Consumer packaged goods (CPG) is an industry term for merchandise that customers use up and replace on a frequent basis. These are quick moving and are at relatively low cost. The industry has evolved rapidly to meet consumer demands. This has been possible with the advent of Artificial Intelligence and Machine Learning.
For Consumer Packaged Goods companies, Artificial Intelligence offers huge benefits across various areas of production, operations, retail and supply chain.
In an era of AI (Artificial Intelligence) and the IoT (Internet of Things) ,enterprise applications are continuing to evolve, and CPG (Consumer Packaged Goods) companies are taking note and moving to new applications. The result will be greater efficiency, improved visibility, and businesses that are embracing the latest emerging technologies.
One of the most important implementations of AI is prediction. Being able to make accurate predictions on market trends, product demand and success of marketing campaigns can have a major impact on CPG’s success.
SALES & MARKETING
Consumers are increasingly turning into eCommerce options for speed and convenience , enticing in-store promotions have become even more crucial in retaining customers. Incorporating the use of artificial intelligence can help CPG teams be much more precise in optimizing their in-store promotions. CPG teams can retain machine learning algorithms on large amounts of historical sales data and uncover crucial trends and opportunities. This can help CPG teams implement the most appropriate price promotion at the correct time and place. Moreover, using AI to create promotional campaigns enormously increases ROI.
INVENTORY MANAGEMENT & SUPPLY CHAIN OPTIMIZATION
Not being able to fulfil a shopper’s needs, or losing that customer entirely due to inventory issues, is a nightmare situation for any CPG retailer. In order to predict shortages in stock and arrange new shipments, CPG businesses can monitor product location and inventory using Artificial Intelligence and the Internet of Things.
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