AI Tools Retailers Can Use to Succeed This Shortened Holiday Shopping Season

The holiday season is the most successful and stressful period for retailers. Throughout the year, retailers monitor inventory levels, replenish stores and determine the correct price promotion equation. These tasks are just as important during the holidays — however, the way retailers complete them is different. Moreover, the margin for error is much smaller, especially this year.

The 2024 holiday shopping season will be shorter than usual, with Thanksgiving falling on Nov. 28, shortening the window between it and Christmas. This is a phenomenon that hasn’t happened since 2019.

This shorter window will affect assortment, pricing and promotion strategies. Likewise, despite the need for higher inventory levels (and seasonal products), retailers have limited space and must choose which inventory to prioritize. The supply chain also presents a significant challenge — specifically, how many products can one transfer in this year’s limited period?

In order to maximize this shortened holiday window and overcome these challenges, retailers should turn to artificial intelligence (AI) tools to enhance forecasting and labor management.

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AI is here. And it is disrupting industries, communities and the world at large. At EPAM, we drive AI strategy, delivery and enablement from a business perspective to ensure meaningful, sustained outcomes: https://www.epam.com/services/artificial-intelligence