Kyobo to adopt AI-based demand forecasting platform for efficient inventory management

By Park Sae-jin Posted : November 10, 2021, 15:48 Updated : November 10, 2021, 15:48

[Gettyimages Bank]

SEOUL -- South Korea's top bookstore franchise Kyobo Book Center will adopt an artificial intelligence-based demand forecasting platform to efficiently predict market demands and manage inventory.

Various kinds of demand forecasting platforms, or demand prediction software, are used by retailers for the efficient management and reduction of operating costs. Using AI-based prediction models, a forecasting platform can analyze sales data and market trends to calculate future demands.

Kyobo Book Center said in a statement on November 10 that the company will adopt a market demand forecasting platform in 2022 to predict market demands and efficiently manage inventory. The platform's AI is being co-developed by Kyobo, the Korea Advanced Institute of Science & Technology (KAIST) and Eigene Korea, an AI and big data specialist, through a joint project launched in April 2021.

Currently, Kyobo stores use an automated ordering system that orders books when its inventory is low. The bookstore chain operator predicted that the AI-based platform will use a deep learning feature to become more accurate as it analyzed more data. "It is hard to predict demands during the school opening season or holiday seasons using the current system," an unnamed Kyobo official was quoted as saying.
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