Fract, a provider of a geospatial Artificial Intelligence (AI) platform that analyzes internal and external factors to enhance retail performance, announced its partnership with Current, powered by GE.
Current by GE works with commercial, retail, and industrial companies to leverage LED technology to make energy efficiency improvements. The company also uses the LED lighting as the location for sensors which provide data that can be used in a wide range of possible applications. Current asserts that with additional sensor technologies added to lighting infrastructure, companies such as Fract can efficiently collect data that can be analyzed to transform the customer experience.
Fract to Use Environmental and Retailer Data to Gauge Store Performance
For the partnership with Current, Fract will combine environmental data with other retailer data to evaluate store performance. Fract’s AI-based platform offers suggestions based on findings and analysis to improve assortment and optimize the physical selling environment at the level of individual products, a category or class of products, or even an entire store. With Fract’s platform, retailers can make adjustments to displays, layouts, and pricing for varying regions, demographics, and behaviors across their enterprise.
“We’re extremely excited to be working with Current,” said Mike Mack, co-founder and CEO of Fract. “Current allows us the ability to analyze both in-store and external factors for retailers, which is a first for the industry. Now we can help retailers understand market conditions and answer questions as to why products work at some locations rather than others, and help the success of new product launches.”
Fract says it helps Fortune 1000 companies increase market share by using a variety of data points to generate actionable insights for increased revenue and ROI.
The AI platform software supplier works with demand forecasting, taking into account the supply chain, business intelligence, and store planning departments to help understand and improve poor performing product lines or locations and optimize incremental revenues. Customers can see reports based on the analysis in as little as a minute, compared to the typical six weeks that traditional process reports required.