Strategic Innovations and Future Directions in AI driven Retail Inventory Management: A Comprehensive Review and Pathway Analysis

Abstract

In the dynamic realm of contemporary retail, mastering inventory management is pivotal for achieving sustainable business triumphs. This research delves deeply into the intricacies of retail inventory systems, spotlighting the latest breakthroughs in supply chain management (SCM). It elucidates the critical need for a cross - disciplinary approach, marrying SCM insights with economic theories to tackle the multifaceted impacts of inventory management across various industries. The paper meticulously explores strategic frameworks—encompassing information dissemination, transparency, and cooperative efforts—that underpin inventory optimization, cost reduction, customer satisfaction, and overall organizational performance. It also ventures into the cutting - edge territories of artificial intelligence (AI), machine learning (ML), predictive analytics, and robotic process automation (RPA), evaluating their transformative potential to revolutionize inventory practices and spearhead growth within the retail sector.