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?
Quorso gives every store 3 top-priority daily Missions, guaranteed to drive sales, waste and other KPIs. Then guides them through Mission activation, measures the improvement and learns what works.
Proprietary data pipeline consolidates and maps your financial and operational data.
Intelligent analytics layer uses your chosen baseline, (last year, budget, forecast or peer group), to find store-specific leaks.
Learning algorithms prioritize each leak, based on previous results and strategic initiatives/KPIs set in Quorso.
Accountability, rewards and badges make doing good work fun and motivating for Managers and Teams.
In-built coaching helps Managers to identify root causes of their leaks and follow best practices for executing Missions.
Advanced analytics calculates precise improvement of each Mission and celebrates the impact of Managers and Teams.
Always-on learning layer automatically shares proven best practices, so success is scaled exponentially.
A Mission is a specific sales improvement opportunity that Quorso has found for your store, and is the suggested area that you should focus on this week to improve overall sales performance. You can do this by choosing to ‘accept’ a Mission.
Quorso identifies Missions by crunching through all of your sales data each week, and finding areas where your store has an opportunity to improve based on how it’s performing vs all of the other stores. Even if these stores vary in size, revenue, and popularity, our calculations level the playing field. To make the comparisons fair, Quorso will:
When you get a suggested Mission, you should try and understand why this suggestion has been sent to you. Once you have investigated the potential root-causes, you need to decide whether or not there is something you can do to fix the problem and drive improvement. If there is, accept the Mission and log your proposed action.
If there is nothing you can do, you should choose to reject the Mission. That might be because it’s not something that can be fixed in store, or it’s an availability issue that you can’t control, or you’ve investigated it and can’t find any issue.
If you choose not to take action, it’s important to reject the Mission. If you do not, Quorso will try to measure and track the impact of something you have not done.
Yes it does. To make the comparison fair, Quorso only compares you to other same-format stores, and those that have the same shelf space allocated to the product area in question, relative to the category to which it belongs (e.g. Mushroom Soup accounts for 10% of the space allocated to Soups). Therefore, if you receive a Mission, it is because your current sales for that product or category are lower than would be expected considering your shelf space.
Remember…we also take other factors into account, like store revenue and customer traffic, to ensure you’re being compared fairly.
Yes it does. Quorso adjusts the sales of the group of stores you’re being compared to, in order to take account of things like customer traffic and customer demographics. It does this by looking at the performance of the product area that you have received a Mission on, relative to the performance of its parent category sales. Here’s an example:
My store (Store A) sells $10 of bandanas, which accounts for 10% of the Accessories category sales ($100). On average, Stores B-K (with the same Accessories range & space) sell $15 for every $100. In this example, I’m underperforming vs my peers by $5 (5%). Let’s look at 3 different scenarios to show how Quorso accounts for the impact of exceptional events on Missions:
In the same way, Quorso takes account of the impact that Covid-19 has had on footfall in different areas.