SMALL BUSINESSES, BIG SUPPLY CHAINS
mini markets, beauticians to pet shops and everything in between. The open commerce initiative is about breaking down barriers and enabling companies to trade ef ciently across the internet. The amount of consumer data collected from Meta and Google over the past 25 years is now publicly available in business environments, enabling SMBs to level the playing eld. Other advanced technologies are also having an impact: AI is revolutionizing open commerce for SMBs, providing cutting-edge technology to optimize operations and decision-making. With AI-driven data analytics, businesses can identify market opportunities based on real-time transaction data. PUTTING AI TO WORK AI-powered insights also enhance competitiveness by enabling SMBs to make informed decisions about product offerings and marketing strategies. AI tools also coordinate targeted promotions, helping businesses increase their visibility and engage customers effectively. Generative AI enables smart inventory management by forecasting demand and automating restocking. Dynamic pricing adjusts product price tags based on market conditions, and AI tools like 24/7 chatbots, virtual try-ons, and
virtual assistants upgrade customer service. Meanwhile, advanced analytical intelligence can forecast sales and segment customers for more effective marketing optimization. There is tremendous opportunity for SMBs to regulate the way they purchase their products using these new solutions. “With AI tools, they can gain greater control over the partners and manufacturers they deal with,” says Floyd. “Plus, it enables much smarter sourcing.” Aggregating data and enabling all parties to leverage that data allows everybody to succeed. “With our open commerce platform we are trying to create a rising tide that lifts all boats together,” Floyd says. “It’s not winner-takes-all.” With widespread use of these tools, consumers will ultimately have a better experience when they go to a store. SMBs will have the right product at the right time in the right place. Suppliers and manufacturers will know what SMBs want and be able to provide it. We have to look after small businesses, Floyd says: “They are the backbone of the global economy. Open commerce enables them to trade in the same way and on the same terms as the big players through the power of AI and machine learning. Together, they provide valuable insights into product vulnerabilities and opportunities.” n
AI-powered insights enhance competitiveness by enabling SMBs to make informed decisions about product oerings and marketing strategies.
“One in eight consumers who walk into a store walk out without the product they were looking for,” says Justin Floyd, founder and CEO of RedCloud® Technology, which offers a transparent trading system known as an intelligent open commerce platform. That’s why it’s so critical for SMBs to gain advanced technology capabilities that can improve inventory ef ciency. The democratization of data, new AI tools, and open commerce will allow SMBs to trade freely, inventively, innovatively, and instantly across global supply chains, notes Floyd. “In the brick-and-mortar space, where 92% of all retail sales still take place, acquiring this kind of data has been a big problem,” Floyd adds, referring to SMBs that run the gamut from delicatessens to
Intelligent open commerce platforms such as RedCloud provide SMBs with advanced technology capabilities that can improve inventory eciency and enhance competitiveness.
146 Inbound Logistics • January 2025
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