Innovation of the Week is a series highlighting retail initiatives that have caught the eye of our team. Every week, we will bring you new ideas and case studies across consumer, technology, sustainability, economy, policy, and industry.
What is it?
Fashion retailer Boden has partnered with AI platform Peak to optimise trading capabilities and sales using Peak’s expertise in improving product inventory and pricing.
A trial was conducted over a six-week period where Peak’s AI platform investigated Boden’s historic pricing and customer spending habits to work out where the retailer could make changes to increase sales.
Boden chose Peak to analyse its pricing structure and purposely worked with the AI company due to the speed at which it can integrate.
Why does it matter?
Boden would use markdown prices to clear seasonal lines where it typically clears 10% of its stock.
During the six-week trial, Peak implemented the AI platform alongside Boden’s planned sales moments, and the new pricing recommendations resulted in marginal gains and directly impacted profitability.
The next step includes Boden adopting Peak’s AI platform more widely as part of its integrated tech stack.
Strategic implications
More retailers are implementing AI for various things and this is a way for Boden to grow and explore new revenue streams.
The retailer has been modernising its operations over the past decade, and by using Peak’s AI platform, it looks to continue to build an efficient tech ecosystem.
Alexander Ives, Boden senior director of technology said: “Boden has undergone significant modernisation over the last five years.
“Having modernised our core platforms, we are now looking for opportunities where we can invest in providers that are quick to implement, low-risk, and deliver high impact.
“Peak has proven to do exactly that, with its AI-powered insights helping us during critical sales moments.
“It’s an excellent tool in our arsenal and one we’re already starting to use for future sales moments”
Winning strategies
- AI for productivity and engagement
- Focus on operational efficiency
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