Deepspatial Inc. is pleased to announce that it has filed patent application number 63244524 – Computer Implemented Method and System for Retail Management and Optimization with the United States Patent and Trademark Office (USPTO) for its proprietary methods of retail management with enhanced user experience for dynamic planning and decision making.
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Problem:
Advancements in information technology have revolutionized the landscape for e-commerce and retail. As digital transformations enrich and enhance existing businesses, retail businesses face new frontiers for expansion along with a novel constraint – location. As organizations adopt omni-channel strategies to deliver value, traditional retail needs to adapt to find novel solutions to thrive. In 2019, retailers in the United States announced over 9,000 store closings. In 2020, the onset of the current pandemic has only exacerbated the problem. Optimization of inventory management, pricing, supply chain, customer sentiment at existing locations along with identification of new markets and identification of stores which need to be shut down are unique challenges which need to be addressed in the retail segment.
Deepspatial’s Solution:
The patented technology is a complete solution that addresses all the pain points encountered in the retail sector and using Deepspatial’s proprietary Artificial Intelligence (AI) driven algorithms in conjunction with the company’s proprietary data sets as well as customer’s data, insights are provided which are client-specific to make critical business decisions.
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Key features of the retail management platform include Inventory Optimization, E-Commerce Optimization, New Location Identification and Evaluation, Customer Persona Targets, Pricing Recommendations, Trend Prediction and more. Layering together proprietary, public and client data sets, along with social media sentiment analysis to capture consumer and customer perspectives, Deepspatial’s Artificial Intelligence and Machine Learning engine determines what it the current state and predicts the future state for users to make critical, bottom-line, business decisions.
Dr. Rahul Kushwah, CEO says, “By bringing together the data, our AI and ML engine can provide insights and predictions that are visualized on a map for easy understanding of the operational and competitive landscape. This gives companies the advantage to better understand the current situation and see what’s coming, giving them the confidence to make decisions that save money, increase efficiency, drive revenue and take the lead in high value markets.”
Dr. Kushwah appeared on Proactive Media to talk about the company and its patent filing.