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Predictive analytics provides retailers with a data-driven approach to demand planning and inventory management. Optimised Pricing Finding the optimal price point to maximise profits while remaining competitive is a constant balancing act in retail. This reduces overstocking and the need for massive markdowns.
As consumers faced higher prices at the gas pump, grocery stores and other places, many cut back on their spending, increasing the competition among retailers. This was especially evident on Black Friday, when many merchants offered steep markdowns to compete. ATO attacks cost retailers millions of dollars each year.
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