RTIH: Can you expand the role of AI in retail?
EB: Accurate analysis of consumer data forms the foundation of getting retail right. This can be achieved by using AI to gain deeper insights, anticipate customer buying trends and proactively deliver at every touchpoint.
Gartner calls for the use of AI in retail to drive automation and recommendation systems algorithmic retailing.
This is especially appropriate when internal practices become a direct barrier to growth and market responsiveness.
RTIH: Are intelligent merchandising and algorithmic retailing the same thing?
EB: Intelligent merchandising and algorithmic retailing both focus on retail technology solutions that use the power of AI to help unlock competitive advantage.
As we see the rise of disruptors in the retail market, such as online behemoths on the one hand and the ‘deep discounters’ on the other, it is important to invest in systems today that use intelligent insights to maximize the income.
AI driven solutions also support the transition from the limitations of forensic analysis to the use of real-time data to generate accurate forecasts and predictions, improving operational efficiency and revolutionizing tired processes.
RTIH: What are the benefits of investing in this technology for retail?
EB: Moving to such a system will help centralize all data and planning in the cloud provider a version of the truth across the supply chain accessible to all stakeholders at the same time. This integration speeds up and simplifies retailer and supplier processes, encouraging transparent collaboration.
For example, two-way supplier collaboration tools bring retailers and vendors together to plan, negotiate and agree deals, track funding and manage media and promotions.
This enables a shift away from one-way data flow and broken communications. Managers are now freed from the administrative burden and can focus on how to set up their business.
RTIH: Can’t all this be done equally effectively using office applications?
RTIH: Moving from paper and email to a digital solution facilitates real-time supplier proposals and deals.
Additional benefits include sharing AI planning and forecasts, and integrated business plans with funding visibility, as well as the ability to track and trace all funds and allowances using digital contracts. and solutions that drive compliance.
A full digital audit trail means that, for the first time, subsequent negotiations can be accurately documented and verified, while a dedicated supplier collaboration portal allows trading partners to tightening agreements and ensuring sales growth with clear visibility of promotional ROI.
This makes for a much healthier retailer/supplier partnership that is driven by shared data rather than guesswork.
RTIH: How does this help improve, for example, promotion planning?
EB: By using AI to analyze current and historical data on trade and sales conditions that underpin sales, retail businesses can make accurate predictions about how pricing and promotional plans will affect future revenue and earnings at both summary and granular levels.
Pricing and promotions can now be based on business intelligence and insights gained from data hosted in the cloud. Historical sales data combined with Point of Sale data allows retailers to see first-hand what customers are buying and when.
Options such as ‘basket analysis’ even allow a granular-level view of customer purchases, detailing item sales transactions, by basket, by store, by day , for all stores and e-commerce, 365 days a year.
RTIH: Why do visitors visit the Retail Express stand?
EB: As the retail industry continues to go through a period of transformation, businesses must intelligently focus, optimize and adopt a more detailed and data-driven approach to revenue.
The latest purpose-built merchandising software, driven by AI and leveraging cloud capabilities, enables the smart modern retailer to benefit greatly from improved forecasting and planning, greater sales potential thanks to analyze data, and control all aspects of supply chain management.
The Retail Express team will be happy to demo the route to retail success and significant future growth on stand 5G20.
To learn more visit Retail Express at this year’s Retail Technology Show: https://www.retailtechnologyshow.com/exhibitors/retail-express
Edward Betts, General Manager – Retail Lead Europe, Retail Express
Ed has worked in the retail industry for over 20 years and joined Retail Express in 2019 where he is General Manager for the UK and Ireland.
He has extensive and specialized knowledge of retail category management, pricing and purchasing requirements having worked with a number of UK retailers, including eight years at Asda where he developed and launched a standalone online service that wine.
After this, he worked for Distell, a large international drinks manufacturer, where he managed strategic accounts for several major UK grocers including Morrisons, Asda and Marks & Spencer.
Betts is also Retail Express’ Head Consultant, helping clients make more effective use of products and services as well as providing consultancy on the effective use of pricing and category management.