DeepSpatial Inc said it has filed a patent - application number 63244524 - for its proprietary methods of retail management with enhanced user experience for dynamic planning and decision making with the US Patent and Trademark Office (USPTO).
The artificial intelligence technology company specializes in providing robust, AI-powered solutions to businesses by leveraging the power of geospatial data.
The newly filed patent falls under the Computer Implemented Method and System for Retail Management and Optimization category.
WATCH: DeepSpatial files patent covering proprietary methods of retail management enhanced user experience
“As organizations adopt omni-channel strategies to deliver value, traditional retail needs to adapt to find novel solutions to thrive. In 2019, retailers in the United States announced over 9,000 store closings,” the company said. “In 2020, the onset of the current pandemic has only exacerbated the problem.”
In order for businesses to survive this landscape the Optimization of inventory management, pricing, supply chain, customer sentiment at existing locations along with identification of new markets need to be identified.
As does the need-to-know which retail locations are not financially viable.
DeepSpatial’s patented technology aims to offer the complete solution that addresses all the pain points encountered in the retail sector.
“Using Deepspatial’s proprietary Artificial Intelligence (AI) driven algorithms in conjunction with the company’s proprietary data sets as well as customer’s data, insights are provided which are client-specific to make critical business decisions,” said the company.
Some of the key features of the retail management platform include:
- Inventory Optimization,
- E-Commerce Optimization,
- New Location Identification and Evaluation,
- Customer Persona Targets,
- Pricing Recommendations, and
- Trend Prediction
By layering together proprietary, public and client data sets, along with social media sentiment analysis to capture consumer and customer perspectives, Deepspatial’s Artificial Intelligence and Machine Learning engine determines what the current state is and predicts the future state for users to make critical, bottom-line, business decisions.
“By bringing together the data, our AI and ML engine can provide insights and predictions that are visualized on a map for easy understanding of the operational and competitive landscape,” Dr Rahul Kushwah, CEO of DeepSpatial said in the statement.
“This gives companies the advantage to better understand the current situation and see what’s coming, giving them the confidence to make decisions that save money, increase efficiency, drive revenue and take the lead in high-value markets,” he added.
Additionally, the company will issue a consultant 100,000 common shares priced at $0.145 per common share, fulfilling a consulting agreement.
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