Boden leverages Peak’s AI platform to enhance its merchandising capabilities amidst economic challenges.
- The AI system scrutinised Boden’s pricing and customer habits to guide strategic decisions.
- Over six weeks, Peak’s platform identified adjustments to boost Boden’s sales margins.
- Boden plans to integrate Peak’s AI more extensively to sharpen their technology stack.
- Alexander Ives and Richard Potter endorse the impactful role of AI in retail dynamics.
In a strategic move to bolster its merchandising prowess, Boden has allied with Peak’s AI platform. This collaboration arises as retailers navigate through tough economic conditions, aiming to streamline revenue sources. Peak, renowned for refining product inventory and pricing, was handpicked by Boden to enhance its trading competency.
This partnership is a cornerstone in Boden’s decade-long modernisation efforts to establish an elite technological ecosystem. By selecting Peak’s platform, Boden benefits from swift integration capabilities, particularly through its proven synergy with Snowflake, allowing immediate market application.
Throughout a six-week analysis, Peak’s AI intensely examined Boden’s historical pricing and consumer behaviour. This comprehensive study aimed to pinpoint actionable pricing strategies that would enhance sales. By aligning with the planned sale events, where Boden typically clears 10% of inventory via markdowns, the AI-derived recommendations effectively bolstered margins and improved overall profitability.
Significantly, Boden intends to extend the utilisation of Peak’s AI technology across its operations, making it an integral element of its evolving tech framework. This step underscores a broader adoption of AI to navigate the shifting retail landscape.
Alexander Ives, Senior Director of Technology at Boden, highlighted the transformative impact of this AI tool, especially during critical sales phases. He noted, “Having modernised our core platforms, we are now looking for opportunities where we can invest in providers that are quick to implement, low-risk, and deliver high impact. Peak has proven to do exactly that, with its AI-powered insights helping us during critical sales moments.”
Echoing this sentiment, Richard Potter, CEO of Peak, acknowledged the challenges retailers face today, from economic hardships to global supply chain issues and evolving customer expectations. He asserted, “AI has a huge role to play in facilitating fast decision-making at scale to alleviate these challenges. It’s what we help retailers to do day in day out: boost margins whilst delivering great deals for customers.”
The partnership between Boden and Peak exemplifies the transformative power of AI in modern retail strategy.
