Launch Is First in a Planned Series of RADAR+ Features that Use AI to Unlock Real-Time Intelligence
RADAR, the technology platform that leverages RFID sensor technology to track and precisely locate in-store inventory with 99% accuracy, announced the launch of RADAR+, an advanced AI analytics platform that transforms retail store operations through data-powered precision. The RADAR+ platform builds on RADAR’s core inventory tracking and optimization technology and provides real-time store intelligence. RADAR+ offers enhanced capabilities that help retailers maximize sales with leaner inventories, plan demand and allocations, prioritize operational workflows, and empower sales associates to deliver a superior customer experience.
“In the world of retail, physical stores have historically been a data desert,” said Glenn Burwell, VP of Product and Customer Experience at RADAR. “By leveraging AI and machine learning to power advanced analytics, RADAR+ is taking retail into a new era. This new platform builds on our core capabilities to provide real-time inventory and intelligence to store staff while also giving corporate leaders the same level of visibility in each store as they have with their e-commerce channels, so they can optimize the entire store, from inventory planning to merchandising, distribution and operations.”
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RADAR+ enables retailers and brands to unlock real-time store intelligence at the SKU level, including tracking what products go into fitting rooms and which of the products that customers pick up and try on convert into sales, detecting phantom inventory and identifying when items have been misplaced within the store or left in a fitting room for a certain amount of time.
The platform also instantly improves workflows and on-floor product availability by making real-time replenishment recommendations to help store staff prioritize restocking, so they can be sure to get the fastest-selling items back on the floor first. RADAR+ also sends an alert to staff when a product is out of place, so they can quickly return it to its rightful spot, minimizing the risk of a lost sale.
In addition to helping store teams optimize operations in real time, RADAR+ offers corporate teams hourly updates on metrics such as customer dwell time, on-floor availability of merchandise and product recovery/replenishment time at each store in their network. The platform’s advanced analytics help inform planning decisions, so brands can operate with leaner inventory, while minimizing overstocks, stockouts and shrinkage.
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“The role of physical stores has expanded, with many serving dual roles as fulfillment centers for online orders and buy online, pick up in-store orders,” said Eric Mogil, Chief Growth Officer at RADAR. “Meanwhile, retailers need to do more with leaner inventories, given macroeconomic pressures. RADAR+ lets retailers see the placement and movement of every single item in every store—in real time—so they can maximize sales and profitability and consistently deliver an excellent customer experience. It’s what the retail industry has been looking for and we’re delighted to now launch it to the market.”
The initial RADAR+ platform launch marks the beginning of a broader rollout of a series of advanced capabilities that will be unveiled over the coming months to digitize physical store operations. Planned features include consideration data analytics that will show brands which products customers are looking at together in-store for the first time and recommend alternatives when an item is unavailable. In the coming months, the platform will also combine insights and feedback directly from store teams with machine learning to offer an unprecedented level of data intelligence.
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Source – Businesswire
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