The formula to win the golden quarter of retail is straightforward: choose the right product at the right price and advertise it across the right channels.
Of course, that’s much easier said than done when you have to balance thousands of SKUs and the growing number of channels. Traditional analytics can no longer keep up with all the data that comes with keeping track of these variables.
Fortunately, AI has come to offer brands the tools they need to win big during the golden quarter in retail. In 2021, nearly a third of retailers used AI solutions, a big increase from just 4 per cent in 2016.
Brands currently deploying AI are quickly outpacing their competitors that are slow to adapt. Soon the head start will be impossible to overcome. Here are just a few ways AI can help brands for the holiday rush.
Using AI to Win Big in the Golden Quarter of Retail 2022
Many may assume that AI only extends to hot topics like customer self-checkout or eCommerce. But there are exciting applications for in-store merchandising as well. For instance, Marketsupport offers an AI-powered planogram software that gives brands full visibility of their products in stores in real time.
Our solution uses image recognition to analyze environments where SKUs are merchandized, providing actionable insights to improve shelf execution. This is essential during the golden quarter because, after all, if your customers can’t see your product, they won’t buy it.
The process is straightforward. Brands upload their planogram to our software then our team members travel to stores to take pictures. The program’s AI compares the planogram to the picture and highlights the differences. Now merchandisers can easily make whatever adjustments are necessary.
Many brands feel like they’re at the mercy of retailers when it comes to accessing data that can illuminate customer relationships. However, Marketsupport offers a user-friendly POS analytics solution that brands can leverage to be more proactive.
Retailers usually send brands the following data:
This is useful information, but accumulating raw data is just the first step. Our solution summarizes this raw data into thorough reporting with actionable insights in seconds.
For example, the dashboard will show users in which regions sales are strong and where growth is down. So, if sales in Saskatchewan are poor, Drill Down Reports will provide granular insights, showing which particular stores and SKUs are underperforming.
Interested in a Test Drive?
If you’re looking to leverage AI for this golden quarter in retail, we would be thrilled to offer you a demo of how our solutions can help. With Marketsupport in your corner, you can be confident your products are where they should be.
Call 1-905-847-6513 or visit our new website to request a consultation today.« Back to Blog