In this episode of Retail Maverick Shorts, we explore how AI is transforming the process of category planning and cluster design in grocery stores. With the ability to simulate the impact of retailer requests and optimize clusters at the store level, AI can significantly improve the accuracy and efficiency of the reset process. This ultimately results in planograms that better reflect shoppers' needs and preferences, leading to increased sales and a better customer experience.

AI's Role in Category Planning: Unlocking Secrets to Optimal Resetting and Cluster Design

In this Retail Maverick Shorts episode, the focus is on the Space Contribution Index, a critical metric in the field of assortment planning and optimization. The index measures the proportion of linear shelf space a product occupies relative to its sales performance, and achieving the perfect index value for each category at each store is no easy task. However, AI and advanced data analytics techniques can streamline the process by providing a more granular and accurate picture of product assortment optimization, leading to better decision-making and more effective shelf space allocation. This podcast discusses how AI algorithms can help retailers and suppliers build stronger relationships and gain a competitive edge by providing actionable insights at the store level.

AI's Role In Achieving The Perfect Assortment Space Contribution Index

In this podcast episode, a team discusses their work optimizing a shelf space for a new product line with the help of AI technology. The team applies merchandising constraints, such as "item pairing," to the shelf space to see the potential impact on revenue. The team runs five different scenarios to understand the impact of these constraints on revenue, focusing on item pairing in particular. The team discovered that applying product orientation and front-facing rules did not significantly impact revenue potential. The team highlights the importance of taking an insight-driven approach to analyzing multiple scenarios to create a final assortment strategy that meets necessary constraints while maximizing revenue potential. The team also emphasizes the power of AI technology in allowing for analyzing a greater number of scenarios and discovering new revenue opportunities.

The Power Of “Item Pairing” In Assortment Strategy Scenario Simulation

We all know that the right assortment in the right space and in the right stores can drive the most value. Locally relevant planograms, while in theory, it may sound great; in practice, it can be very time-consuming, and complicated to achieve. This is where AI comes in.

Join Dirk Herdes, VP of Retail, and Jackie Wightman, Sales Director from HIVERY in this CMA | SIMA 45 min hosted webinar (converted to podcast) to explore how AI is being used to rapidly (in minutes not months) determine what is the most efficient cluster count while considering your category goals, merchandising constraints, and impact of demand transference.  Fundamentally changing the way consumer packaged goods (CPG) companies and retailers collaborate with regard to assortment and space decisions.

You will learn real practical examples:

1. How AI is used to help build next-generation clusters using a bottoms-up approach
2. How AI is used to quantify the economic opportunity (in volume and revenue) of any cluster count desired.
3. How AI ciphers new shopper profiles at the store level.
4. Finally, you will learn where the real power of AI comes in:  The ability to take all the above analyses and rapidly iterate with different strategy simulations.

Dirk Herdes and Jackie Wightman on Leveraging AI Towards Locally Relevant Shelves

Come and join Milena Salmon, the host of Retail Mavericks, and Penelope Murdoch, the Lead Design Manager at HIVERY, as they delve into the exciting realm of design, AI, and retail transformation. This fascinating conversation covers a range of topics, from taking a holistic approach to design to the shift from digital transformation to AI products. You'll gain valuable insights into the modern retail industry and its evolution.


By listening to this podcast, you will not only gain insight into what it's like working as a designer at HIVERY, but you will also learn:
1. How real-time insights can shape retail, allowing for shelf optimization and operational efficiency.
2. How the importance of a holistic design ensures that products align with the overall service offering and meet users' needs.
3. The unique challenges and opportunities in transitioning from traditional digital design to AI-driven products.
4. The vital role of collaboration, trust, and innovation within teams in fostering creativity and staying competitive.

Penelope Murdoch on Retail Transformation and Designing AI-Driven Products

The world of retail optimization comes to life in a dynamic conversation between Russ Hawkins of Agilence and Milena Salmon, host of HIVERY's Retail Maverick show. This podcast delves into the intricacies of the retail landscape and how retail data is reshaping the industry.
 
Listeners will gain insights into various facets of retail, from table service restaurants to grocery stores and specialty retail. Russ Hawkins discusses the unique challenges faced by different retail environments and the power of data analysis in addressing them.
 
Key takeaways from this podcast include:
 
Understanding Retail Diversity: Russ highlights the diversity within the retail industry, encompassing fast food, table service, grocery, self-ordering kiosks, and the consultative approach of specialty retail. Each sector has distinct data utilization needs.

Data Complexity: Russ explores why achieving effective inventory management is an incredibly complex challenge. It involves adapting to local preferences and aesthetics while optimizing distribution and seamlessly integrating online and physical retail.

Enhancing Customer Experience: Overall, listeners will better understand how data analysis is pivotal in enhancing customer experiences and operational efficiency across the retail spectrum.
 
This podcast provides a comprehensive understanding of the retail industry and how data can help businesses thrive in a constantly evolving market.

Russ Hawkins on Unlocking the Future of Retail: Challenges and Data Insights

Retail Mavericks is your go-to podcast for the latest in retail industry trends, covering everything from AI and technology to culture and innovation. Our expert guests will guide you through the most exciting developments in the field, providing a front-row seat to the cutting-edge of retail.

Hosted by Milena Salmon and directed by Franki Chamaki, Retail Mavericks offers a fresh, witty perspective on the world of retail. Tune in now to laugh, learn, and discover a new appreciation for the industry.

Retail Mavericks is proudly  sponsored by HIVERY; a pioneer of next-gen hyper-local retail assortment strategy simulation and optimization solutions. Developed in partnership with CSIRO's Data61, our proprietary machine learning and applied mathematics algorithms are revolutionizing the industry. To learn more visit hivery.com and now on with the show!