FMCG and Retail
Digitization of FMCG and Retail
The distributed ledger technology has started to revolutionize the entire consumer goods supply chain facilitating transactions in a secure and transparent environment.Consumers are now able to quickly trace the source of their purchases, shippers can easily check if a truck is fully loaded before scheduling a delivery, drug stores can verify if their creams or shampoos are actually organic.
For decades, retail and consumer goods were based on gut feeling and market research. Now, with the capabilities of real-time and even predictive data analytics, the consumer goods industry is moving from a model of reactive operations toward a data-driven, proactive approach. Rather than pushing products to consumers, the model is increasingly based on consumer pull.
From predictive analysis to machine learning to deep learning, AI is bringing a lot of benefits to FMCG companies. AI is enabling companies to discover gaps (both in their consumer interactions and in the supply chain) and make their processes intelligent – including demand forecasting, supply chain optimisation, personalised product offerings, social media analytics, consumer sentiment analytics and recommendation engines.