Symphony RetailAI named as Preferred Vendor for Long Life Cycle Companies
Consulting for Retail (C4R) IT solutions for retail are based on the experience of our team and software from the world's best suppliers. C4R employs Symphony RetailAI's end-to-end category planning and optimization solutions that enable retailers to meet customer demand, maximize sales, and achieve 5% revenue growth.
Symphony RetailAI, a leading global provider of integrated marketing, merchandising and supply chain solutions powered by artificial intelligence (AI) for retailers and FMCG manufacturers, announced on June 15, 2021, in Dallas that it has been recognized as a representative supplier in the «Guide Gartner Market for Retail Assortment Management 2021: Products with a Long Lifecycle.» Symphony RetailAI is one of 14 vendors named in the report that offer applications for retailers looking to improve assortment management processes for long-life products.
Gartner notes in its report that demand from retailers for retail assortment management (RAMA) applications remains high. The study highlights that Basic Excel is still the most common assortment management tool used by over 30% of Tier 1 retailers, and is likely higher for Tier 2 grocery and specialty retailers. Gartner also notes that category management processes can no longer function in isolation, technologically and organizationally, and require a complex organization of all basic processes: category analysis and assortment planning, pricing management, space management, distribution, restocking and supply chain.
Moreover, according to the Market Guide, AI capabilities are a key driver of RAMA's future solutions. It is also noted that AI provides the ability to quickly identify patterns in data sets stored in many systems. This feature of the solutions gives the retailer a good understanding of trends, better forecasting and analytics.
Symphony RetailAI RAMA solutions consist of three modules:
- Agile Merchandising
- Floor Intelligence
- Shelf Intelligence
All modules are enhanced and differentiated using CINDE technologies, Symphony RetailAI's Al-powered Customer Insights and Decision Engine. Each application leverages the power of artificial intelligence to improve the efficiency of category planning processes. AI is used to plan and optimize decisions across the entire Category Management process, taking into account physical constraints and digital capabilities. In addition, the Shelf Intelligence solution maximizes planogram ROI and improves regulatory compliance.
Symphony RetailAI's comprehensive AI platform enables intelligent clustering and assortment optimization. The solutions allow you to localize a customer-oriented assortment in accordance with changes in customer demand, instead of waiting for a calendar-based update.
In their leadership, the Gartner team highlighted a key point: Retailers are moving away from annual or semi-annual category revisions to more frequent adjustments. This approach avoids disruptive reboots and seizes market opportunities when they arise.
According to a recent study by Symphony RetailAI, grocery executives would like to double the number of annual category reviews. However, 68% of respondents say they lack effective systems to plan and implement frequent revisions.
By leveraging Symphony RetailAI application solutions to manage and optimize assortment, retailers experience millions of dollars in revenue and margins increase. At the same time, it is 30 times more effective in revising the assortment and in three times reducing the cycle time for revising categories.
The inclusion of Symphony RetailAI solutions in the Gartner Market Guide speaks to the team's expertise in category planning processes and the ability of applications to provide collaborative workflows leading to smarter assortment and category reloading. As the pandemic emerges and consumer demand fluctuates, this will become increasingly important for retailers maintaining cross-channel assortment.
If your goal is to create a strong business that will quickly respond to market changes, then the C4R team will offer the best IT solutions based on software from trusted vendors. We automate the processes of category management, sales forecasting, pricing, loyalty program management, store and warehouse processes. For all questions, write to [email protected], dial +38 (044) 492-67-00 or fill out the form below.
Reference:
Gartner is a leading research and consulting company. The main specialization is the information technology market. The research organization does not endorse any vendor, product, or service in its publications, and does not encourage the use of highly rated vendor software.
Prepared based on materials www.symphonyretailai.com
