Symphony RetailAI has acquired ReTech Labs, resulting in a comprehensive AI- and cloud-based category-planning platform for retailers and CPG manufacturers.
The grocery tech world is taking note of an important deal that will result in a comprehensive AI- and cloud-based category-planning platform for retailers and CPG manufacturers. Symphony RetailAI, a global provider of integrated artificial intelligence-powered marketing, merchandising and supply chain solutions, has acquired ReTech Labs, a software-as-a-service (SaaS) provider of real-time image capture and recognition technology.
Through ReTech’s solutions, retailers and CPG teams can 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 the company, its solutions are currently deployed at several of the top 25 grocery retailers in the United States, as well as at international retailers.
Integrating ReTech’s Rebotics technology with Symphony RetailAI’s Customer INsights and Decision Engine (CINDE) will result in category-planning solutions like shelf intelligence, category insights, intelligent clustering, assortment optimization, shelf planning and planogram automation solutions. Actionable insights will be provided through the technology, bringing visibility to product availability and share of shelf, while reducing out-of-stock rates.
“We’ve had the opportunity to work closely with the ReTech team over the past year to further develop our shelf intelligence solution for leading retail and CPG clients,” said Sy Fahimi, SVP product management at Dallas-based Symphony RetailAI. “Officially integrating ReTech’s image capture technology into our category-planning suite will close the loop for clients as they plan, monitor and analyze what is happening at the shelf in their stores, in near real time. Together, Symphony RetailAI and ReTech are uniquely positioned to solve a significant unmet need – a closed-loop store execution and insights solution – amongst our retail and CPG customers.”
“This is a significant milestone in ReTech's journey and vision to accelerate retail growth through automation and digitization of physical retail,” added Abhi Beniwal, founder and CEO of San Diego-based ReTech Labs. “As part of Symphony RetailAI, we will be able to offer our customers end-to-end technology innovation to ensure their stores and product placement are truly optimized for the best consumer experience and revenue growth. We look forward to expanding the suite of capabilities that we offer to our customers in partnership with Symphony RetailAI and delivering even more value to our combined customer base through the use of advanced computer vision and AI technologies.”
ReTech will remain an independent division of Symphony RetailAI, a SymphonyAI company, and Beniwal will continue to lead the division.