Out of 643 nominees, SwiftIQ has been selected as one of the Top 100 Finalists for the Chicago Innovation Awards. The Innovation Awards celebrate the most innovative new products and services in the Chicago region across all organization sizes, sectors and industries.
SwiftIQ’s innovative apps lie in a very simple fact: Today, more than 90% of retail transactions are still happening at brick and mortar stores; which is why effectively utilizing point of sale (POS) data is one of the most important factors for retail success*. Despite that fact, many retailers manage their business using pure intuition, basic intelligence solutions like excel or inefficient, syndicated data platforms that lack granularity and are expensive. The proliferation of modern data processing frameworks and the diminishing cost of cloud based data storage have made on-demand advanced transaction analytics and vendor collaboration possible. Prior to 2015, it was extremely cost prohibitive for retailers to store over a year of basket-level data. Moreover, analyzing it used to occur in small batches and was time consuming to do so. Now, SwiftIQ has made access to billions of records of full store, basket-level data cost effective, more robust, and on-demand so that suppliers and retailers can optimize store-level merchandising, supply chain, media and personalization initiatives.
SwiftIQ’s core business intelligence capabilities include a suite of insight applications such as basket analyses (correlations, incremental value), visualizations, dayparts, lost revenue identifiers, demand forecasts, action measurement (e.g., promotions), alerts, a high scale data warehouse, and a developer (API) portal. With SwiftIQ, users can execute store-level strategies, eliminate manual data collection and understand complex shopper behaviors like what items are most correlated together.
One supplier recommended over a thousand store-specific localized assortment recommendations. For this supplier, revenue in 2015 grew by over $10 million. The deep level of insights gained from SwiftIQ’s platform, aided in the success that this manufacturer had at this retailer. In another case a beverage supplier identified that breakfast sandwiches are 50% more likely to be purchased with an energy drink than any other category due to their weekday morning daypart, and that the breakfast sandwich purchases influenced the energy drink sales.
“What I love about Chicago is its breadth of innovation,” said Tom Kuczmarski, co-founder with Chicago journalist Dan Miller of the awards. “This year’s nominees prove that innovation is taking place in both large companies and small, across industries, for-profit and non-profit, high tech and low tech. These risk-takers and visionaries are at the forefront of solving all kinds of unmet needs in the marketplace.”
Out of the Top 100 Finalists, the judges will select 10 winners of the Chicago Innovation Awards, as well as 10 winners of the Up-and-Comer Awards representing innovation in the start-up community. The winners will be invited to ring the NASDAQ Bell in New York City, invited to separate meetings with Mayor Rahm Emanuel, Governor Bruce Rauner and Cook Count President Toni Preckwinkle, and receive widespread media recognition.
Each of the Top 100 Finalists is also in the running for the annual “People’s Choice Award,” selected through online balloting at http://www.chicagoinnovationawards.com/2016-peoples-choice-award-2/.
*A.T. Kearney Omnichannel Shopping Preferences Study
SwiftIQ uses high scale data processing and machine learning to deliver contextually relevant insights and digital experiences for retailers and brands. Its platform unifies and analyzes data primarily from in-store transactions as well as online behavior and third party sources to predict and inform category captains, shopper marketing, assortment, supply chain and marketing activations. SwiftIQ’s unique ability to process billions of basket-level transaction records in near real-time and convert that into on-demand mobile visualizations, dayparts, affinities and attribution fosters a new level of retailer/supplier collaboration and innovation.
Since launching its category captain and consumer behavioral analytics platforms in late 2014, SwiftIQ now analyzes over $75 billion in offline, receipt-level point of sale data. The company serves to 5 of global leading category suppliers and several billion-dollar retailers. SwiftIQ, named a Top Innovator twice by DataWeek, has also been recognized by Gartner, Forrester, Forbes, NACS, Progressive Grocer and ComputerWorld for its achievements.