Stor.ai has launched a data analytics product suite for grocers and CPGs to share information on customer habits and preferences.
Grocers now have another tool in their e-commerce arsenal to strengthen relationships with CPG partners.Stor.ai, the end-to-end digital commerce solution for grocers, has launched a new product suite designed to equip grocers and CPGs with analytics tools to gain insights on data acquired from e-commerce transactions. Grocery stores and chains of all sizes can now present a more relevant, and therefore lucrative, offering to CPGs, widening their e-commerce profit margins and tailoring their digital experience to their customer base.
Amid the rise of online grocery shopping, grocers have had to adapt the way they sell to CPGs. Until recently, retailers marketed to CPGs and wholesalers with in-store advertisement space, prime shelf locations and tasting samples, but a digital shift has created a growing need for grocers to sell “online space” to CPGs to expand their revenue stream and increase profitability.
Stor.ai's latest product suite enables retailers to strengthen their value-add for CPGs by offering anonymized, real-life data about the extent to which particular campaigns and promotions generate clicks and purchases. The new analytics capabilities also offer retailers a means of leveraging and monetizing the data they possess and improving their online value proposition.
"In an era characterized by rapidly changing consumer preferences and habits, it's increasingly vital for the grocery industry to understand how customers respond to promotional campaigns," said Orlee Tal, CEO at Israel-basedstor.ai, which has its U.S. headquarters in Brooklyn, N.Y. "Stor.ai's latest innovative offering provides a win-win outcome for both retailers and CPGs alike: Retailers can harness the vast amounts of data at their disposal to provide useful insights for CPGs, while CPGs themselves can analyze the tangible value derived from promotional activities. These new capabilities will prove game-changing in accelerating and facilitating the shift towards customer-first online commerce in the grocery industry."
Stor.ai's data analytics will grant CPGs access to in-depth insights, gleaned from across stor.ai's network of hundreds of partner grocery stores and chains, which correlate customer engagement with store preference or demographic factors such as geography. Automated real-time communication between retailers and CPGs can identify bottlenecks, helping the latter immediately withdraw promotions for out-of-stock products.
A few months ago, stor.ai also launched a picking app that enables its customers to combine multiple picking strategies in fulfilling orders, managing pickers' time more efficiently and improving the customer experience. With the new app, stor.ai claims that food retailers can now maximize the amount and range of online orders processed over a given time period without increasing costs.
Serving as a change agent for the industry, the stor.ai technology suite supports food retailers' transition to online, integrating fulfilment methods and point-of-sale and retail catalogs into a mobile-first, custom-branded e-commerce experience within days.