AI THAT EMPOWERS RETAIL PROFESSIONALS →
Consumer insight lies at the heart of the entire retail industry, if we don’t figure out what folks want, and will want, we will not be successful. And despite this true north of our industry, we get lost. Lost in sub-optimisation between retailer and suppliers, lost in internal debates on budgets, brand market shares, or account sales. None of which are of any interest to the customer. In retail, customers vote with their wallet, they come more often, buy more items, at a higher price if they like the experience. Hence, we need to structure our analysis towards understanding the true effect of our initiatives, such as promotions.
Opinions in the Age of Data
It’s never been easier, nor harder, to give customers what they want. There are proverbial breadcrumbs, and actual cookies everywhere to follow. There is data, lots and lots of data. Not long ago you’d hear statements like “if you don’t have data, you’re just person with opinions”, well today we’ve arrived at “if you don’t have an opinion, you’re just a person with a lot of data”. Data is everywhere, the winners will structure that data, squeeze all the juice out of it, and then take actions. Winners will have opinions and will do something differently tomorrow, compared to yesterday, aligned with those opinions.
AI that drives decision
It’s inhuman - literally - for retailers to have a solid opinion without some powerful technology by their side. At Formulate we develop an AI solution that is based on years of research and state of the art machine learning. Our enables retailers to predict demand, set prices and make a range of complex merchandising decisions, but also to share insights across their organisation and cooperate more effectively with their suppliers. It enables retail professionals to have a solid opinion about what is best for their business and that makes them better at their everyday job.
ABOUT FORMULATE →
Founded in 2016
Based in Stockholm
Advisory board with world’s leading researchers in retail marketing
One of Sweden’s top 10 AI companies according to Dagens Industri 2017
Backed by Industrifonden since 2018
A team of dedicated engineers and data scientists