Retail Insight

02/09/2022

Lincolnshire Co-op significantly increases sales and reduces food waste with Retail Insight’s WasteInsight solution.

Since 2021, Retail Insight and Lincolnshire Co-op have worked together to waste less and sell more using the dynamic pricing software. The platform uses a variety of factors to achieve the optimal price for each product, in every store, to ultimately drive performance and reduce waste.

"WasteInsight is driven by cognitive technology and gives our team the benefit of a leading-edge system, combining machine learning with advanced analytics," says Craig Adamson, General Manager at Lincolnshire Co-op. "The platform enables us to deliver significant waste savings, which is important to us as we want to look after our local environment. It also helps us provide value to our customers and maximize our sales."

Lincolnshire Co-op significantly increases sales and reduces food waste with Retail Insight’s WasteInsight solution

11/08/2022

"As labor and management costs continue to rise, retailers are furiously searching for new ways to deploy labor more efficiently in both their stores and supply chain."

"I don’t think there is any doubt that there remain significant areas of inefficiency across the retail estate and that processes could be made more profitable," says Dave Byrne, Product Director at Retail Insight. "Now is the time to act to consider how associate tasks are allocated most effectively, how actionable insights can be delivered to the associates’ hands to focus them on what matters most right now, and optimizing store associate working hours to meet store demand."

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As labor and management costs continue to rise, retailers are furiously searching for new ways to deploy labor more efficiently in both their stores and supply chain.

10/08/2022

Retail Insight selected to improve Sprouts' product availability and sales performance across its 380 stores.

“Leading retailers like Sprouts are looking to proactively address product availability and adapt to a new era of retail,” says Paul Boyle, CEO at Retail Insight. "We are very excited to support Sprouts through a data-driven approach to measuring and improving product availability and as such in driving customer satisfaction and future growth for the company."

Retail Insight selected to improve Sprouts' product availability and sales performance across its 380 stores.

04/08/2022

Asda teams up with Retail Insight to transform in-store replenishment.

Supermarket chain Asda is redesigning its entire suite of in-store replenishment processes and applications as part of its business transformation strategy and has commissioned the leader in retail ex*****on, Retail Insight, to build the solutions.

Initially, five applications will be developed to run on store managers' and colleagues’ hand-held devices, enabling them to better manage in-store replenishment more accurately. The five apps will cover Availability Alerts, Stock Picking, Stock Binning, Gap Scanning, and Bin Auditing.

“The focus of this project is very much on enhancing the colleague replenishment experience with the aim of delighting our customers with outstanding in-store availability," says Amy Ramsden-Young, Senior Technology Delivery Manager for Asda. "The UK supermarket sector is fiercely competitive, so we are using technology to constantly innovate around performance, cost and customer service. These new solutions will be central to these abilities.”

Asda is redesigning its entire suite of in-store replenishment processes and applications and has commissioned Retail Insight to build the solutions.

28/07/2022

Sprouts partner with Retail Insight to maximize on-shelf availability.

Retail Insight selected to improve Sprouts' product availability and sales performance across its 380 stores.

Sprouts, one of the largest and fastest growing speciality retailers of fresh, natural and organic food in the United States, has partnered with Retail Insight, a leading provider of store-focused retail analytics solutions, to support the grocer’s commitment to providing the best possible shopping experience for its customers.

Retail Insight selected to improve Sprouts' product availability and sales performance across its 380 stores.

22/07/2022

What's the biggest challenge retailers face with regard to on-shelf availability?

"It's not as simple as let's go after a hundred per cent availability", suggests Colin Peacock, Group Strategic Coordinator at ECR Retail Loss Group, "it requires organisations to think holistically across all functions."

🗣 Hear Colin's views on on-shelf availability, and more, in Episode #1 of Let's Talk Retail Excellence.

21/07/2022

Since 2019, Retail Insight has deployed its WasteInsight solution to all Co-op stores, which enables stores to sell more and waste less using a dynamic pricing algorithm.

