Data science and AI consulting company Ganit has collaborated with Amazon Web Services (AWS) to co-develop a forecasting framework for the retail sector.

The forecasting framework can be used to extract data in any retail set-up and can be used to reduce losses due to wastage in retail stores.

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Ganit has initiated as a pilot project in April under which the framework has been successfully deployed across 119 'MORE' retail stores across Bangalore and Pune. As the second stage of development, the module is now being implemented across 2000+ stores in India.

“This solution reduced the daily wastage of the fresh fruit and vegetable division by 20 per cent and an average of ₹70 lakh was saved on a month on month basis across 119 MORE stores in Bangalore and Pune where it was tested,” said Shivaprasad KT, CEO, Ganit Inc.

Driven by strong macroeconomic factors, India, at present, is the fourth-largest retail market in the world. wy

Further, the industry is likely to grow from $790 billion in FY2019 to $1.4 trillion by the end of 2024, according to a recent report prepared by Boston Consulting Group in collaboration with Retailers Association of India.

Retail intelligence platforms will lead the technology pack to provide the data insights required by these enterprises to match consumer demand, increase outlet coverage, and motivate field teams to ensure both satisfied retailers and consumers, say industry watchers.

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