dukaan.ai
Revolutionize Retail: Smart Solutions for Optimized Shelf Space Management
Created on 4th March 2024
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dukaan.ai
Revolutionize Retail: Smart Solutions for Optimized Shelf Space Management
The problem dukaan.ai solves
Problem Statement:
In retail, optimizing shelf space directly impacts product visibility, customer experience, and sales.
Develop a tool that optimizes product allocation to limited shelf space considering factors like popularity, seasonality, and profit margins.
Product Popularity Algorithm:
- Assess product popularity based on historical sales, customer reviews, and real-time trends.
- Utilize machine learning and sentiment analysis for accurate predictions.
Seasonal Variation Analysis:
- Identify and adapt to seasonal changes in demand using predictive models.
Profit Margin Optimization:
- Prioritize products with higher profit margins for prime shelf space.
- Create an intuitive dashboard displaying key metrics and recommendations.
- Allow retailers to experiment with shelf layouts using drag-and-drop functionality.
Augmented Reality Shelf Simulation:
- Visualize different shelf layouts in-store using augmented reality technology.
- Predict customer traffic and visibility impact for each layout.
Predictive Stock Replenishment:
- Detect out-of-stock products in real-time and generate replenishment orders.
- AI Retail Assistant, helps you as a data analyst and one stop solution for all our business development
queries eg : what product i should place on my first shelf to maximize profitability
Smart Retail AI Customer Engagement Analytics:
- Integrate customer engagement metrics for targeted product marketing.
Challenges I ran into
Low-Light Product Detection: Overcoming the challenge of accurately detecting products on shelves in low light conditions to ensure real-time stock updates are reliable and timely.
Apriori Algorithm for Product Recommendations: Implementing the Apriori algorithm for efficient and relevant product recommendations, balancing computational efficiency with the complexity of real-world retail data.
Dynamic Stock Management in Real-Time: Developing a robust system for dynamic stock management that can handle sudden changes in inventory, predict stock depletion, and automate replenishment orders, all in real-time.
Technologies used