This interview is part of our new AI in Retail series, where we interview the world's top thought leaders on the front lines of the intersections between AI and retail.
In this interview, we speak with Sanjeev Sularia, CEO and co-founder of Intelligence Node, to understand how his company is using AI to transform retail, and what the future of retail holds.
1. What’s the story behind Intelligence Node? Why and how did you begin?
SS: Up until this decade, the retail decision-making cycle relied heavily on intuitive judgment and past sales records, while the travel and finance industries were already using advanced dynamic pricing models to offer competitive deals and products to the consumers at the time. Realizing this gap, Intelligence Node's co-founders — all having years of experience in retail, travel, and financial consulting — sought to address this need by providing data analytics to help retailers give competitive offerings to a growing online shopper base with real-time competitive monitoring on a live product database.
Our journey started in 2012, with a team of five, working on a platform that harnessed Big Data to glean insights that enable competitive benchmarking and price optimization for brands and retailers. Since then, we have created the world's largest retail product database, achieved best-in-class product matching accuracy, and a proprietary Deep Learning AI framework to enrich the quality and speed of the data we deliver. We are currently helping more than 150 retailers and brands worldwide, aiding them with transformative data-driven decisions for their business.
2. Please describe your use case and how your company uses artificial intelligence.
SS: Intelligence Node’s solutions help retail businesses with AI-powered pricing optimization pulling in data from over 1 billion unique products across 130,000+ brands, and over 1,100+ product characteristic categories. The company partners with major retailers and brands across the US and globally, such as category leaders like Tesco, Mobly, TATA, Landmark, Li&Fung, and Jockey. Recently the company announced the release of its MAP monitoring solution which offers users the ability to prevent against counterfeit in real time and monitoring pricing violations by resellers. The offering is powered by Intelligence Node’s deep learning algorithms. Unlike most scanning algorithms, which refresh just once or twice per day, Intelligence Node’s AI tracks products in real-time, round-the-clock, ensuring that these products are being monitored during business operating hours across the globe.
All of the insights our solutions provide are easily viewable in our easy to navigate dashboards to not only track your own product pricing data, but that of competitors as well. That gives pricing analysts the ability to apply our AI’s recommendations to the psychology of the market and come up with their own easily adaptable pricing strategies. And since our pricing algorithms have deep learning, each recommendation is even stronger than the last. While pricing optimization is our core business, our data has enabled other solutions such as the capability to track counterfeit goods, and to pinpoint Minimum Advertised Pricing violators.
3. Could you share a specific customer/user that benefits from what you offer? What has your service done for them?
SS: Recently one of the world’s leading shoe brands used our Brand Compliance Solution to track pricing violations almost as they occurred. Intelligence Node supported the footwear brand, whose products are sold on more than 700 multi-brand retailers, and through many unauthorized sellers online, to track down pricing violations across the globe for real-time margin protection and brand safety. Our database can give users updates every ten seconds, and not twice a day which is what most price monitoring solution providers offer. Because of that, the client has been able to crack down on 146 unauthorized sellers for pricing violations in just two months.