FinancialNewsMedia.com News Commentary
PALM BEACH, Fla., Aug. 23, 2023 /PRNewswire/ -- Retail analytics covers advanced technologies, such as big data and data mining to gain meaningful business insights and evaluate massive datasets. It aids businesses in drawing effective strategies for their activities based on customer behavior patterns. The need for improving sales performance and revenue generation and identifying customer preferences and trends will likely propel the market growth. Retail solutions integrated with Artificial Intelligence (AI) deliver intelligent insights to fuel sales and enhance customer experience. A report from Fortune Business Insights projected that the global retail analytics market size was valued at USD 6.59 billion in 2022 and is projected to grow from USD 7.56 billion in 2023 to USD 23.53 billion by 2030, exhibiting a CAGR of 17.6% during the forecast period. The report said: "In May 2021, Walmart employed the Retail AI solution to lower operational costs and enhance the self-service shopping experience… it also deployed an analytical solution on its store consumer data to enhance its e-commerce business. This factor resulted in a 97% hike in the organization's yearly growth in Q2 2021. Adopting smart retail tools in its stores' database helped Walmart outpace many leading e-retailers. Similarly, during the pandemic, many market players started offering solutions for efficient product supply, intelligent in-store management, and financial & customer demand forecasting. Therefore, the global market showcased a significant growth rate during the pandemic." Active Companies active today in markets include: VSBLTY Groupe Technologies Corp. (OTCQB: VSBGF) (CSE: VSBY), Amazon.com, Inc. (NASDAQ: AMZN), Alphabet Inc. (NASDAQ: GOOG), Meta Platforms, Inc. (NASDAQ: META), Microsoft Corp. (NASDAQ: MSFT).
Fortune Business Insights continued discussing the surging focus on product inventory management & shelf space allocation is becoming a vital trend. "Product inventory management and shelf space allocation are a retailer's key resources. Retail analytics refers to using analytics to provide products at the right place in the right quantity to the right customers. This trend has continued to gain strength in the retail industry to improve microlevel analysis and assortment planning. The demand for efficient shelf space management is growing to cater to the specific preference of customers visiting retail stores and reduce the financial impact of several assortments… Thus, the growing trend of managing shelf space and product inventory in retail stores is expected to drive the retail analytics market growth. Retail is assumed to be one of the largest sectors to implement advanced technologies, such as blockchain, artificial intelligence, machine learning, and others. AI offers improved data management, personalized experience, predictive analysis abilities, and real-time assistance. Other applications of AI, such as chatbots, virtual assistants, and more are supporting retailers to stay connected with their customers."
VSBLTY Groupe Technologies Corp. (OTCQB: VSBGF) (CSE: VSBY) BREAKING NEWS: VSBLTY SIGNS LOI TO ACQUIRE SHELF NINE 4500 SCREEN NETWORK - Strategic Acquisition Estimated to Realize up to 38 Million in Revenue over the Next 36 Months - VSBLTY Groupe Technologies Corp. (Frankfurt: 5VS) ("VSBLTY"), a leading AI software provider of security and retail analytics technology has signed a non-binding LOI to acquire Shelf Nine, https://www.shelfnine.com, a leader in retail media networks, providing brands and retailers specifically targeted digital media advertising and other customer communications content delivered at the point of purchase.
The company's expect to finalize their definitive agreement within the next 30 days once they complete their due diligence. The acquisition is primarily a stock deal with the majority of the purchase being incentive stock based on Shelf Nine achieving certain revenue targets focused in the top 20 media markets over the next 3 years.
"This acquisition is more than synergistic with VSBLTY's vision of the retail advertising segment," emphasized VSBLTY Co-founder & CEO Jay Hutton. Shelf Nine's integration with our computer vision analytics technology is a win-win for both companies. Operating as a wholly owned subsidiary of VSBLTY, Shelf Nine and VSBLTY have the opportunity to further leverage each company's core competencies and further penetrate the retail media market estimated to be worth $160 billion by 2027." In addition to both companies benefiting from recurring SaaS fees, they also generate added revenue from content development and media sales." CONTINUED… Read the full Press Release for VSBLTY Groupe Technologies at: https://www.financialnewsmedia.com/news-vsby/
In other active tech companies in the markets this week:
Amazon Web Services, Inc. (AWS), an Amazon.com, Inc. (NASDAQ: AMZN), recently announced that Sumitomo Corporation, a leading trading and investment conglomerate that operates 900 companies in 66 countries, is using AWS to power its digital transformation. As part of the multiyear initiative, Sumitomo Corporation will migrate its SAP environments to AWS and use a platform built on the world's leading cloud provider to make data-driven business decisions, automate processes, and respond quickly to customer needs.
Sumitomo Corporation will use RISE with SAP on AWS, a fully managed offering that combines SAP's solution and implementation experience with AWS's experience in helping customers transform their SAP landscapes. By migrating 16 groupwide, mission critical systems, such as sales and accounting, to the cloud, Sumitomo will modernize its SAP environment to SAP S/4HANA on AWS, and it will use SAP's Business Technology Platform to connect data across its global operations. Sumitomo Corporation will also modernize its enterprise resource planning (ERP), integrating valuable business data with advanced analytics and AWS machine learning services to enhance customer interactions and internal processes.
Alphabet Inc. (NASDAQ: GOOG) Google Cloud recently announced that employee experience platform Culture Amp will use Google's Vertex AI as the foundation of its generative AI solutions, following a successful pilot that could save HR professionals hundreds of hours normally spent analyzing employee feedback.
Culture Amp will use Vertex AI to train, model, and fine-tune its generative AI capabilities, underpinning efforts to combine highly accurate and actionable results from employee data with full transparency into how AI derives its conclusions.
"Our multi-year journey with AI and machine learning has shown us that you can't take a short-term, opportunistic approach to this technology—you need a rigorous operating model and ethical principles to create value in a way that doesn't endanger your customers or their employees' wellbeing," said Doug English, Co-Founder and Chief Technology Officer, Culture Amp.
Meta Platforms, Inc. (NASDAQ: META) recently reported financial results for the quarter ended June 30, 2023. "We had a good quarter. We continue to see strong engagement across our apps and we have the most exciting roadmap I've seen in a while with Llama 2, Threads, Reels, new AI products in the pipeline, and the launch of Quest 3 this fall," said Mark Zuckerberg, Meta founder and CEO.
Beginning in 2022, we initiated several measures to pursue greater efficiency and to realign our business and strategic priorities. As of June 30, 2023, we have substantially completed planned employee layoffs while continuing to assess facilities consolidation and data center restructuring initiatives.
Microsoft Corp. (NASDAQ: MSFT) recently announced that Epic clients, starting with Mount Sinai Health System (Mount Sinai), one of New York City's largest academic medical systems, can use Microsoft Azure Large Instances, a solution designed to achieve the scale needed to run the large Epic electronic health record (EHR) database — up to 50 million database accesses per second. Azure Large Instances leverages dedicated resources, which allows Mount Sinai and other Epic clients to scale beyond the previous limits of shared public cloud infrastructure solutions.
Through close collaboration with Accenture, Mount Sinai continues to migrate many of its workloads to Azure and now has the largest production instance of Epic running on Azure in the world. "We are very excited about this move as it further enables digital transformation, accelerates artificial intelligence (AI) and innovation, provides scalability and flexibility, and reduces upfront infrastructure costs, ultimately leading to improved care and discovery as well as streamlined operations," said Kristin Myers, executive vice president, chief digital and information officer, and dean for digital and information technology at Mount Sinai.
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