A new partnership will enable grocery retailers to utilise
machine learning and AI to generate detailed analysis about the root causes of customer
sentiment, emotion and intent as well as the reasons for customer churn.
Grocery retail technology specialist, Solutions for Retail Brands (S4RB) has partnered with Warwick Analytics to integrate PrediCX natural language processing into its Affinitysolution, offering a higher level of insight than existing sentiment analysis solutions.
Warwick Analytics’ technology is based on highly accurate machine
learning models that can be applied to textual data such as customer feedback,
complaints, calls, CRM notes and chat, helping to optimise the customer
experience, identify root causes of churn and loyalty, as well as emotional
causes of purchasing decisions.
Sentiment analysis is used widely in the grocery sector, but studies have shown that its accuracy can be as low as 58 per cent. Furthermore it typically misses detailed signals such as specific nuances within customer concerns, plus emotional intents such as signifying churn, loyalty, repeated issues and customer effort – which become ‘unknown unknowns’, or unidentified risks for retailers.
By contrast, PrediCX can accurately and automatically pick up these
subtle, actionable signals. The partnership allows S4RB to combine the unique
PrediCX technology (patent pending) with S4RB domain expertise to create a machine
learning model specific to grocery retail. The model is continuously optimised
by bringing in a ‘human in the loop’, which can be a non-data scientist, to
validate anything it might not be sure about and then trains and updates
itself with the input.
In creating an industry specific mode for the grocery retail market, it
has been able to accurately determine the root causes for dropped baskets;
churn from particular stores, products or grocery brands; recommendations for
future products, packaging, recipes and store layout; and early warning of
previously unforeseen quality issues.
This technology will be available for retailers on S4RB’s Affinity
platform, which enables retailers to access a complete view of product
performance alongside other product and supplier KPI, also sharing this
information with own brand suppliers to enable retail teams and suppliers to
collaborate more effectively on winning products and brands.
Butcher, CEO of S4RB, said:
“We see so much data coming into retailers from
customers and other sources. Without proper categorisation we are only able to
realise a fraction of the value that it brings for our retail customers.
PrediCX enables us to unlock that value with consistent and specific labeling
and brings exponentially more value to clients and their customers.”
Dan Somers CEO of Warwick Analytics adds:
“The success of machine
learning models is enhanced by making it industry, and indeed customer and
situation specific. This is why we’re so excited to be working with S4RB who
bring deep retail domain expertise.
“S4RB can use our PrediCX
technology integrated with Affinity to identify customer intent and insight to
both the brand experience and also for the first time to product insight and
the root causes for dropped baskets. No other analytical product was able to do
this in a blind test.”
information about Solution for Retail Brands’ Affinity platform, please visit: https://info.s4rb.com/affinity