An AI-driven software system can help stores develop more efficient layouts and allocation of shelf space.
Spotted: Symphony RetailAI is a set of AI-enabled tools offering insights and analysis for retailers. Symphony’s products include an AI “decision coach” that can process billions of customer transactions to quickly uncover insights and recommend intelligent actions. The company has also just released a new product, called Shelf Intelligence, which helps retailers design more profitable store layouts.
The new software uses an AI-based personal decision coach and deep-learning image recognition to provide real-time metrics on the effectiveness of shelf layouts. The system can help retailers develop more efficient planograms, analyse which brands should be placed next to each other on the shelf, promotional tactics and shopper behaviour.
According to Symphony, when customers feel too overwhelmed from too much choice, they often opt not to buy anything. So, one of the elements the Shelf Intelligence software helps with is providing a more curated selection of items in smaller stores.
The new system was developed along with ReTech Labs, which provide technology that helps to automate retails stores. The system combines technology developed by both companies.
According to Vish Kirpalani, Head of User Experience and Innovation at Symphony RetailAI, “Working with ReTech Labs, we launched Symphony RetailAI Shelf Intelligence to deliver unique and meaningful insights that offer a real-time picture of the shelf.”