Italian supermarket chain Bennet is extending the use of Oracle's retail cloud platform to optimise inventory management and pricing strategy in line with customer demands.
Using the extended cloud service, the retailer said that it will be able to leverage the power of AI to ensure better pricing strategies that help move inventory while better serving its customers.
In a recent survey, 72% of consumers said price is their most significant factor when choosing where to shop, and 46% go to multiple locations to get everything they need at the lowest cost.
Commenting on the AI-powered service, Adriano De Zordi, chief executive of Bennet, said, "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.
"By extending our long-standing relationship with Oracle, we can continue to innovate using the Oracle retail cloud platform to streamline operational efficiency while increasing customer satisfaction."
Elsewhere, Fabrizio Greco, senior project manager at Bennet, said that the new system will enable the retailer "to analyse historical performance, market trends, customer habits, the competitive landscape, and supplier capabilities, so we can price inventory more effectively.
"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."
Bennet operates 63 hypermarkets and superstores throughout northern Italy, focused on price, service, and selection.