Packworks, a local startup that provides a business-to-business (B2B) open platform to sari-sari stores, is riding the wave of artificial intelligence (AI) and machine learning to help sari-sari stores across the Philippines make informed decisions in stocking their shelves.
“With access to Packworks, extensive and reliable dataset of sari-sari store transactions, we hope to equip our saripreneurs with the means to optimize their operations and drive growth in the highly competitive retail market,” said Packworks Advanced Analytics and Insights Manager Arch Tesorero.
The company is using time series forecasting to capitalize on Packworks,’ large and robust data on sari-sari store transactions to analyze and predict future trends in grassroots sales volumes across different locations in the country.
Using Sari.PH Pro application, Packworks provide predictions across all product categories sold in over 200,000 sari-sari stores nationwide and can run up to five years’ worth of daily transaction data. The model utilizes various machine learning algorithms to identify the most accurate and reliable predictions based on its ability to anticipate and align with real-time and current data trends.
The system tracks down information from its broad network of sari-sari stores that use the which provides store owners access to pricing tools, inventory management, sales and revenue tracking, and working capital loans.
By leveraging AI and machine learning, Packworks, aims to provide stores with additional information that can enhance their inventory planning processes. Retailers can gain a better understanding of consumer preferences and purchasing patterns through the model, leading to optimized product assortments, reduced stockouts, improved customer satisfaction, and increased profitability for the stores.