Coles, the Australian supermarket giant, strikes a deal with Relex Solutions to implement a cloud-based artificial intelligence platform to revolutionize fresh produce stock replenishment. The retailer will interweave the AI technology with its existing in-house analytics forecasting solution.
Relex Solutions is set to install across more than 850 supermarkets nationally and seven fresh product distribution centers. The goal is not only to automate the produce replenishment process and reduce food waste, but also to improve stock order forecasts through various factors such as weather, past purchases, and local community events.
Other notable benefits from the AI-based replenishment system include fresher products, improved customer experiences through targeted ranges, improved availability, and simpler processes for Coles' team members.
Cloud-Based Fresh Produce Replenishments
Australian Grocer Coles Joined with AI Relex Solutions
Trend Themes
1. Cloud-based Replenishment - Opportunity for other retail sectors to automate stock replenishment process and reduce waste using cloud-based AI systems.
2. AI Forecasting Solutions - Emerging trend for supermarkets to interweave AI technology with existing in-house analytics to improve stock order forecasts for fresh produce.
3. Improved Customer Experiences - Increased focus on providing fresher products and targeted ranges to improve customer satisfaction.
Industry Implications
1. Retail - Opportunity for other retailers to adopt AI-based replenishment systems to improve stock order forecasts, reduce food waste, and enhance customer experiences.
2. Agriculture - Opportunity for agriculture industry to leverage AI forecasting solutions to improve supply chain efficiency, reduce waste, and increase profitability.
3. Logistics - Opportunity for logistics industry to integrate AI-based replenishment systems into their operations to optimize supply chain processes and reduce waste.