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Artificial Intelligence has revolutionized the way in which companies are able to draw customer insights and optimally monetize the available data. Today, as more providers look to integrate predictive APIs with their customer transaction data, companies offering similar services have a growing demand in the market. SwiftIQ, based in Chicago, is one such company that enables businesses to harness basket-level customer data to generate growth and profitability. The company provides AI and data management solutions for large chain retailers and global leading category suppliers to discover measured insights, automate analytical decisions, and improve their performance. By creating an end-to-end system to collect and clean data, enable an interface for non-technical users to interact and visualize data, apply AI, and automate decision, SwiftIQ provides efficient solutions for retailers and brands to optimize store-level execution, such as category management initiatives, promotions, customer experiences, merchandising actions, and pricing strategies.
“Most retailers have their business data locked in spreadsheets. On the other hand, due to the skills shortage of data scientists, businesses are looking for machine learning services to perform smarter analytics off large disparate datasets." SwiftIQ is committed to helping retailers unlock their data’s full potential, primarily by automating analytical workflows like launching new items, recommending promotions, and measuring ROIs on activity,” says Jason Lobel, CEO at SwiftIQ. The company also enables clients to draw on SwiftIQ’s library of predictive algorithms to find one that best predicts the behavior of a business’ specific customers.
SwiftIQ is committed to helping retailers unlock their data’s full potential, primarily by automating analytical workflows like launching new items, recommending promotions, and measuring ROIs on activity
SwiftIQ allows retailers to merge their huge data sets with the rich metadata of suppliers. Through this, SwiftIQ’s platform unifies and analyzes data primarily from in-store transactions as well as online behavior and third party sources to predict and inform category captains, shopper marketing, assortment, supply chain, and content delivery decisions. By fostering this new level of retailer/supplier collaboration, SwiftIQ users can drill into trends on-demand even from their mobile devices, as the company provides them with interactive visualizations and machine-learned insights such as product and promotion recommendations.
“We are working with brands who have different needs; while some are focused on promotions, or real-time data, or activity measurement, some others are looking for solutions on executing and rolling out a new product. We help them by automating the data sets they need, and by providing insights they need to execute at store-level,” says Lobel. SwiftIQ has forged partnerships with a number of major national brands, including Anheuser-Busch and Coca-Cola. In a specific instance, SwiftIQ enabled Coca-Cola to do profitable, data-driven food service bundling programs, monitor new item launches, and quantify the return on investment, not just for sales, but also for incremental revenue driven by non-beverage items during a Coca-Cola funded promotion.
SwiftIQ has analyzed nearly 100 billion in offline, receipt-level point of sale data from over 11,000 locations. In its journey ahead, the company is focused on using AI to automate decisions. “Our roadmap is really centered on our customer workflows; we are committed to helping brands and retailers to take informed and data-driven next steps,” Lobel concludes.