How deep learning data analysis combined with dynamic digital pricing & promotion tags brings physical stores in line with the responsiveness of eCommerce
Canary Wharf -London. Monday 24th April 2017
Singular Intelligence Ltd and Integrated Retail Ltd today announced a partnership to offer an Artificial Intelligence Shelf Edge solution for the retail sector.
Retailers are starting to adopt dynamic price display technology and need to intelligently and automatically monitor and analyse a wide range of data sources, both online and in store, in order to ensure they can maintain attractive pricing and healthy margins as the pace of competition accelerates.
“Consumers are now demanding innovation..as they insist on a seamless, integrated Omnichannel experience” PWC Total Retail
Sanderson's survey “whilst 40% of shopping journeys started online, nearly 90% were concluded in a physical store”
"Forrester predicts that 88% of purchases in 2017 will still be made in physical stores''
Annual shipments of electronic shelf label are forecast to cross 260 million units by 2022 (Beige Market Intelligence). As an example, European ESL vendor SES Imagotag reported a 58% rise in revenues in 2016.
The Artificial Intelligence Shelf Edge Solution
The retail customer experience has transformed over the last 20 years, the first stage of that revolution was e-commerce where the internet enabled virtual shopping that mimicked a traditional store. The challenge has now turned full circle requiring the physical experience to become an extension of the cyber one through the introduction of digital interfaces and sensor devices in the aisles.
The Artificial Intelligence Shelf Edge Solution is a powerful, self-learning platform that can access a limitless range of relevant data sources to derive the most effective price and promotion message and present that dynamically at the crucial purchase decision point in a shoppers' journey: In the aisle, with basket in hand, in front of the items for sale.
In addition to dynamic pricing and an active pricing & promotions strategy, the solution also provides valuable in-store Retail and Consumer analytics derived from Singular Intelligence AI Platform for Smart Retail.
Artificial Intelligence Solution for Retail Shelf Edge
Singular Intelligence Ltd is at the forefront of the development of business-focused solutions that combine the capabilities of big data, machine learning and artificial intelligence to generate self-refining predictive models of, among other things, optimal price points for retailers.
Integrated Retail Ltd are established experts in dynamic retail price and promotion management solutions that combine traditional print techniques with emerging digital in-aisle presentation technologies such as electronic shelf labels and digital screens.
“It's a perfect combination of capabilities to serve a growing market”, said Sarvesh Kumar, CEO of Singular Intelligence Ltd. “We are able to make sense of the petabytes of historical and real-time information that it is possible to assimilate these days, we can analyse this data in the context that reflects an almost unlimited range of influential factors such as market and industry trends, macroeconomic events, weather, news events, brand awareness and social media sentiment to generate an optimal price and promotion recommendation for any product that a retailer might stock. Integrated Retail is then able to present the resultant communications in near real-time at the shelf edge having ensured that the amended price is legally promoted and compliant with the store's corporate policies and branding guidelines. The intelligent price tickets and other screens are also able to collect behavioural data from the shopping aisle to add further refinement to our results”
Steven Thornton Greet, CEO of Integrated Retail Ltd stated: “The retailers we are serving are increasingly moving from weekly price amendments, to daily and in some cases, intra-day updates as shoppers are able to compare deals on their smart phones whilst walking the aisles in the store.'' There is an inevitability that, for certain product lines and for purely practical considerations, some form of dynamic price technology, such as ESLs or digital shelf strips will have to replace print in the next few years.
The pressure is not just on the shop floor though, the management and governance that oversees the re-setting an optimum price so frequently demand that the most sophisticated analytical techniques are available to line of business executives that are not necessarily technical or PHD level statisticians. Machine learning enables the accuracy of the recommendations to be enhanced by insight from new data and also increasingly mirror the decision processes of the pricing and promotions team. This opens up the option of truly dynamic and more effective price and promotion presentation with minimal human intervention.”
About Singular Intelligence
Singular Intelligence offers a cloud-based AI platform for Retail Marketing & Advanced Consumer Analytics in B2B SaaS model. Designed for Direct use by Business users (without any help from technical analysts or data scientists), it helps take a better trade, retail promotions decisions significantly faster and manage threats and opportunities proactively, taking key contexts and constraints into account. Customers see significant business benefits in growing profitable market share, pro-actively manage competitive threats, stock-outs, prevent waste, enhance distribution efficiency and target price promotion investments effectively. Singular Intelligence is based out of Level39 Technology Accelerator, Canary Wharf, London and Oxford University Innovation Limited in Oxford.
About Integrated Retail Ltd
Integrated Retail Limited have 18 years experience of delivering real-time pricing & marketing messages direct to the shelf edge for customers that include PC World, Curry's and Harrods.
With their flagship retail ticketing platform: iRexM3, users are able to leverage the flexibility to present pricing and promotional messages to any vendor's electronic shelf labels ( ESL's) and digital screens in combination with locally or centrally printed paper tickets, posters and brochures, all from a single system.Integrated Retail Ltd is based in Toddington, Bedfordshire.
Singular Intelligence Limited : email@example.com, +447919334137
Integrated Retail Limited : firstname.lastname@example.org, +447801 684249