Last week, Shai Cohen, Curve’s VP sales gave a talk at a Supply Chain Management conference in Tel Aviv about the many benefits that machine learning provides in supply chain management. More specifically, Shai talked about how Machine Learning technologies such as Curve’s are helping merchants create clearer inventory forecasts that ultimately improve sales.

A recent report by Wakefield Research which surveyed companies with $500m+ in annual revenue suggests an ongoing catastrophe in how inventory is tracked and forecasted in the $1.3 trillion retail sector.
Over 70 percent of those surveyed, stated that inaccurate inventory forecasting is a major issue, resulting in costly supply-demand mismatches. Additionally, two-thirds of those surveyed reported difficulty tracking inventory through the supply chain.
A few of the most common challenges that eMerchants, as well as brick-and-mortar retailers, are faced with is predicting online demand for their products, especially during holidays (Black Friday, Cyber Monday etc.). Another major challenge is managing inventory for both online and offline activities.

REACH YOUR SALES AND INVENTORY GOALS WITH CURVE

Due to rapidly emerging tech, a major shift is being witnessed across every industry vertical, and the supply change industry is no exception. Professionals need to be prepared for a sudden influx of new orders on account of quick growing retail businesses, or alternatively an unexpected business slowdown which may lead to unsold inventory. That’s where machine learning comes into play.
As Shai shared with the conference attendees, “Curve uses machine-learning based prediction technology, allowing companies to accurately forecast sales, products, and support requests, to increase revenue and optimize profitability.” He also said that “Curve’s unique technology goes beyond traditional business intelligence, by recommending the right solutions based on use cases and customer segments.”

Machine learning when used in conjunction with IoT further provide real-time monitoring throughout the supply chain. With the right sensors and reporting, organizations can track every item through its supply chain with ease. This allows for the identification of core inefficiencies that need to be resolved, as well as the ability to streamline the supply chain process.
In short, Machine learning now makes it possible to discover patterns in supply chain data by relying on a mix of historical data and algorithms that quickly pinpoint the most influential factors to business growth.

With machine learning technology becoming increasingly popular, it’s finding it’s way into almost every industry.  eCommerce is no different, and as such your e-commerce online store can benefit greatly implementing artificial intelligence (AI) and machine learning (ML). It may sound complicated but rest assured we’ve made it extremely simple to get Shopify owners started in no-time!
Machine learning involves having computers use algorithms to get better at particular tasks. The more data you feed these systems, the better they can become at analyzing it and predicting results.

Before we dive into what Curve can do for your Shopify business, let’s take a quick look at how e-commerce solutions using artificial intelligence can help boost your online retail business.
#1: SEARCH RESULTS
With machine learning lets you provide personalized search results based on the preference of the online customer. eCommerce giants like Amazon and eBay have already implemented personalized search results to deliver content that isn’t only relevant but also targeted to the specific searcher. Search results powered by machine learning take into consideration your purchase history, your location and your previous search preference to provide the most relevant results.

FIND OUT MORE ABOUT CURVE FOR SHOPIFY

#2: RETARGETING
Have you ever browsed through e-commerce sites, not bought anything and later on found ads of the same product in your Facebook newsfeed? Well, that’s the power of retargeting. As a retailer or e-commerce business owner, artificial intelligence should be used as part of your sales optimization tactics, specifically with to retarget customers who have left without buying.

This would help in not only bringing back lost customers but also help you to analyze the in-store behavior of your customers. Now you can easily check which product majority of your audience is visiting and stock that up.
#3: PRODUCT RECOMMENDATIONS
Product recommendation is typically the first thing people have in mind when they think about machine learning for e-commerce. Features like “if you like product x, you will probably also like product y” have been shown to work remarkably well, and they can serve as a valuable tool to guide users through the ever-increasing masses of options available to them.
Why are product recommendations so important? Typically, people have a tendency to have the good feeling with the company that gives them more attention. In other words, customers all expect to receive special care from online stores. With support from product recommendation engines, online store system can track all customer shopping behaviors and set up personal mode for every consumer.
#4: FRAUD ELIMINATION
Retailers frequently have to deal with abusive customers that use stolen credit cards to make excessive orders or customers that retract payments via their credit card company once products have already been delivered.
With machine learning and sales optimization, you can check out patterns for any anomalies. Since frauds happen when there are anomalies or difference in pattern, you can check and eliminate the whole process. If you are a retailer, you can learn what is ‘normal’ and stop any transactions, which are not.
#5: PRICE OPTIMIZATION
One of the benefits or artificial intelligence is that it has a lot of facets, which you can use for your business. When you use the data obtained from your competitors, and your audience, you’d know the unique price point at which you can sell your stuff. While this might be useful, it can also cause issues for you, if your competitor sells at a lower price.
#6: CUSTOMER SERVICE
Well, the type of service the company provides to its customers defines a retailer. Same is the case if you are an online seller. Unfortunately, if you are a small business owner, paying for a customer service team for round the clock service can be quite costly. This is where artificial intelligence can come in handy. You can use predefined templates for answering the questions of your customers. Once you have screened the basic inquiries, you can use in-house staff to answer the more detailed questions. This would help you to not only curb costs but also provide better and personalized service to your users.

Machine learning can help you with better customer retention and managing your marketing campaign effectively. What’s more, you can easily find out the return on your investments when you checking out the key point indicators. All in all, this can be handy if you know how to use the technology for your improvement.
WHY CURVE FOR SHOPIFY?
Being an e-commerce merchant is tough enough, Curve features the simplest, most human-friendly, easy-to-use dashboard: no graphs, no piles of data, just clear, simple conclusions.
Curve’s machine learning technology gathers and analyzes your Shopify data, cross-examines it with worldwide holidays, calendars, stock exchanges, and even the weather, and generates simple actionable insights for you, today.
Find out more about Curve for Shopify.