A new age in tech means a new age in retail, therefore fashion brands are having to find new ways to improve. What we preach here at WAIR is that the traditional methods of inventory management, which relied heavily on manual effort, are no longer sufficient to meet the dynamic demands of this new era of retail. Our AI inventory management software is saving fashion retailers loads of lost revenue by reducing overstock and understock among other things. This software truly has opened up a new era for retail as accurate predictions are now available 6 weeks ahead of time! Specifically, things like replenishment, redistribution, reordering and the initial distribution are enhanced significantly.
The evolution of inventory management
Inventory management has come a long way from its early days of manual counts and spreadsheet-based tracking. For decades, retail companies have relied on traditional methods that use historical sales data to predict future inventory needs. While these methods were the backbone of inventory management, they came with significant limitations. One of the main challenges was their inability to adapt quickly to rapid market changes, fluctuating consumer demands, and unexpected external factors such as supply chain disruptions. Once more machine learning developed enough it was able to allow for a huge shift in inventory management.
The power of AI in inventory management
The combination of the continuous development in deep learning and the data on some of the biggest retail companies in the world has introduced a new era of possibilities in inventory management, providing capabilities far beyond what traditional forecasting methods can achieve. The numbers speak for themselves. As seen in the case studies of the AI inventory management software, companies experience huge gains and massive drops in excess inventory.
Unlike conventional methods that primarily rely on static historical data, deep learning can analyze vast amounts of different types of data in real-time, identifying patterns and making predictions with unparalleled precision. This results in a more adaptive and responsive inventory management system that can swiftly adjust to market fluctuations and consumer demand changes.
WAIR’s AI inventory management software is at the academic as well as the commercial forefront of this technological revolution. At its core is WAIR’s ForecastGPT-2.5, a sophisticated predictive intelligence model that leverages the power of deep learning to provide highly accurate sales forecasts. This technology not only considers internal data, such as historical sales and inventory levels, but also integrates 100’s of external factors like market trends, weather patterns, and seasonal variations. By combining these diverse data sources, WAIR’s software creates a comprehensive and precise prediction model that helps fashion retailers maintain optimal inventory levels, reduce waste, and maximize sales potential.
Key features of WAIR’s AI inventory management software
WAIR’s AI inventory management software offers a range of innovative features designed to optimize inventory control and enhance overall retail performance. These are the features:
- Forecasting up to 6 weeks ahead
- On both SKU level and style level
- Monitoring of the actual accuracy of the predictions and your inventory
- AI Replenishment
- AI Redistribution
- Article insights
- Store insights
One of the standout features, the software’s inventory forecasting capabilities offers real-time forecasting that adapts daily to changing conditions. Our pooled database and self-learning system have improved so much that it is capable of making predictions on SKU level as being accurate up to 6 weeks ahead in time which is a real game changer.
Building on the forecasts, the dynamic AI-driven replenishment system is another of the key features offered. This system automatically adjusts stock levels to meet actual demand, ensuring that each shopfloor is optimally stocked. Each SKU-shopfloors combination is now continuously being monitored by a (digital) merchandisers. Possessing 1000’s of them. Real-world applications of this technology are evident in the success stories of our clients.
Additionally, WAIR’s inventory management dashboard provides a comprehensive overview of critical inventory metrics. This intuitive dashboard includes detailed metrics on total sales quantity, stock levels, and sell-through rates, all presented in a clear and accessible format. The dashboard’s AI-powered forecasting and real-time visibility features empower retailers with up-to-the-minute insights, enabling them to make swift and informed adjustments to their inventory strategies. By leveraging these advanced tools, fashion retailers can streamline their operations, reduce waste, and significantly enhance their profitability.
Both local as global companies are stepping into the new ERA.
The case studies of these local fashion retailers give an insight into how companies can step into the new era of retail. Shoeby for example had an increased yearly revenue of 2.96% after implementing the WAIR replenisher, while DAKA had their overstock reduced by 47% as well as Van Dal who had their overstock slashed by an enormous 90%. Steve Madden, a global shoe brand saw their forecasting accuracy boosted by more than 29%. These are just a few examples of a massive step in operating efficiency. That is the reason why the biggest retailers such as Wolford and Ralph Lauren choose to be accelerated by us.
Future outlook
As it stands now, the future of retail is set to be primarily influenced by continuous advancements in AI technology. While AI is becoming increasingly sophisticated, its applications in inventory management are expected to grow, offering even more precise and efficient solutions.
Accelerate your accuracy with WAIR
As we have discussed, compared to old inventory management techniques AI driven Replenishment has created a whole new field of play and is continuing doing so. Our AI inventory management software has many unique features such as forecasting 6 weeks in advance. These features have resulted in massive benefits for the companies that make use of the WAIR technology. So, accelerate accuracy in your company now and reap the benefits.
