Technology in
Retail Industry
Technology in the retailing industry has
provided a new dimension. The
introduction of point of sale equipment,
bar codes and huge storage capacity for
billing and payment database has
facilitated the management of large set-
ups with ease. Operations can be
recorded in a structured and systematic
manner, providing detailed analysis of
the sales and volume of transactions.
Use of technology could further be
extended to home shopping, direct mails
and telemarketing.

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Role of AI in retail
technology
• AI is enabling retail systems to work together to optimize
customer experiences, forecasting, inventory management,
and more.

• AI technologies like computer vision bring near-real-time

intelligence to brick-and-mortar stores. That same data,
when analyzed in the cloud, can provide additional business
insights.

• Intel® technologies enable a wide range of AI capabilities,

including intelligent display ads, smart shelves, endless aisle
kiosks, enhanced inventory control, and smart self-
checkout.

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 AI-Driven Demand Forecasting
AI-powered demand forecasting response to demand volatility is demand forecasting using Artificial Intelligence. Traditionally, demand
forecasting is a form of predictive analytics, where the process of estimating customer demand is analysed using historical data. Using AI,
organisations can make use of Machine Learning algorithms to predict changes in consumer demand as accurately as possible. These algorithms
can automatically recognise patterns, identify complicated relationships in large datasets and capture signals for demand fluctuation. Demand
forecasting can also lead to more sustainable consumption and production. When demand is predicted much more accurately, items can be
produced and ordered only according to how much is needed by the consumer.

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Benefits of AI in
retail technology
• Improvement in accuracy over time

• High customer satisfaction

• Improved workforce planning

• Improved markdown/ discount optimization

• Overall efficiency

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Impact of AI driven-
demand in retail
technology
• Errors in supply chain networks can be reduced with 30 to
50% with AI-powered demand forecasting.

• Warehousing costs decrease with around 10 to 40%.

• The loss in sales due to inventory out-of-stock situations

can be reduced up to 65% with the improved accuracy

• In general the estimated impact of AI is between 1.2 and 2

trillion dollars in the manufacturing and supply chain
planning

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EXAMPLES OF AL
DRIVEN DEMAND
FORCASTING IN
RETAIL
MANAGEMENT

• Giant Tech-savvy companies

like Amazon and Microsoft have announced AI tools for
refining demand forecasting, and several consulting
companies are promoting their AI skills to bring them in
demand planning processes. A recent survey identified
that AI is the technology that will have the largest impact
on demand planning in the near future.

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VOICE COMMERCE
 What is voice commerce?

• Voice commerce is a technology based on

artificial intelligence which helps you do
shopping just with your voice and a smart
device like a mobile phone or smart speaker.
Research
• Voice activated shopping has becomeAbstract
very Design
popular and well liked even before 2022.
We based our research on Minimalist design and easy
market trends and social to use
media trends

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 How does voice
commerce work?

1) $3B Opportunity to build

You need a device that has a voice assistant this can be a
Fully inclusive
smartphone or similar voice-activated market (like Amazon
devices
Echo or Google Home). Total addressable market
2) You need to speak a command to activate the device, like
“Hey Siri”.
3) $2B Freedom to invent
You need to use a trigger word. For example, if you spoke
Selectively
the command, “Siri, order Product inclusive
XYZ,” marketwould be
“order”
the trigger word. Serviceable available market
4) You must be mindful of your tones and inflections, as your
device will recognize what it has captured and recognized to
$1B
be your unique voice and will Few
try competitors
to prevent order placement
by what is suspected to be anSpecifically
“unknown” voice.
targeted market

Serviceable obtainable market

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 Benefits of Voice Commerce
1. Fast
$3
• Telling voice commands is way
Billion
faster than typing. In fact, buying
via voice can take less than a
minute. This is currently the fastest
way to do your shopping.
• It applies in case of e-commerce
apps and websites that offer
customers the opportunity to buy
through voice commerce, of
course.
2. Convenient
$2
• The voice assistant will help you get $1
through the shopping process. It’s
3. Personalized
Billion
still impossible to browse different
products in stores without looking
Billion
The voice assistant is often able to
at the screen, but buying with voice guess the product the customer
commands is still way more wants to purchase. Companies use
convenient than using the classic the data from previous purchases
methods. Freedom to invent Few
and improve competitors
the overall shopping
• You can use it while cooking, doing experience by offering products that
laundry,Serviceable
assemblingmarket
furniture, laying Obtainable
interest their market
customers. That makes
in bed and much more. You can buying using voice even faster and
simply make use of voice commerce more convenient for customers.
almost everywhere, without moving
your hands.
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voice commerce in
2022 — a new version
of e-commerce
With various different trends in e-commerce coming up this and previous year, there came the
time for voice commerce. We’ve already got used to mobile commerce (buying via mobile
devices, also in the app), there’s also live commerce in the spotlight all the time, but voice
commerce is about something else.

This trend has become so popular mainly because conversational commerce is the most
convenient, fast and easy-to-use among all ways of shopping. It doesn't require any skills,
knowledge of modern technologies or even using your hands! Because when you want to buy
something with the use of voice commerce, all you have to do is tell a command and it’s done.

Shopping experience getting better

According to Global market insight , by 2024, global smart speaker sales will surpass $30 billion.
Customers choose to use this method more and more often, but let’s not forget that it’s not
essential to own smart speakers to use voice technology in online shopping. That’s why voice
commerce is expected to become a top one trend in e-commerce in the coming years.

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Improving customer
experience with voice
commerce
Voice recognition technology is one of the ways to improve it. Implementing new trends
and innovations is a simple way to achieve a great customer experience level.

Voice assistants may help you with your brand-building, because it is something you can
definitely show off everywhere.

Make customers aware that you offer voice commerce shopping and they will be happy
to try this method in your store. If they like it, they will come back and also recommend
your app or online shop to others.

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 conclusion
Ai and new technologies plays an important role in retail industry as there
provide customer comfort, easy shopping and effort free to customer as well
as industry. With launching of new technologies retail industry is acerating.

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THANK
YOU