Integrated Retail Ltd today announced a partnership with Singular Intelligence Ltd to offer an Artificially Intelligent Shelf Edge for the retailer sector. Industry research supports the proposition that 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, to ensure they can maintain attractive pricing and healthy margins as the pace of competition accelerates.
Singular Intelligence Ltd are 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.
The Artificially Intelligent 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 on digital price tickets at the crucial purchase decision point in a shoppers’ journey: In the aisle, with basket in hand, in front of the items for sale.
“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: ” Machine learning enables the accuracy of the recommendations to be enhanced by insight from new data and 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.”