Trax was mentioned today in “Real-Time Insights Give Brands New Eyes on Inventory in Stores” where the team at PYMNTS looks at how brands invest significant resources in merchandising, but often fail to yield strong insights beyond surface level evaluation.
David Gottlieb, chief revenue officer at Trax, notes in the article that “[Manufacturers] understand what they sell to the retailer, which often gets sold to and shipped to a distribution center,” Gottlieb told PYMNTS in an interview. “But when it comes down to the individual stores that make up a chain, they have very little visibility in terms of what the actual conditions are that shoppers are experiencing.”
Signal-based merchandising addresses this gap, such as Trax’s solution, which is uniquely powered by proprietary image recognition and machine learning algorithms of in-store and real-time data points. “Whether it’s in Walmart or Target, we have more than one shopper in every one of those outlets every single day so we’re essentially [getting] a sense of what products are available for sale to the shopper on a day-by-day basis. That is not something that exists in the industry today,” Gottlieb noted.
Signal Based Merchandising can help balance data insights and shopper value, with more info on retail investment. But technology will keep updating, such as augmented reality shopping experiences that are developing. “Being able to achieve the right balance is really critical for us as we think about scale.”
Read more at https://www.pymnts.com/news/retail/2024/real-time-insights-give-brands-new-eyes-on-inventory-in-stores/