AI-powered analytics company Anodot has announced the launch of “AI Analytics for Retail.” The new analytics system is designed to help retailers increase holiday profits by reducing loss due to glitches in supply chain, payment, customer experience and more. Black Friday and Cyber Monday account for up to 10 times more revenue than a regular […]
AI-powered analytics company Anodot has announced the launch of “AI Analytics for Retail.”
The new analytics system is designed to help retailers increase holiday profits by reducing loss due to glitches in supply chain, payment, customer experience and more. Black Friday and Cyber Monday account for up to 10 times more revenue than a regular shopping day.
Unfortunately, said the company, glitches cost retailers an average of $250,000 per incident, which can result in serious financial setbacks. AI Analytics for Retail uses artificial intelligence and machine learning to uncover previously hidden information in large amounts of business data and turns them into valuable real-time sights.
According to Anadot’s announcement, these insights can help retailers in various ways:
- Maintain confidence in market presence (search/comparison sites/forums)
- Product presence (inventory, types, options, product images)
- Site and store performance, customer journey, payment process, shipping process, returns process and more
“For retailers, the critical holiday season means online shopping spikes, and glitches can lead to larger losses, both monetarily and reputationally,” said David Drai, CEO and Co-founder of Anodot. “Today’s environment allows very little margin for error. Our solution ensures our retail customers’ sites and interactions are perfectly consistent across platforms. It effectively tracks exact customer activity and delivers concise data that is dependable, allowing us to ensure that consumers are having a best-in-class experience.”
Some of the examples of glitches the new system can detect include $2,000 televisions accidentally being marked as $200, and a dive in mobile sales for a particular group of products due to incorrect SKUs. The system can also identify correlations between a spike in demand for a product and a celebrity’s social media post so that retailers can take advantage of the increased visibility and ensure they have enough inventory.
AI for Retail works with ERP systems, web and mobile analytics, point-of-sale data, marketing campaigns, social media monitoring, IT data and more. It can bring in all kinds of external data including competitor prices, demographics, search engine data, social media and even weather data.
For more information visit: http://www.anodot.com.
