Symphony RetailAI acquires image capture, recognition tech provider
Symphony RetailAI, a leading global provider of integrated AI-powered marketing, merchandising, and supply chain solutions for retailers and manufacturers, has acquired ReTech Labs, a global SaaS provider of real-time image capture and recognition technology.
Through ReTech, retailers and CPG teams are able to manage on-shelf availability, eliminate out-of-stock issues and distribution voids, and ensure the compliance and execution of planograms, pricing and promotions. According to Symphony RetailAI leadership, the new acquisition can help retailers better market private label products.
“At a time of rising costs for retailers and increased disruptions in the supply chain, including supply of national brands, retailers need to strategically position and leverage their store brand items, which generally have higher margins and more supply chain control,” Andy Harris, director of store intelligence at Symphony RetailAI, told Store Brands.
“With the combined Symphony RetailAI and ReTech capabilities they can get real-time visibility on actual planogram and price retail execution at the store level daily. Knowing what’s actually on-shelf during the day, including both store brands and national brands, enables them to get real-time detail on planogram effectiveness and understand how they can improve customer satisfaction, availability and compliance. The ‘Realogram’ of what’s actually on the shelf is available in seconds, enabling category managers to give real-time instructions to store associates to remedy problems.”
ReTech’s Rebotics technology alongside Symphony RetailAI’s Customer INsights and Decision Engine (CINDE) aims to result in high-value category planning solutions for retailers and CPG manufacturers. Actionable insights will be provided through the technology, bringing visibility to product availability and share of shelf, while reducing out-of-stock rates, allowing retailers to stay on top of inventory needs.
“Together, ReTech and Symphony RetailAI will deliver even more value to grocery retailers and CPG suppliers,” said Chris Koziol, CEO, Symphony RetailAI. “Augmented with AI-decision support, the capabilities of our combined technology will enable improved space allocation, product placement and on-shelf planogram compliance; plus, continuous measurement of on-shelf availability in store allows for rapid corrective action to address compliance and out-of-stock conditions. This will also help our customers with actionable insights to ensure successful new product introductions, more efficient and effective field team performance, and higher overall return on in-store and promotional investment.”
Symphony RetailAI serves more than 1,200 organizations worldwide, including 15 of the top 25 global grocery retailers, 25 of the top 25 global CPG manufacturers, thousands of retail brands, and hundreds of national and regional chains.