AI Framework Revolutionizes Retail Sustainability
Researchers from GIM and Graphic Era have developed an innovative AI framework assisting retail businesses in adapting to dynamic consumer sustainability preferences. By leveraging advanced machine learning techniques and integrating knowledge management, the framework enhances decision-making, addressing the gap between consumer sustainability concerns and actual purchasing behaviors.
- Country:
- India
The Goa Institute of Management, in collaboration with Graphic Era, has unveiled a cutting-edge AI-enabled framework designed to help retail businesses navigate shifting consumer sustainability trends. This innovative research aims to tackle the challenge posed by evolving consumer preferences, marked by a rise in sustainability-focused activism.
The developed framework employs advanced machine learning tools like Self-Organising Incremental Neural Networks (SOINNs), Principal Component Analysis (PCA), and Variational Autoencoders (VAEs) for real-time consumer segment identification and response. By aligning analytics with pricing, stock, and communication strategies, this model promises greater flexibility and responsiveness for retailers.
One of the key takeaways from the research is the disconnect between consumers' expressed sustainability concerns and their actual buying behaviors, influenced by factors including price and trust. The study highlights the importance of transparency, affordability, and targeted communication in bridging this gap and integrating sustainability with business strategy.
(With inputs from agencies.)
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