Covid-19 pandemic has become a serious concern to the world and every nation is struggling to find a way out of the havoc that it has created. Pandemic created a big economic loss and it is the US where the virus has hit hard and caused severe damages. The death rate in US crossed 70000 and the total number of patients are more than 100000 and the unemployment rate reached the highest in history. The US government is now withdrawing the lockdown and going to take serious measures to boost their economy.
Retail industry is one of the sectors which was hit hard in this pandemic and in US, the biggest consumer market in the world, the impact on retail stores caused heavy loss to the economy.
Solvoyo, a US based Supply chain consulting firm is helping their clients using their SaaS platform with advanced analytics and AI tools. They are helping the retail owners to overcome their daily operational challenges. They have cloud-based technology and this enables their customers to work from home and collaborate online. They are using AI tools with predictive and prescriptive analytics. This helps their customers to take better fast decisions and developing new strategies in operation.
Covid-19 is changing the marketing dynamics and consumer behaviour and the retail and e-commerce owners have to deal with these changes. They have decisions in inventory optimization, purchasing and handling. Solvoyo helps them by using AI capabilities in adjusting stocks and purchasing accordingly.
Products diagnostics help in identifying the products that need immediate attention such as, loss in revenue, sales or whether it is an aging inventory. Automation process in Product diagnostics saves time and money and helps the owners to arrange the products accordingly so that sales increase and losses decrease.
Forecasting and Demand
Solvoyo platform helps in identifying the actions and events in the market and helps the retailers to identify the effects of Covid-19 on different products as well as their pricing, demand and consumption.
Product solution groups items analyse the service-level adjustments with similar patterns and plan quickly to focus on high-risk items having impact on the owner’s business and helps in taking remedial actions if needed. This helps the owner to ensure that best selling products are reaching in the hands of customers.
All the activities in Solovoyo is by automation and thus saves time and energy, their cloud-based platform makes the operations simpler and easily accessible to the customers. Rapid changes in this field can be seen in the near future as world will see the emergence of AI after this pandemic.