A new AI-powered platform for the retail industry is designed to improve the availability of goods on the shelves.
Optimal Shelf Availability Decentralized (OSA DC) is a big data platform based on blockchain and powered by artificial intelligence and smart contracts.
According to the developers, it collects and analyses large amounts of data from retailers, manufacturers, consumers and open data sources in real time, optimising the decision making process.
Developed by an international team based in Russia, Ukraine, the United States and Israel, OSA DC helps retailers and manufacturers to understand whether they are overstocking or understocking products, an issue estimated to cost the industry $400bn in lost sales every year.
A white paper published by the company quotes Harvard Business Review, which explains: “the root of the problem lies in the lack of transparency in product flow between retailers and consumer goods manufacturers”.
The company says that OSA DC can be used by major brands and smaller chains to track product stocks and orders with “pinpoint accuracy“.
Consumers can also use the platform, with an AI-powered digital assistant offering purchasing recommendations based on reliable product information and ratings. The company says this will create a new era of retail where “smart consumers” can make intelligent choices.
Over time, the company believes its digital assistant could help shoppers manage their purchases and reduce domestic waste, with up to 30% of items bought worldwide never being used.
OSA DC will offer tokens to encourage consumers to generate and share data that will then guide manufacturers and retailers to produce better products and improve their business processes.
The company is currently holding a public presale, to be followed by its main crowdfunding event that will continue until the end of July or until its hard cap of $40m is reached.