Retail artificial intelligence (AI) software company Cognira has released its AI Promotion Solution. The promotion management tool infuses AI to tackle one of the most intricate processes that merchants encounter — how to handle promotions to fuel business goals, according to a Wednesday (Jan. 20) announcement.
Cognira’s AI Promotion Solution depends on four connected yet differentiated sections that harmonize merchandising and supply chain processes across all involved in the promotions process. Those modules encompass a promotion forecaster, a promotion planner, a promotion analyzer and a promotion advisor.
Cognira depended on its experience in data science and retail to link all of the promotion operations into a single, scalable offering. The company says merchants can work together across departments, examine history and rate promotion performance, while also mapping out promotions that fit their aims.
“This is an area of retail that has been underserved by the traditional software vendors for many years,” Cognira CEO and Founder Hatem Sellami said in the announcement. “In the current economic conditions, it’s particularly critical for retailers to ensure their promotions attract and retain customers while maintaining high ROI. Our data-driven solution supports this end-to-end process and removes all the guesswork.”
Cognira was started in 2015 by data scientists and individuals with retail expertise. The company says a number of the world’s top retailers depend upon its experience and AI-powered technology.
As previously noted in this space, AI is being harnessed to bolster the productivity of manufacturing, making the most of inventory and finding new trends. Taxonomy — naming and categorizing items — has been transformed by AI for retailers. It can help them provide detailed descriptions to items, bringing about more specific product suggestions. In addition, it significantly bolsters the speed, scale and intricacy of items merchants can add to their inventory.
Moreover, AI proves useful when a manufacturing firm or designer weighs its general statistics and logistics plans to handle supply and demand.
We’re always on the lookout for opportunities to partner with innovators and disruptors.
Learn More