Retail is a highly competitive industry, experiencing historically low margins and high customer turnover rates. For a greater competitive edge, retailers need to better predict trends, relate to customers as individuals, and manage their supply chain. To achieve this, retailers are adopting a hybrid cloud/on-premise technology strategy and applying big data and AI techniques to efficiently capture and process large volumes of data. This approach enables retailers to streamline operations, achieve budget and sales targets, increase productivity, and reduce costs.
BlackSwan Technologies’ ELEMENT, an AI-powered, cloud-based offering trusted by world-leading organisations, is ideal for traditional big-box retailers and leading e-tailers looking to adopt sophisticated AI technologies for competitive advantage. Below are specific examples of how BlackSwan’s ELEMENT can optimise your business processes through its AI-powered capabilities:
Comprehensive Market Trend Analysis
Gain a holistic view of market trends to uncover new opportunities and increase revenue
Identifying current and emerging market trends can be challenging. A study by EIQ Research Solutions found that 34% of the top 50 US retailers report poor forecasting accuracy. ELEMENT aggregates and analyses data in real-time from multiple proprietary and public sources. It utilises a “Composite AI” approach (combining natural language processing, machine learning, link analysis, rules and expert input) to interpret the market situation and envision growth scenarios. For public data sources, the system can monitor social media, blogs, competitor offerings, and product reviews, with automated conditional alerts for emerging trends and sudden shifts in interests or sentiment. Deep learning can be then applied to produce an opportunity rating for any given product line and customer segment.
Precise Customer Identification and Segmentation
Consistently identify and segment customers across multiple channels to create more personalised experiences
Accenture reported that 91% of consumers are more likely to shop with brands that provide highly relevant offers and recommendations. Retailers can utilise ELEMENT to completely tailor the customer characteristics to track, then automatically discover and refine nuanced segments of customers by similar behaviours. ELEMENT also can correlate trends with the customer segments. A powerful data visualisation capability makes it easy for your marketing team to highlight opportunities and explore the dynamics of each segment. Along the way, ELEMENT reconciles multiple records about an individual into a single “source of truth,” even if the data collected varies somewhat by source.
Sophisticated Location-Based Analytics
Derive actionable insights from location-based activities of consumers to drive revenue growth across multiple channels
With the growing number of omnichannel shoppers, location intelligence is key to driving revenue growth. Retail marketers can utilise ELEMENT to track location-based activities of consumers while complying with privacy regulations and opt-in policies. Using the built-in knowledge graph, marketers can better understand consumer behaviour, both in-store and online, by seamlessly correlating information about consumers. This information can include current location, transit patterns, proximity to your stores and competitor locations, as well as demographic characteristics, purchase behaviours, and receptivity to offers. As a result, retailers are able to execute ultra-targeted promotions that drive consumers to shop in different channels at particular times.
Real-Time Supplier Risk Management
Automatically assess and monitor supplier risk in real-time to anticipate, mitigate, and quickly adapt to supply chain disruptions
As retailers increasingly adopt lean, globalized supply chains, effectively managing supplier risks is imperative. Retailers can utilise ELEMENT to automatically identify, assess, and monitor supplier health and flag potential delivery disruptions. The system can gather information about suppliers from multiple sources, enriching a detailed network of attributes and relationships of direct suppliers and related entities, in order to perform initial supplier assessment. ELEMENT also uses natural language processing and contextual analytics to monitor supplier contracts, regulatory compliance, financial performance, geopolitical risks, judicial filings, and news, to monitor emerging supply risks of critical products in real-time.
BlackSwan Technologies’ ELEMENT is a complete enterprise AI solution that can be customized to support multiple business use cases, including Competitive Market Intelligence, Product Personalization, Data Privacy Management, and Trade Intelligence.