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Italian supermarket chain Bennet (bennet.com) is extending its use of the Oracle retail cloud platform to support its rapid growth and to optimize inventory management and pricing strategy decisions to keep pace with customer demands. Bennet operates 63 supermarkets throughout northern Italy focused on price, service, and selection. By adding Oracle Retail AI Foundation Cloud Service and Oracle Retail Assortment Planning Cloud Service the chain will be able to leverage the power of AI to better inform pricing strategies that help move inventory while best serving its customers.
“While speed and accuracy are critical to pricing in grocery, delivering the right product, at the right price, in the right market, is equally important,” said Adriano De Zordi, Chief Executive Officer, Bennet. “By extending our long-standing relationship with Oracle, we can continue to innovate using the Oracle retail cloud platform to streamline operational efficiently while increasing customer satisfaction.”
With the current economic headwinds, price trumps convenience for many consumers. In a recent survey, 72% of consumers said price is their most significant consideration when choosing where to shop, and 46% go to multiple locations to get everything they need at the lowest cost. In addition to the new Oracle solutions, Bennet is already using Oracle Retail Merchandising Planning and Optimization which enabled the grocer to cut the time it takes to adapt its prices from days down to hours.
“Oracle Retail AI Foundation will enable us to analyze historical performance, market trends, customer habits, the competitive landscape, and supplier capabilities, so we can price inventory more effectively,” said Fabrizio Greco, Senior Project Manager, Bennet S.p.A. “It’s essential to understand the correlation and connectivity of product selection, pricing, promotion, and placement to meet the needs and price expectations of our customers.”
“To be successful in today’s environment, grocers have to find the optimal price that maintains margin, while encouraging demand,” said Mike Webster, senior vice president, and general manager, Oracle Retail. “Applying AI to the Oracle Retail Data Store, Bennet can adjust its inventory strategies and make real-time pricing decisions on individual items or categories of products that give it a distinct competitive advantage.”
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