APPLICATIONS
While acknowledging the importance of AI and ML , Freeman also suggests that AI and ML are not the sole means of sustainably transforming the online shopping experience : “ These approaches can go some way to making the online shopping experience closer to the experience in store and reduce the return rate accordingly . But there is more that can be done outside of the AI space , including the development of sustainable packaging .”
AI , ML and the supply chain in online shopping Growing expectations – as well as fuel costs – have also put enormous pressure on the global supply chain , which has now reached a breaking point . If data generated by ecommerce is not turned into information and knowledge that can be leveraged to make better decisions , it will fail to provide insights to help improve supply chain challenges .
“ By leveraging ML-based forecasting algorithms , fashion industry platforms are able to provide accurate demand forecasts in an efficient way , removing the tribal knowledge and manual effort from the equation ,” comments Vikram Murthi , VP of Industry Strategy at o9 Solutions .
AI platforms for supply chain management and ecommerce will be able to use data to provide insights on upcoming risks or opportunities . This may include demand or supply alerts such as demand surge , orders exceeding forecasts , shipments arriving later due to bad weather or port delays , procurement alerts and production alerts .
Murthi concludes : “ By investing in nextgeneration platforms powered by AI , fashion companies will not only be able to bridge the gap between demand and supply , but they will also be able to sense demand and predict consumer preference shifts in order to better align their supply , absorb rising materials and shipping costs while eventually reducing waste and better using the planet ’ s resources .”
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