AI in Retail: Beyond The Hype and Into Reality for Store Operations.
The term "AI" is often thrown around, but what does it really mean?
We are thrilled to share with you that Quorso has been included in the top 50 retail tech start-ups by Retail Week and World Retail Congress, in a report published yesterday.
The Discovery 50 showcases the world’s top tech start-ups and shines a light on innovative solutions that can support the retail sector – both during the pandemic and in the future.
Retailers worldwide are scrutinizing their business processes more closely than ever, as they grapple with the impact of the coronavirus crisis and seek to drive sales and minimize costs, while operating more remotely and coping with unprecedented market volatility.
Quorso is the only software that powers your entire management stack – from data analysis, to task assignment and execution, to employee engagement – all in a single platform. It allows managers to turbo-boost their teams, by prioritizing efforts, coordinating action, coaching, motivating, measuring and adapting, in order to hit business goals and KPIs.
There is a growing realization in boardrooms that a lot can be learnt and gained from focusing efforts on management performance, in collaboration with agile start-ups such as Quorso. In the US and UK some of the largest retailers, including M&S, Taco Bell and Compass Group, are already on board and using Quorso to deliver significant results.
The Discovery 50 was judged and shortlisted by a panel of retail and business experts. Many of the start-ups have helped brands to leverage their online presence. Others specialize in in-store solutions, some of which will be redundant right now, but have the potential to help non-essential shops bounce back when the crisis passes.
And a third category, which includes Quorso, tackles the more fundamental operational side of management performance, and how to restructure and rethink these core business processes as retail reopens and rebuilds.
The report also offers advice on how leaders can open themselves up to new and different ways of thinking and the benefits this can have on the bottom line. For instance, a 2018 report from professional services company Accenture found only 6% of corporate businesses were generating a significant proportion of their income from new activities and technology investments. However, this same 6% reported the strongest financial performance of all 1,440 companies Accenture surveyed.
Retail Week commercial content editor Megan Dunsby commented: “The Discovery 50 shows how start-ups can offer a lifeline for retailers.
“Now is the time for businesses to think about how they could work differently with the start-up community and build synergies; from creating a fast-track, light-touch process for forming contractual relationships to pre-allocating some funding that can be used for trials.
“Many start-ups in the Discovery 50 have implemented pilot schemes within weeks of starting conversations with a retailer, while others have been able to integrate full-scale solutions in a matter of months that have delivered major return on investment.
“Retailers should look to the Discovery 50 as a directory of the best start-ups to work with.”