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Recently, we published a blog on the new look of buy online, pickup in-store (BOPIS) services post-pandemic. We explored how a flexible, standalone BOPIS solution can make integration and deployment easier than ever. This is essential as BOPIS has become a critical service for many retailers to generate sales while…
When it comes to dynamic price optimization, the three crucial KPIs are sales, profit and purchase frequency. In pricing theory, it is said that in principle, any two of the KPIs can be raised together, but never all three. If you look at a single item, this might be true.…
Visa has once again delayed the EMV deadline for fuel retailers. This time, from Oct. 1 2020 to April 17, 2021. But what does this exactly entail? Given disruption due to the COVID-19 pandemic, the six-month extension provides retailers much needed additional time before the liability of fraudulent transactions shifts from…
Modern retail demands flexibility and control. Especially in verticals such as grocery and convenience, consumers expect retailers to make it as easy as possible for them to get what they want, when they want it and how they want it. Thus, the more high-value services a retailer can provide, the…
This probably isn't your first time reading about how COVID-19 has served as a catalyst for technology adoption across retail. But what hasn't been addressed is whether or not specific consumer behaviors embraced during the pandemic will turn into habits that last long-term. For example, as retailers worked to keep…
To achieve a future of frictionless retail, retailers must first be able to understand when and how to leverage centralized cloud infrastructure and when to defer to decentralized edge networks in the store. While the adoption of the cloud has led to unprecedented enterprise agility and intelligence, there are many…
We’ve spent some time looking at the types of shopping behaviors and trips that define the overall retail landscape, the unique areas of friction that create frustration for each one, and the roadblocks for achieving frictionless retail. We’ve concluded that in the context of both online and in-store retail, true…
We recently discussed how shopping behavior impacts frictionless needs and the technology options retailers should consider to eliminate pain points in the shopper journey. Consumers expect a seamless journey at all touchpoints, and if a brand fails to deliver on this, they will lose to their competitors and fail to…
At first glance, Dynamic Pricing Systems and Recommendation Engines may not have too much in common. Dynamic Pricing is meant for targeted price optimization so a retailer can sustainably grow revenue and profit. Recommendation Engines, on the other hand, ensure that customers receive excellent online service, even though there is…
In our last blog, we explored how shopping behaviors impact frictionless retail needs. We looked at eight different types of purchases that uniquely affect the shopping experience a customer expects. We also explained the common friction points retailers need to address for each of these customers. Today, we’ll identify…
Markdown optimization is one of the topics that retailers are particularly interested in because it holds significant promise and value for all segments. Because markdowns – and especially write-downs – limit gross profit, it is important that retailers proactively manage their sales and keep them to a minimum. However, the…
A retailer’s business processes and technology should be executed so that they consistently deliver a seamless shopping experience, regardless of where or how the consumer shops. While all consumers create hierarchies of needs and preferences when choosing where to shop and which retailers to return to, there are surprisingly few…
One of the reasons why retailers increasingly rely on AI-based Dynamic Pricing is the huge amount of data and influencing factors that need to be considered for price determination, including product master data, purchase prices, sales quotas, inventory levels, competitor behavior, promotions, real-time transactions, historical data, seasonal trends, regional factors,…
If you haven’t heard already, we recently launched GetMyGooods, an app that plays a critical role enabling simple grocery ordering and pickup while ensuring the protection of everyone involved. The app is designed to provide retailers a way to instantly deploy buy online, pick-up in store service by eliminating the…
Our recent posts have explored the margin benefits retailers can achieve with the help of price elasticity insights, including how to generate a better understanding of an entire product line and how to price it accordingly. Differentiating a product portfolio into roles, such as common and focus items versus basic…
In our last blog post, we explored the concept of price elasticity and the benefits it brings to AI-driven price optimization. Now, let’s explore how price elasticity can be used to create a strategic basis for an AI pricing solution. With the help of price elasticity, you can determine exactly…
In this blog, we’ll explore the concept of price elasticity, arguably the most important concept when it comes to AI-enabled price optimization. What does price elasticity do? There is no other approach that works as efficiently, economically and sustainably as price elasticity. What is particularly remarkable is that it…
Clearly defining the construct of artificial intelligence is difficult, if only because the term intelligence alone can hardly be clearly defined. That's why AI is frequently used as a buzzword. However, there are some very decisive technological nuances that make the difference, especially in economic terms. Machine Learning is the…
One of the more common, traditional approaches to establishing price differentiation comes in the form of rule-based systems, or rule engines. They implement predefined pricing rules in a prescribed pattern. These systems often set item prices exclusively based on competitor prices, which the system’s rules are set to exceed or…
Dynamic Pricing is the proven “corner store” principle – rethought for the digital age. Small corner stores always used a somewhat volatile pricing policy based on experience and gut feeling. For example, close to closing, they generally offered bread or fresh products at a discount in order for the retailer…
Given the current situation with the COVID-19 outbreak, it’s important to us that you know we have taken numerous measures to ensure your health, the health of our employees and the smooth operation of our customers' stores. We are diligently following the recommendations of global government and health authorities in…
What shoppers are looking for when they step foot in a convenience store is in the name: convenience. They’re looking for an easy, quick experience – whether that’s filling up their tank, grabbing a few items they need, or both. But if shoppers head into a store and see a…
As legendary online brands like Warby Parker and Amazon expand into physical retail, they face a highly complex process of integrating their established online infrastructure with their emerging in-store infrastructure. And for other smaller retailers who are expanding to physical stores and looking to implement click-and-collect, they require a system…
We recently heard from a leading retailer that the next point of sale software they invest in will likely be their last. Why? Because they expect it to deliver every functionality they need today, at a fair cost, and grow with them and evolve alongside their needs. With the emergence…
Recent headlines show that more and more retailers are implementing new checkout concepts in the store. Cashierless checkout technologies behind store concepts like Amazon Go are quickly gaining popularity in an effort to meet consumers’ expectations. Mobile POS, associate mobile devices and smart carts are also helping retailers take away…
We all know that a personalized shopping experience supports long-term customer loyalty – its what customers expect, and they reward those who provide it. In fact, 44 percent of consumers say they will repeat a purchase after a personalized shopping experience. By building up trust and a deeper relationship with…
Cell phones have become a fundamental companion for in-store in store shoppers, as they rely on them to research product information and reviews, conduct price comparisons, hunt for coupons, build recipes, and much more. But mobile devices must be made a complementary part of the brand experience, and not a…
AI has become a well-discussed term in recent years, finally moving from sci-fi pipe dream to real-deal opportunity for businesses to improve efficiency and service. As everyday shoppers, we experience the effect of AI as recipients of personalized advertising and product recommendations. That’s not all it can do, though, as…
AI has become a well-discussed term in recent years, finally moving from sci-fi pipe dream to real-deal opportunity for businesses to improve efficiency and service. As everyday shoppers, we experience the effect of AI as recipients of personalized advertising and product recommendations. That’s not all it can do, though, as…
The concept of the grocery store hasn’t changed all that much over the last few decades. Yes, we’ve seen mega-chains add grocery to their one-stop-shop approach and the emergence of online grocery has upended some traditional perceptions of how people choose to shop. But today, we’re facing a more fundamental…
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Today, the use of technology such as mobile devices and touchscreens is pervasive, with the vast majority of Americans owning smartphones. Because of this, customers are starting to accept and embrace technology into their shopping routine. As scan-as-you-shop technology gains popularity, we will see personal applications become the standard (as…
