Alexey Ivasyuk, CEO & CTO
According to the Food and Agriculture Organization of the United Nations, more than 30 per cent of all food produced globally is never eaten. The value of this wasted resource is worth over a trillion dollars. The causes of the aforementioned food wastage are numerous and occur at various stages of the supply chain—handling and storage, to name a few—but primarily due to absence in coordination among suppliers, retailers, and buyers. Also, ineffective food demand forecasts are one of the major causes of food waste even before you buy it in a store. “An efficient supply chain between suppliers and buyers, not only reduces food waste but also increases cash flow,” says Alexey Ivasyuk, CEO and CTO of MySales Labs, while addressing the inadequacies of collaborations among various dealers, merchants, and sellers.
As a response to such discrepancies, MySales Labs utilises data analytics, machine learning (ML), and artificial intelligence (AI), to offer retail management solutions for demand forecasting, price optimisation, stock replenishment, and promotion modelling. “Like the concept of a self-driving car, our offerings are fully automated to deliver informed insights into retail supply chain management for the entire product range,” says Ivasyuk. The firm’s SaaS-based solutions empower retailers to manage their demand forecasting, promotion modelling, automate ordering, and price optimisation. While forecasting enables retailers to predict the demand for every product in each store and replenish their stocks, the price optimisation module assists in evaluating the best price for stock-keeping units. Such promotional modelling helps to minimize futile discount offers, by focusing on consumers’ buying behaviour using neural networks and machine learning algorithms.
On the contrary, FMCG retail organisations can devise exceptional promotional campaigns by utilising MySales Labs’ solutions.
While providing insights and analytics in retail management, MySales Labs focuses on creating a fine balance between the pricing of products and profit margin witnessed by retailers. In addition, it also empowers them to counterbalance the demand and on-shelf availability of food through its AI-based solutions. MySales Labs transforms several day-to-day processes in retail by automating their activities to help clients gain a competitive advantage in their respective marketplaces. “We continuously strive toward leveraging the latest technologies and providing smart analysis of supply chain by deploying predictive models,” adds Ivasyuk. The firm ensures that clients are being informed of the factors that led these predictive models to that conclusion. This benefits MySales Labs’ clients significantly, owing to the fact that all products are price sensitive and depend on several factors such as weather, seasons, and more. Acknowledging these variables along with advertisements and communication effects, enables MySales Labs to automatically alter product prices, and promotional offers, order goods, thereby, eliminating the need for manual assessment by its clients. It also notifies them of the factors that would impact their sales and suggests a response to the ever-changing retail market for obtaining maximum benefits.
Unlike the usual market dynamic of the ‘AI of yesterday,’ MySales Labs deploys an ‘AI of tomorrow’ to analyse and reason the output it delivers. This makes its solutions really quite self-explanatory, eliminating the need of blind trust to a `black box’ from clients to familiarise with these offerings. “If you don’t understand how the sales forecast is built, then you cannot trust it “, says Alexey Ivasyuk. Consequently, the plug-and-play solutions from MySales Labs enhance engagements by bringing in that always much-needed interoperability of business operations among food producers, vendors, and retailers to optimise the supply chain. Today, with its offerings, the firm operates in Europe and South Africa, and it is further exploring opportunities to expand its footprint in other continents. In the future, MySales is committed to enhance its solutions’ capabilities and provide smarter, intelligent, and engaging products to retail organisations and assist them in their business development by reducing food wastages.