In recent years, automation has become a critical part of the retail sector. However, one of the primary concerns with retail automation, particularly AI-driven applications, is the fear that it may replace the human workforce. But
in reality, these technologies accelerate the productivity of retail employees and streamline processes. For example, merchandising and marketing professionals can leverage AI to identify relationships, patterns, and anomalies in areas such as price elasticity, consumer demand, and operational status.
“Retailers should focus on leveraging AI and machine learning to enhance their operations rather than fearing it will replace their teams. Sleeping on these technology advancements will put retailers at a disadvantage in today's data-driven market,” says Prem Kiran, CEO of Hypersonix Inc.
Founded in 2018 by a former executive from SAP, Hypersonix has become a leading AI-driven actionable intelligence company for commerce. The platform, ProfitGPT, accelerates and automates the analysis of a merchant’s product performance. The company’s operational intelligence infrastructure for commerce enables decision-makers to have rapid visibility, predictive insights, and suggestive actions, leading to increased business agility.
ProfitGPT leverages innovations in machine learning, natural language programming (NLP) and high-scale real-time data computing, along with business and workflow automation to offer a fast and simple experience supported by an AI-powered intelligent decisioning agent. It simplifies the complex analysis of competitors, pricing, promotions, inventory and forecasting to help retail merchandisers, marketers, and analysts make better and faster decisions that can accelerate growth. Integrating multiple data sources with Hypersonix’s connected network of generative AI models delivers insights that can be automated to drive product sales and margin growth. The platform’s flexibility allows retailers to implement one or all of the modules at the same time or separately, depending on their needs and where they want to focus.
ProfitGPT’s core modules consist of Competitor AI, Pricing AI, Forecasting AI, Promotions AI, Inventory AI and Generative Commerce.
Pricing AI: Proactively monitor, gain insights and automate pricing for maximum sales and product margin growth. Manage the optimal price point for millions of SKUs while solving any price complexity. Competitor AI: Having key insights on competitors’ products, prices, promotions and stock situations allows you to optimize your business strategies and gain market share.
Forecasting AI: ProfitGPT's advanced double-machine learning simulator ensures predictable and maximum sell-through strategies with visibility at the item, category, channel and location levels.
Promo AI: Empowers retailers to optimize their promotional strategies with data-driven insights, directly enhancing profit margins and operational efficiency. Integrating AI analytics, it refines promotional tactics to ensure maximum financial impact with minimal expenditure.
Inventory AI: With real-time inventory levels, demand patterns, sales velocity and consumer buying trends at your fingertips, you can worry less about out-of-stocks and over-stocks while optimizing your cash flow.
Generative Commerce: Insights and reports leverage a retailer’s data to deliver valuable insights and actionable information. These reports are generated by the ProfitGPT AI engines, which automate the collection and processing of extensive data from different sources.
In one instance, a major retailer experienced a significant transformation in decision-making by implementing AI-driven Competitor and Pricing models. What previously took weeks for teams to analyze and make decisions now takes a few minutes. This acceleration and automation of their manual processes led to a 28.61 percent year-over-year increase in profit and a 13.3 percent boost in sales and revenue. Since adopting ProfitGPT last year, the retailer has seen a 7X return on their AI investment, consistently every month
Click here to learn how Hypersonix can help profitably grow your consumer-commerce business.