Rubikloud Technologies, a global leader in retail artificial intelligence (AI), announced a strategic relationship with Intel to more deeply collaborate on retail AI solutions that can revitalize the shopping experience. Intel Capital recently led a $37 million financing round in Rubikloud and believes AI will transform retail in meaningful ways. Global retail spending on artificial intelligence will grow to $7.3 billion per year by 2022, up from an estimated $2 billion in 2018, according a recent study from Juniper Research.
Through the collaboration, the companies will focus on merging new and old technologies on Rubikloud’s AI platform to help improve the in-store experience and provide a more personalized shopping experience for consumers, online and offline. According to Retail Dive, in coming years retailers will spend heavily on AI tools that will enable them to differentiate and improve the services they offer customers. These will include automated marketing platforms that generate tailored, timely offers so customers receive the products they want, when they want, at the price they’re willing to pay.
With the help of Intel’s responsive retail technology and Rubikloud, retailers now can unify every part of their operations and solve long-standing business challenges. Intel’s edge to cloud technology is designed to streamline and improve store operations. Combined with Rubikloud’s promotion and loyalty data, retailers are able to track how much stock is in the back of the store without leaving the front of it, among other things. The data also informs retailers how to avoid overstocking and stock outs; which promotions to prioritize in which stores; and many other ways to improve sales.
“Intel and Rubikloud have created a powerful solution for retailers to compete and thrive in an automated world,” said Kerry Liu, CEO of Rubikloud. “Retailers will see material uplifts to promotional revenue, inventory stock out rates, and loyalty revenue.”
“An increasingly important source of data for retailers comes from in-store sensors, such as RFID tags and computer vision systems,” said Stacey Shulman, Chief Innovation Officer in the Retail Solutions Division at Intel Corporation. “Combining that localized sensor data with Rubikloud’s AI solution can drive more timely and richer insights for Retailers to act on.”
Brands and retailers are starting to realize what’s at stake if they don’t integrate AI now. With more consumers turning to online retailers, this collaboration brings the personalization consumers want into stores, as well as the integration between online and offline sales to run efficient and profitable businesses.