NIQ Partners with Databricks for Retail Solutions

Consumer intelligence provider NIQ has joined forces with Databricks to develop a Supply Chain Solution for retail clients, combining the latter's Data Intelligence Platform with the former's Connect / Discover platform to promise more accurate demand forecasting and better personalization.

The partners say the addition of generative AI techniques to this combination can elevate the accuracy and efficiency of the forecasting process 'by an average of 10%' to help retailers lower carrying costs, maintain fewer out of stocks and have fewer markdowns. Further launches are planned 'throughout 2024', including refined strategies for personalization and 'tailored consumer experiences'.

Jamie Clarke (pictured), Head of North America Retail at NIQ says the alliance represents 'a pivotal moment in advancing retail technology to enable collaboration between retailers and supply partners'.

NIQ combined last year with GfK, under the ownership of investor Advent International.

Web sites: www.niq.com and www.databricks.com .