It calculates the best markdown price for expiring products based on multiple factors; including volume, store, season, and more.

In 2022 alone, the partnership between Co-op and Retail Insight has resulted in 4.8 million additional units of food being sold year on year.

Co-op continues to partner with Retail Insight to support the reduced to clear process.

20/07/2022

Retail Insight is officially named one of the top 100 2022 UK Best Workplaces™ for Women!

Female representation at all levels across the business is just one of the reasons why employees at Retail Insight believe it is a great place to work!

18/07/2022

There are two types of expiry-based discounting models that are available to retailers - static and dynamic.

The traditional approach to discounting surplus food is through static markdowns; these can take place through different channels, from clearance areas to manager specials. They are a store-led and manual reduction model, causing poor central visibility and transparency, subsequently leading to low compliance (e.g., fraud and shrink). The static nature of the approach means the discounted prices are not optimized for volume or profit maximization, resulting in retailers often missing out on uncaptured product margins.

This basic model of discounting allows for easy implementation in-store, typically being executed with written or stickered labels, with discounts graduated by velocity across a day or multiple days – a product could be discounted 3 times in the day or in the days leading up to expiry, by 35%, 50%, and 75%. A challenge of the static approach is the fact that discounts are not applied consistently across products or stores, this means there is no visibility to compliance from the center.

Conversely, a dynamic model of markdowns is a machine learning-driven approach to surplus food discounting that is designed to produce a price that optimizes the chance of product sell-through and maximizes the product margin captured to find the product’s pricing ‘sweet spot’. The pricing is based on a range of variables and can be adjusted in real-time from store to store, as well as allowing for clear visibility of markdown compliance.

The emerging dynamic discounting approach leverages advanced models to encourage fresh-food velocity, but it requires the supporting technology for it to be executed appropriately. The discounts are printed through barcode labels produced by an in-store associate’s handheld device and printer.

Interested to learn more..?

Managing perishable inventory is an increasing challenge. Retailers can leverage cognitive technology to help reduce food wastage and increase margins.

15/07/2022

The supply chain disruptions affecting the UK retail market prompted Xander Friedländer,
Chief Analyst at Retail Insight, to have another think about shrink.

There are many elements of retail shrink, or rather their knock-on effects, that are barely discussed and yet they represent a significant opportunity to reduce costs as well as recover the all-important margin.

Fixing these problems will in turn deliver a more rounded customer service and help meet ESG objectives that are of growing reputational importance.

Phantom inventory is caused by a poor process that leverages inherently flawed data that subsequently impacts availability through inaccurate forecasting.

13/07/2022

Why has there been so little progress with regard to tackling on-shelf availability when the solution is relatively simple in concept?

First, measure your availability performance to provide visibility, and transparency, and drive accountability for the results.

Then, use this visibility to identify the key issues and make the major interventions required to ensure enough of the products that shoppers want to buy are stocked on the shelves where they expect to find them.

The retailers using this approach better than their competitors are already winning and the prize is huge.

According to research from IHL Group, the cost to the global retail sector caused by problems with on-shelf availability is around $634 billion per year.

Are you ready to transform your product availability?

Discover the steps that retailers can take to better measure availability and make sure that enough of the right products are in stock on the shelves.

12/07/2022

Co-op continues to partner with Retail Insight to support the reduced to clear process.

In 2022 alone, the partnership has resulted in 4.8 million additional units of food being sold year on year.

“After launching WasteInsight solution in 2019 across all Co-op stores, key stakeholders across Retail Insight and Co-op have continued to work collaboratively to ensure maximum gains from the solution," says Kieran O'Brien, Client Director at Retail Insight.

"Not only has the WasteInsight engine evolved over time through its native machine learning and artificial intelligence capabilities, but Retail Insight's Analytics Team has also been able to create deeper Management Information & Business Intelligence, empowering Co-op to make informed decisions around waste performance.”

Co-op continues to partner with Retail Insight to support the reduced to clear process.