Grant: CCI Applied Research and Development Grants
Sheridan College Institute of Technology and Advanced Learning
$40,000.00
Artificial Intelligence (AI) for Retail Sales Analysis, Classification and Predictions
EF 2023-24
Résumé
In 2021, retail trade in Canada generated $752.2 billion in sales and employed over 2.8 million people. Many retailers and manufacturers of consumer goods struggle to convert their data into value because they can’t bridge the gap between merely accessing it and generating meaningful, actionable insights at scale from it. This Applied Research and Development (ARD) grant proposal aims to address this challenge by leveraging advanced Artificial Intelligence / Machine Learning (AI/ML) algorithms and data science methodologies. In this project, the Sheridan Centre for Mobile Innovation (CMI) and Encore Market Engagement (Encore), an Ontario- based company specialized in providing services in sales and merchandising high-level strategy to ground-level coverage modeling, will research and develop AI/ML models to modernize retail sales strategies based on aggregated datasets from both openly available sources and proprietary datasets provided by Encore. The objectives of the project are twofold: (1) to identify patterns and trends in retail sales data that are challenging or impossible to detect through manual analysis, and (2) to generate AI predictions and actionable insights to optimize the deployment of retail sales representatives, thereby improving efficiency, effectiveness, and ultimately Return on Investment.
The partnership between Encore and CMI has a proven track record of successful collaborations since 2015, supported by grants including NSERC Engage, ARD, and OCI's Voucher program. In this project, CMI will continue to leverage its expertise in cutting-edge technologies namely, AI/ML, mobile, and Augmented/Virtual Reality (AR/VR). By utilizing these advanced technologies, the developed prototype will enhance Encore’ service provision and benefit Sheridan Computer Science students through their engagement as Research Assistants (RA). Moreover, this research will offer significant advancements in the area of retail sales strategy, bringing tangible benefits to retailers, manufacturers, sales representatives, and consumers.
Programme
CCI Applied Research and Development Grants
Emplacement
Ontario, Canada
Type de bénéficiaire
Academia
Type
Grant
Source
NSERC's Awards Data
Tel que publié
Application id
CCARD-2023-00170
Name nom
Mowat, Vicki
Department département
Research - Sheridan College (Sheridan College Institute of Technology and Advanced Learning)
Organization id
22156
Institution établissement
Sheridan College Institute of Technology and Advanced Learning
Province en
Ontario
Province fr
Ontario
Country en
CANADA
Country fr
CANADA
Fiscal year exercice financier
2023
Competition year année de concours
2023
Award amount
40000
Program id
CCARD
Program name en
CCI Applied Research and Development Grants
Program name fr
ICC Subventions de recherche et développement appliquée
Group en
RESEARCH PARTNERSHIPS
Group fr
PARTENARIATS DE RECHERCHE
Area of application code
10000
Area of application group en
The socioeconomic objective available
Area of application group fr
L'objectif socioéconomique disponible
Area of application en
The socioeconomic objective available
Area of application fr
L'objectif socioéconomique disponible
Research subject code
10000
Research subject group en
The field of research available
Research subject group fr
The field of research available
Research subject en
Le domaine de recherche disponible
Research subject fr
Le domaine de recherche disponible
Field of research list codes
RDF1020104
Field of research list names en
Machine learning
Field of research list names fr
Apprentissage machine
Socioeconomic objective list codes
RDS10610
Socioeconomic objective list names en
Information systems, technologies and services
Socioeconomic objective list names fr
Systèmes, technologies et services d'information
Application title
Artificial Intelligence (AI) for Retail Sales Analysis, Classification and Predictions
Keyword
Artificial Intelligence ; Machine Learning ; Augmented/Virtual Reality; Predictive and prescriptive analytics; Data mining ; Advanced data science algorithms; Retail sale and Merchandise
Application summary
In 2021, retail trade in Canada generated $752.2 billion in sales and employed over 2.8 million people. Many retailers and manufacturers of consumer goods struggle to convert their data into value because they can’t bridge the gap between merely accessing it and generating meaningful, actionable insights at scale from it. This Applied Research and Development (ARD) grant proposal aims to address this challenge by leveraging advanced Artificial Intelligence / Machine Learning (AI/ML) algorithms and data science methodologies. In this project, the Sheridan Centre for Mobile Innovation (CMI) and Encore Market Engagement (Encore), an Ontario- based company specialized in providing services in sales and merchandising high-level strategy to ground-level coverage modeling, will research and develop AI/ML models to modernize retail sales strategies based on aggregated datasets from both openly available sources and proprietary datasets provided by Encore. The objectives of the project are twofold: (1) to identify patterns and trends in retail sales data that are challenging or impossible to detect through manual analysis, and (2) to generate AI predictions and actionable insights to optimize the deployment of retail sales representatives, thereby improving efficiency, effectiveness, and ultimately Return on Investment.
The partnership between Encore and CMI has a proven track record of successful collaborations since 2015, supported by grants including NSERC Engage, ARD, and OCI's Voucher program. In this project, CMI will continue to leverage its expertise in cutting-edge technologies namely, AI/ML, mobile, and Augmented/Virtual Reality (AR/VR). By utilizing these advanced technologies, the developed prototype will enhance Encore’ service provision and benefit Sheridan Computer Science students through their engagement as Research Assistants (RA). Moreover, this research will offer significant advancements in the area of retail sales strategy, bringing tangible benefits to retailers, manufacturers, sales representatives, and consumers.
