Transforming Retail Fortunes: How AI-Infused Forecasting Informed Business Strategy for a Retail Chain

Client

The client is a prominent retail player specializing in mattresses and accessories and has over 2,400 stores across the US.

Challenges

The client operated in a highly competitive landscape where accurate forecasting of customer demand, store footfall, and revenue was vital. However, evolving preferences and market trends made accurate predictions challenging, leading to unreliable forecasts. Furthermore, reliance on manual models hindered precision and the implementation of a time-series forecasting model.

Solution

The client collaborated with Visionet and harnessed Google Cloud Technologies to develop robust prediction models for accurate demand forecasts, store footfall, and revenue. We established a fully managed service, proficient in handling the intricacies of data analysis and automated feature engineering, eliminating the need for manual interventions. Furthermore, our solution ingested structured and unstructured data, incorporating relevant external regressors to enhance forecast accuracy.

This enabled the client to successfully navigate the competitive retail landscape and lay the foundation for continued success.