Symphony RetailAI Acquires Shelf Intelligence SaaS Technology Leader ReTech Labs
Symphony RetailAI, a leading global provider of integrated AI-powered marketing, merchandising, and supply chain solutions for FMCG retailers and manufacturers, today announced the acquisition of ReTech Labs, a global SaaS provider of real-time image capture and recognition technology. Through ReTech’s solutions, retailers and CPG teams can manage on-shelf availability, eliminate out-of-stock issues and distribution voids, and ensure the compliance and execution of planograms, pricing and promotions.
“This is a significant milestone in ReTech’s journey and vision to accelerate retail growth through automation and digitization of physical retail”
“We’ve had the opportunity to work closely with the ReTech team over the past year to further develop our shelf intelligence solution for leading retail and CPG clients,” said Sy Fahimi, SVP Product Management, Symphony RetailAI. “Officially integrating ReTech’s image capture technology into our category planning suite will close the loop for clients as they plan, monitor and analyze what is happening at the shelf in their stores, in near real time. Together, Symphony RetailAI and ReTech are uniquely positioned to solve for a significant unmet need – a closed-loop store execution and insights solution – amongst our retail and CPG customers.”
Integrating ReTech’s Rebotics technology with Symphony RetailAI’s Customer INsights and Decision Engine (CINDE) will result in high-value category planning solutions for retailers and CPG manufacturers, including shelf intelligence, category insights, intelligent clustering, assortment optimization, shelf planning, and planogram automation solutions. Actionable insights will be provided through the technology, bringing visibility to product availability and share of shelf, while reducing out-of-stock rates.
“Together, ReTech and Symphony RetailAI will deliver even more value to grocery retailers and CPG suppliers,” said Chris Koziol, CEO, Symphony RetailAI. “Augmented with AI-decision support, the capabilities of our combined technology will enable improved space allocation, product placement and on-shelf planogram compliance; plus, continuous measurement of on-shelf availability in store allows for rapid corrective action to address compliance and out-of-stock conditions. This will also help our customers with actionable insights to ensure successful new product introductions, more efficient and effective field team performance, and higher overall return on in-store and promotional investment.”
“This is a significant milestone in ReTech’s journey and vision to accelerate retail growth through automation and digitization of physical retail,” said Abhi Beniwal, Founder and CEO, ReTech Labs. “As part of Symphony RetailAI, we will be able to offer our customers end-to-end technology innovation to ensure their stores and product placement are truly optimized for the best consumer experience and revenue growth. We look forward to expanding the suite of capabilities that we offer to our customers in partnership with Symphony RetailAI and delivering even more value to our combined customer base through the use of advanced computer vision and AI technologies.”
ReTech will remain an independent division of Symphony RetailAI, a SymphonyAI company, and Beniwal will continue to lead the division.