The increasing complexity and dynamism of the retail environment, the battle to stay current with customers and ahead of competitors, is forcing business decision-makers to reassess their current tools. They require a new level of transparency that makes it easier for decision-makers to understand what is going on, gives more confidence in the decisions made, and promotes faster execution. This is Profitmind, an easy-to-use AI-powered platform that provides actionable insights and recommendations that can immediately affect your bottom line.
To deliver high-impact and measurable value for our customers, stakeholders and employees.
Utilize diverse teams and thinking to create A.I. solutions that deliver better, faster decisions, reduced workload, happier customers, happier employees and better financial results for our customers.
We've created a playbook to help guide you through all the complexity.
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What has the industry so excited about Profitmind and it's parent company, Netail.
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Netail was incubated as a division of Andrew Ng’s Landing AI in 2021 and launched as an independent company in 2022
“Netail focuses exclusively on the Retail & CPG domain. Our secret sauce is combining decades of Retail functional knowledge with the best AI expertise.”
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Yes, we can accurately match any type of product. Our AI matching technology looks at products the way a customer does by looking at the product image(s), the description, the specifications (size, weight, fabrication, upc/ean, etc), and the price. The business team can quickly and easily give feedback to the AI, and it will soon learn to match competitive products specific to your business needs.
Technically, we don’t need any data to get going. We can capture your catalog and your competitors directly from the web. However, we prefer to get a product data feed (product_id, ticket_price, selling_price, inventory_onhand, product_title, product_description, product_image) to get started. We can re-use whatever data feed you are using for your eCommerce site. For price optimization, we need two years of historical data (sales, inventory, discounts, by SKU). Ultimately, we would also like to get a daily or weekly feed of this data.
Profitmind learns to predict your business by predicting your results while excluding the actual data from its models. This allows Profitmind to fine-tune and develop the most predictive models that it can. Profitmind learns continuously and tracks accuracy over time. We can also support A/B testing to ensure that the predictions are accurate for your business.
Typically, we can get up and running in 4 weeks. This is specifically for competitive, assortment, and inventory analysis. Price optimization usually takes an additional 2-4 weeks. So, your business will start seeing benefits and impact in about one month.
It will depend a little on the complexity of your business needs, but generally, we charge the typical cost associated with a full-time senior business analyst. We may need multiple Profitmind analysts to cover many different geographies and brands, but we also offer volume discounts.
Yes, Profitmind allows you to plan pricing strategies for future events. Profitmind even includes the ability to prepare for inflationary impacts. Planning can be done by date range, by discrete events, or catalog drops. This planning capability allows you to set ticket and selling prices based on expected prices and promotions by competitors.
“We are in a very different era in respect to the speed in which retail moves, and we must have the ability to have the data and intelligence to make quicker decisions for the merchandising team. We partnered to bring in their expertise, and because they move at the speed our business needs.”
Profitmind is a
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Your retail analytics assistant
