The integration of AI in consumer products can offer significant advantages. Let us provide a few examples from the industry.

• Consumer Electronics Industry: Pricing, stock management, and monitoring competitors’ activities are critical to staying profitable. If stock isn’t sold in time, it brings losses to the company.
• Fashion Industry: Forecasting which model/size/color will be popular is always hard. Consequently, companies overproduce and then trash the unsold product. This issue becomes even more critical when a company decides to penetrate new markets with unknown local consumption habits.
• Cosmetics and Supplements Industry: Producers must ensure their product formulas match the markets they penetrate because regulations vary everywhere.

The most modern technology can benefit consumer goods producers in different ways.

1. Optimizing Pricing and Stock Management in Consumer Electronics:

   Years ago, when the author worked in the consumer electronics industry, weekly store checks weren’t unusual. Product managers ordered expensive reports from GFK and also visited “fields” themselves regularly to monitor competition pricing. Mistakes with price management cost companies a lot. In the case of electronics, stock compensations paid to retail because of price adjustments are a popular commercial tool. Various modern tools can be used to monitor and adjust prices in retail: Price2Spy, Competera, Weser, etc.

2. Accurate Forecasting and Stock Management in the Fashion Industry:

   The fashion industry overproduces and trashes huge stocks of products. The European Commission’s 2023 European Impact Assessment Report states that the EU’s member states produce more than 5 million tonnes of textile waste annually, or a little more than 11 kg per person. Modern AI forecasting tools (e.g., Heuritech) can support companies’ manufacturers with more accurate forecasting to avoid overproduction. There are also modern solutions that help sell stocks in other parts of the world without trashing them. An example is the French start-up FINDS – the 360° B2B platform that uses innovative matching technology to connect brands’ unsold garments to circular solutions.

3. Streamlining Formulation and Compliance in Cosmetics and Supplements:

   R&D and regulatory departments of cosmetics and dietary supplement producers are normally very busy managing their products’ formulation and regulatory compliance in various markets. Companies like Good Face Project provide solutions for brands and contract manufacturers: any formula can be matched with any foreign market within a few seconds. It saves manufacturers a lot of time and money and makes them competitive on the global scene.

In summary, AI in consumer products offers substantial benefits for consumer goods producers and Exporters across various industries. By optimizing pricing and stock management, improving forecasting accuracy, and streamlining regulatory compliance, AI helps companies achieve quick ROI and maintain a competitive edge in the market.

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