The aim of every retail business is to attract new customers, retain them, and to serve them with the right products at the right prices. The two major factors driving the retail industry are â€“ customer sentiments and brand power. Businesses, small or big, cannot afford to ignore the value customer data provides.
The retail industry today is going through a lot of unprecedented changes, signaling the start of analytics arms race. The traditional weapons of the past such as syndicated data, targeted loyalty mailings etc. are simply not going to be enough to compete against Amazon and other sharks in the retail industry. But thanks to retail analytics solution providers like SwiftIQ who with their solutions help retailers and brands forecast future demands and sales, track emerging popular products, optimize product placement etc. Few of the many reasons why data analytics is important for retail businesses are to â€“ reduce costs, forecast trends, predict demands and develop new products and services.
SwiftIQ is a Retail Analytics Solution provider who uses high scale data processing and machine learning mechanisms to help retailers, brands, and distributors to better understand their customers, create compelling shopping experiences, and maximize profitability. The 2011-founded company is headquartered at Chicago, Illinois. SwiftIQ offers a more precise, most granular, real-time tactical execution platform for retailers and brands. The SwiftIQ platform unifies and analyzes data primarily from in-store transactions as well as online behavior and third-party sources. Its uniqueness lies in its ability to process billions of basket-level transaction records in near real-time. It then converts this information into on-demand mobile visualizations, dayparts, affinities, and attribution foster, etc.
SwiftIQâ€™s Amazon-like infrastructure provides retailers with on-demand insight and agility necessary to stay ahead in the competition. Today, SwiftIQ analyzes over $85B in offline, receipt-level point of sale data. SwiftIQ serves 5 prominent global category suppliers and several billion-dollar retailers. SwiftIQ was twice recognized as the Top Innovator by DataWeek, and as a Top Artificial Intelligence Provider by CIO, last year. SwiftIQ won RaceTracâ€™s Vendor of the Year and Gartner Cool Vendor for CPGs awards in 2016. The list doesnâ€™t end there; it was also felicitated by Forbes, Forrester, McKinsey & Company, NACS, and others for its achievements.
The SwiftIQ Advantage
Syndicated data hinders the growth and ability of organizations to deliver contextually relevant and localized shopping experiences. Off the many disadvantages syndicated data possess, it mainly lacks the ability to capture PLU-based data. Said the other way, these systems are not provided with the data generated by one of the most profitable and crucial areas of the retail business â€“ the food and the grocery sector. Also, brands are forced to pay exorbitant amounts for basic data access â€“ which is delivered weeks after the transaction. The delay discourages the brandâ€™s intention to invest in promotions, advertisements, and in other ways that help them grow their businesses.
SwiftIQ comes to the rescue with its most granular platform that offers complete data and insights, and to be more specific â€“ it captures every UPC and PLU-based data to provide greater insights â€“ insights that can be extended to anywhere using their powerful APIs. It also guides non-technical users through its various applications.
The SwiftIQ platform exploits the power of retail analytics, including transaction, shipment, shopper, and margin and space data. Itâ€™s much granular, store-based, basket-level insights are from the actual receipt-level data such as the payment, location, and product info. It enhances user experience through interactive dashboards, dynamic visualizations, filterable reports, and multi-device mobile access mechanisms.
SwiftIQ, unlike other similar solution providers, does not just provide complete insights, but it does in near real-time. It performs on-demand processing across tens of billions of records to enable fast decision-making. It can also measure items, categories, full store lift, and other complicated key performance metrics in just a few seconds. SwiftIQ extends its support by creating separate, secure, single-tenant platforms for retailer-supplier collaboration. This allows suppliers to contribute their proprietary transaction, space and shipment data to enrich retailersâ€™ data.
And nonetheless, it automates decision-making â€“ produces smart insights and recommendations to quickly answer some of the complex business questions. It leverages the capabilities of Artificial Intelligence in its solution â€“ that which becomes more accurate with more data. Finally, SwiftIQ chooses to offer all this at a fair price while guaranteeing a measurable return on investment.
The Statistician â€“ Jason Lobel, CEO of SwiftIQ
Jason Lobel, CEO of SwiftIQ, co-founded the company along with Alex Harvey. Harvey serves as the Chief Architect at SwiftIQ. Mr. Lobel is responsible for managing day-to-day operations and leading the business strategy at SwiftIQ. His ten years of investment banking experience (primarily in technology and business services) at Duff & Phelps and Oak Street Capital Management, and his passion to help retailers monetize their data served the foundation for SwiftIQ. Mr. Lobel, the alumnus of the University of Wisconsin-Madison, has SwiftIQ to the top in the list of best and smart retail analytics solution provider.
â€œOur Vision: Making Retail Smarter.â€
â€œSwiftIQ was designed to connect data and enable insights across the retail ecosystem from supply chain to store to customer experiences.â€
â€œSwiftIQ serves retailers and their partners equally with a system of intelligence to enhance customer experiences while in the store and to execute more profitably.â€