SYDNEY - May 4, 2021 - (Newswire.com)
HIVERY is a multi-award winning pioneer of hyper-local retailing, combining artificial intelligence (AI), operations research, and human-centered design to help consumer packaged goods (CPG) manufacturers and retailers generate a return on retail space investments by discovering each store's space and product assortment digital fingerprint. HIVERY Curate is the world's first true category management software that offers store-level optimization and rapid strategic category simulation and planogram generation.
The research report has pointed out that "assortment optimization applications can provide powerful inventory management that minimizes excessive and "dead" inventory, enabling dramatic improvement of free cash flow to fund broader digital investments." What sets HIVERY Curate apart from others is that it can achieve this level of superior optimization by starting at the store level. HIVERY Curate identifies the unique fingerprint of each store's consumption patterns, across all items sold, then recommends the optimal assortment for each store to meet the localized consumer demand. Additionally, HIVERY Curate leverages artificial intelligence to enable our clients to perform rapid testing of different assortment options or category strategies and predict the financial outcome of each with unparalleled accuracy.
Over the last year, clients have seen annual incremental sales growth of up to 10% by leveraging HIVERY Curate. In the coming months, projected client sales growth from using HIVERY Curate is on track to exceed $1 billion. In addition to incremental sales, clients have been able to streamline their category management processes and reduce resource hours by as much as 80%. The combination of sales growth and labor reduction has resulted in an unprecedented 10x return on investment for our clients
HIVERY CEO, Jason Hosking, said that the company's recognition by Gartner demonstrates how HIVERY's unique artificial intelligence capability drives new brand and sales value for major CPG manufacturers and retailers in the North American market.
"HIVERY's aim is to be the market leader in retail-enabled AI solutions. Our background in deep tech and data science really sets us apart from other players. Our core focus right now is retail assortment and space optimization with our product HIVERY Curate. Based on HIVERY's significant growth in North America, the company plans to scale into other global markets over the next 18 to 24 months."
According to the Gartner report, "by 2024, Tier 1 retailers in North America and Europe will reduce inventory carrying costs by 30%, dramatically improving free cash flow for digital investment while revamping balance sheets. By 2025, the top 10 retailers globally will leverage AI to facilitate prescriptive product recommendations, transactions and forward deployment of inventory for immediate delivery to consumers."
HIVERY is unique in that the business has the backing of the Australian Government through its national science agency, the CSIRO's Data61. Additionally, HIVERY collaborates on research projects with universities, providing clients with unique access to the latest scientific data. HIVERY's investors include The Coca-Cola Company, the CSIRO, and Blackbird Ventures (Australia's pre-eminent Venture Capital firm) who successfully backed Australian billion dollar start-ups such as Canva, Zoox, Safety Culture and Culture Amp. HIVERY has been operating for six years and has offices in Australia (Sydney), Japan (Tokyo) and the United States (Bentonville, Arkansas).
You can learn more about HIVERY Curate and view the video explainer here https://www.hivery.com/products/curate or download the latest research report by Coresight Research titled "The Age of Precision Category Management: Hyper-Localized Assortment Optimization Using Advanced Technologies" https://www.hivery.com/age-of-precision-category-management
Source:
1 Gartner, "Market Guide for Retail Assortment Optimization Applications in Merchandising", Robert Hetu, October 2020
Disclaimer:
Gartner does not endorse any vendor, product or service depicted in its research publications, and does not advise technology users to select only those vendors with the highest ratings or other designation. Gartner research publications consist of the opinions of Gartner's research organization and should not be construed as statements of fact. Gartner disclaims all warranties, express or implied, with respect to this research, including any warranties of merchantability or fitness for a particular purpose.
For further information and media inquiries please contact:
Franki Chamaki, Co-founder, Marketing Director M: +61 409 213 683 E: franki@hivery.com
ABOUT HIVERY
Founded in Sydney in 2015, HIVERY uses artificial intelligence (AI) models to help retailers maximize revenue. HIVERY's solutions use technologies which originated in laboratories run by the CSIRO and its data innovation affiliate, Data61. These solutions generate AI-driven recommendations for CPG suppliers & retailers, enabling truly unprecedented hyper-local retailing, the simultaneous localization and optimization of product mix at the physical store level. Today, the company's growing team of data scientists, engineers and designers are taking its applications to a global customer base. HIVERY has offices in Australia, Japan and the U.S. hivery.com
HIVERY was founded on the vision that Data Has A Better IdeaTM - and we're working together with our clients to uncover its full potential.
To learn more about how we help decision makers fuel the future of business, visit gartner.com.
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Original Source: HIVERY Curate is on Track to Grow Client Sales Over $1 Billion and Has Been Named in the Gartner Market Guide for Retail Assortment Optimization Applications in Merchandising
