How Machine Learning Helps Retail Business

Machine Learning is an artificial intelligence area that deals with creation of algorithms that learn from experience and are able to make predictions of events through the modeling of legality in data.

Raising awareness about the importance of data is a prerequisite for applying modern technologies and tools based on artificial intelligence and machine learning. The era of intuitive and experience based decision making is slowly becoming history. The human factor is certainly necessary, but by relying purely on people generates errors and significantly limits the decision-making process, as well as profit increase.

Big database

Only in retail business, over 1.8 million items on 2,750 cash registers are sold through our system per day. So far, more than 100 systems have been installed on which over a thousand people work. All this generates large amounts of data and makes large databases that Maximus supports.

Know your customers

The company needs to know its loyal customers and their buying habits in detail. All this information is contained in the data, and it measures the number of items purchased, their type, the method of payment, etc. By interpreting this data we come to the so-called personalized sales where companies can gain insight about their customers and be proactive in meeting their needs.

Increase profits

Another advantage is the ability to increase profits without increasing the volume of work. By optimizing business processes, costs are rationalized which directly leads to improved business results. For example, one of the valuable items in each company is supplies. Machine learning provides the ability to predict supplies status at a certain point. The system alarms when it predicts that a certain day in the future the level of supplies will fall below the optimum, but it also warns at which point in the future will those supplies pile up irrationally.