“The fact that you are here today will change your life,” said Dr. Pero Mićić in his exciting keynote speech, which was very well received by the trade audience from online and stationary retailers. The following speakers repeatedly referred to various aspects of the lecture. Interestingly, there was a second realization that ran like a central theme through the various presentations: Both personalization and dynamic price optimization are particularly successful when companies consistently stay on, test and further develop.
The prudsys retail intelligence summit took place on Wednesday, July 3, 2019 under the motto “Smart Decisions for Smart Retail”. We are delighted that around 150 participants followed the invitation to our one-day event in its 20th year. Among our guests there were many representatives of well-known companies and retailers such as Deutsche Telekom, Edeka, Fashion ID, Lampenwelt, Obi, Thalia and many more. In ten specialist presentations, among others by bonprix, moebel.de, Sanicare, Weidmueller and Westfalia, they received practical insights into how these reteailers are already successfully using artificial intelligence in the areas of personalization and dynamic pricing.
The two minute video review perfectly summarizes the conference day in pictures.
In his opening speech, prudsys CEO Jens Scholz praised the summit as one of the most important German conferences on the subject of artificial intelligence in retail, which offers a unique combination of theory and practice in this field through its combination with the largest international student data mining competition.
From the presenattions the participants took home the answers to the following questions:
- Why is it so important for us to get ourselves and our companies ready for the future? Dr. Pero Mićić’ keynote “What Will We Live on in the Future? How to Make Digitalization, Robotics & Artificial Intelligence a Chance for You” gave us many impulses and ideas, like human technology and technological humans, AI and spatial web.
- How can B2B technical sales, with its countless products, benefit from AI-based cross-selling and up-selling recommendations and address and inspire its customers? This was demonstrated by Julius Beutel from Weidmueller, a specialist in industrial connectivity, and Patrick Flaig from ILC Technologies in their presentation “How Weidmueller Increased Margins and Turnover by Means of AI-based Recommendations for Cross and Upselling in the B2B Market”. In the Innovation Hub, the solution was available for the guests to touch and try out on a clienteling device.
- How and where can a product search engine without a product detail page place recommendations that are accepted by customers? Christian Borchert explained in his lecture “Best Practice: Personalization in a Vertical Product Search Engine” how moebel.de, as a product search engine for furniture with more than 3 million articles, mastered this challenge and which KPIs increased with recommendations.
- How do rule-based pricing and AI-based dynamic price optimization work together successfully in different pricing processes? In his presentation “Sales and earnings optimization through automated pricing at SANICARE”, Heinrich Meyer showed us how Sanicare uses Dynamic Price Optimization for its range of products without price fixing in different price processes and how individual price optimization affects the business success of the online pharmacy.
- What sustainable answer will intelligent markdown pricing provide (fashion) retailers for lower markdown rates and increased sales? As a possible answer to ruinous discount battles, Markus Elbers demonstrated the potential and implementation of “Intelligent Markdown Pricing” using a real customer example and with practical insight into the prudsys Dynamic Pricing software.
- How can brands and retailers secure competitive advantages with a perfect customer experience? Marius Seth from Accengage showed in his presentation “Push & Personalization: The Perfect Mix for Optimum Customer Commitment” how push messages and the optimal approach to customers at the right time via the right channel with the right offer contribute to a good customer experience.
- How do personalized banners turn potential shopping cart abandoners into buyers? In his lecture “Personalized Personalization at Westfalia”, Ingo Schmitt showed how various banner contents affected the conversions using the example of an exciting series of tests in the Westfalia tool online shop.
- As a retailer, how can I rethink shopping? What will tomorrow’s shop look like? Thorsten Rohloff from GK Software and Frank Ebert from bonprix presented the idea and concept of the new, fully digitalized bonprix store in Hamburg in their lecture “How to Tie Customers with New Shopping Experiences”.
In his conclusion, Jan Lippert asked the question What will not change in the next ten years (in retail)? He showed once again how Dr. Pero Mićić’s statement “Everything that man can cognitively do, AI can do better” ran like a second central theme through all the lectures. Finally, he showed how the AIR (Artificial Intelligence for Retail) platform from prudsys and GK Software bundles AI applications for retail and supports retailers in positioning themselves for the future.
Julia Miosga, “Digital Landscape Gardener”, presented the conference program.
The prudsys Innovation Hub offered visitors real use cases to touch. As a special highlight, prudsys and GK Software presented the joint case for Fraud Detection at the Frictionless Checkout in the store. It aims at the exact prediction of fraud cases when customers scan the products with their own smartphone while shopping. Fraud Detection also closed the circle for this year’s DATA MINING CUP, in which the students developed a mathematical model for the detection of fraud cases.
Further highlights were the Weidmueller application for B2B and the recommendations based on image similarities, where visitors could take a look behind the scenes of the image similarity calculation. The live demos on personalization with the prudsys Realtime Decisioning Engine (prudsys RDE) and the dynamic pricing software were also very well received.
Traditionally, every year the summit also offers the stage for the presentations of the ten best teams of the DATA MINING CUP. This year, each team produced a poster that could be seen in the conference room from the start of the event. After the presentation of the results at 4:30 p.m., the excitement rose until the award ceremony during the evening event. Students from Iowa State University took first place with a clear lead on points, ahead of a one-man team from the University of Geneva and a pure women’s team from The George Washington University.
You can see some pictures and the winners of the DATA MINING CUP 2019 on the website of the DMC.