Grocery retail technology specialist Solutions for Retail Brands (S4RB) has partnered with Warwick Analytics to integrate PrediCX natural language processing into its Affinity solution, offering a higher level of insight to retailers than existing sentiment analysis solutions.
The Fort Worth, Texas-based U.S. partnership will enable grocery retailers to use 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.
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 optimize the customer experience, identify root causes of churn and loyalty, as well as understand 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 percent. Furthermore, it typically misses detailed signals such as specific nuances within customer concerns.
In 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’s expertise to create a machine learning model specific to grocery retail. The model is continuously optimized by bringing in a “human in the loop,” which then contributes to machine learning.
The technology is able to accurately determine the root causes for dropped baskets and churn from particular stores, products or grocery brands. It helps with recommendations for future products, packaging, recipes and store layouts, and identifies early warning signs 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 KPIs, which can then be shared with own brand suppliers to enable retail teams and suppliers to collaborate more effectively on winning products and brands.
“We see so much data coming into retailers from customers and other sources. Without proper categorization we are only able to realize a fraction of the value that it brings for our retail customers,” said James Butcher, CEO of S4RB. “PrediCX enables us to unlock that value with consistent and specific labeling and brings exponentially more value to clients and their customers.”
“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, which, brings deep retail expertise,” said Dan Somers, CEO of Warwick Analytics. “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.”