SwiftIQ, a leader in retail insight and execution software, has added promotion intelligence capabilities to its innovative retail measurement suite to close a major gap for food and convenience retailers. Now, retailers, brands and distributors can measure activities like promotions, new item launches, shelf resets and other merchandising and marketing actions within minutes by simultaneously performing up to forty complex basket-level analyses. The insights are then organized, visualized and ordered in an intuitive and interactive web experience to quantify take rate, the source of volume, and the incremental value of trips, dollars, baskets and more. For promotions, users can understand how multi-buys, bundles, price reductions, events and other actions impact sales for promoted items in relation to non-promoted items, brand or the category. Consequently, the resulting change in shopping behavior and trip drivers is easy to understand, monitor and optimize in real-time, without having to wait weeks for post event/promotion results.
This capability has been made possible by the incredible power of SwiftIQ’s Retail Execution Cloud which can analyze complete basket-level transaction data in seconds, even for billion-dollar retailers with thousands of stores. SwiftIQ is laying this foundation with our leading transaction level database, and artificial intelligence applications to create visibility into promotional impact that most retailers and brands lack. “Given how important promotions are to driving sales and could account for over 20% of profits at some retailers, we have been collaborating closely with clients for over a year to launch this product,” said Jason Lobel, CEO and Co-Founder.
“At RaceTrac, we are constantly focused on delivering valuable promotions that appeal to our guests,” said Jon Rier, executive director of financial planning and analysis at RaceTrac. “SwiftIQ has been a strong partner in helping us analyze our promotional efforts and, after having the opportunity to test the promotion intelligence applications with real data, we are excited to use it to efficiently and effectively measure the success of our promotional activity.”
SwiftIQ will share some highlights and learnings at the NACS State of the Industry summit April 3rd in a keynote Promotions: Trips and Incrementality. To request a demo of the new promotions platform, please click http://www.swiftiq.com/request-a-demo?
About SwiftIQ (www.swiftiq.com)
SwiftIQ offers their Retail Execution Cloud which can analyze billions of records in seconds enabling retailers to compete smarter, faster and localize assortment and marketing decision easily. SwiftIQ works with consumer product goods manufacturers, distributors and primarily offline retailers such as convenience and grocery retailers to automate insights and empowering users to make tactical merchandising and marketing decisions efficiently. In 2018, SwiftIQ grew their convenience store coverage from 4,000 to over 15,000 sites in 2018 as a strategic partner to the National Association of Convenience Stores (NACS). They work with chains as small as 20 stores up to many billions in revenue and many leading brands such as Coca-Cola, Anheuser-Busch, JUUL, Mars Wrigley, Hershey, KraftHeinz and King’s Hawaiian, among others.