Info-tech

Ganit, Amazon Web Services tie up to co-develop forecasting framework for retail sector

Our Bureau Mumbai September 17 | Updated on September 17, 2020 Published on September 17, 2020

The data science and AI consulting firm will deploy tech module in 2,000 Aditya Birla MORE retail stores in Bengaluru, Pune

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.

Also read: ‘Machine learning is pivotal to every line of business, every organisation must have an ML strategy’

Ganit will deploy its technology module across 2,000 Aditya Birla MORE retail stores in the next two months, across Bangalore and Pune.

“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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Published on September 17, 2020
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