Revolutionize inventory predictions based on consumer behavior with Footprints AI
Footprints AI provides inventory management solutions for the grocery retail industry. The software offers a new inventory management model that takes into account consumer behavior and consumption patterns in order to make more accurate and effective inventory predictions. This model considers factors such as consumer shopping habits, likelihood of interaction with marketing channels, environmental, cultural, media and socio-economic factors, and applies the predictions at the store and community level.
The current inventory management models used by retailers have limitations as they do not consider new factors such as shifts in seasonality, supply chain disruptions, media-inspired fears and beliefs, monetary policies, ESG policies and objectives, and socio-cultural dynamics. This can result in issues such as overstocking or stock shortages.
Footprints' model is applied at the store level and starts from individual consumer profiles, predicting consumption habits down to the level of individual communities and neighborhoods. This means that stock prediction and management is based on demand prediction and marketing mechanisms that can influence demand. The model predicts the future behavior of individuals in a given community based on their likelihood of shopping in-store, shopping online, buying certain products, and interacting with a marketing channel.
The Footprints' model has several ESG benefits. It reduces waste for consumers and retailers by up to 30%, increases marketing efficiency by up to 40%, and optimizes logistics for waste management by up to 30%. By considering all environmental, cultural, media and socio-economic factors in inventory management, Footprints' model supports the ESG objectives of companies in the grocery retail industry.