RETAILIGENCE plans to go global after achieving record growth
RETAILIGENCE, a specialist provider of AI driven retail category management solutions, has announced a major global expansion following record growth, with revenues reaching over 2500 percent since its launch in 2019.
The company, founded by retail and tech industry veteran Sid Sarangi, has seen substantial growth having solutions deployed to multiple clients across Europe, USA, Asia and Africa, with two patents currently pending and a third in progress.
Their solutions offer an opportunity to let artificial intelligence (AI) tell companies how effective their category management process is in terms of pounds or dollars.
This comes crucially as globally, the retail industry is worth over $27 trillion (£22trn), out of which a sizeable $1 trillion (£822bn) is lost due to the inefficient and poor category management processes provided by current market leaders.
At the heart of their solutions is the RETAILIGENCE ML (Machine Learning) CUBE, which crunches terrabytes of retailer data to answer any question the retailer may have.
Clients include household blue chip retailer names MediaMarkt Saturn, the second largest electrical and electronics retailer in the world and the largest outside the USA, deploying RETAILIGENCE’s solutions across Austria, Germany, Spain and the Netherlands.
Sid Sarangi, CEO of RETAILIGENCE, said: “We are excited by our current talks with investors, and have finalised business plans to build a large global sales and account management capability, with our goal to grow by 10 times in the next 18 months.
“While this may sound too ambitious to most, we know that we have now significantly enhanced our AI based on data from existing clients. Our solutions are so potent and unique that we are able to sell it globally using our London-based team.
“We are proud to be a British company, but a global team will launch this fuelled and primed vehicle to the next level and beyond.”
With established offices already covering the UK, EU, US, India and Africa, RETAILIGENCE is keen to level up their growth plans, surging more efforts into the US.
As the largest retail market in the world with revenues reaching over $7 trillion (£5.7trn) last year, one key US prospect, who hosts a staggering 20,000 stores, has approached RETAILIGENCE for their solutions.
The business is also excited to announce their US-based CEO just after Christmas, who will spearhead and oversee the next 18 months of growth.