Retailers leverage store intelligence tech to improve price planning

Key stat: Nearly half (49%) of US retailers report using store intelligence technologies (like AI/machine learning, IoT sensors, shelf-edge cameras) have improved price planning, according to a March 2024 report from Coresight Research sponsored by Simbe.

Beyond the chart:

• Poor pricing and promotional execution costs retailers an average of 4.8% of gross sales, per the report.
• AI and machine learning are valuable tools in pricing and promotional strategies. hey enable retailers to adjust prices in real time based on market conditions, competitor actions, and customer preferences.
• 60% of US retailers are currently investing in AI/machine learning algorithms and 56% plan to invest in it in the future, per Coresight Research.

Use this chart:

• Justify investment in store intelligence technologies like AI/machine learning.
• Identify the best use cases for store intelligence technologies.

More like this:

• A guide to in-store tech and how it can fuel omnichannel retail media strategies
• 5 charts revealing how marketers use AI right now
• Retailers lean on data, AI for content personalization
• AI technology has the potential to revolutionize online resale

Methodology: Data is from the March 2024 Coresight Research report titled "The State of In-Store Retailing: Opportunities To Redefine Operations" sponsored by Simbe. 150 US retailers were surveyed online during January 30-31, 2024. Respondents were senior director or above familiar with the performance metrics of their retail stores. The respondents worked in the retail sector (including do-it-yourself/home improvement, drugstores, grocery, liquor, mass merchandisers, and warehouse clubs/wholesalers with annual revenues of at least $100 million. Simbe is an in-store technology provider.