Byte-Sized AI: Depop Has a New Listing Tool, Family Dollar Uses AI for Merchandising
Byte-Sized AI is a bi-weekly column that covers all things artificial intelligence—from startup funding, to newly inked partnerships, to just-launched, AI-powered capabilities from major retailers, software providers and supply chain players.
Depop announces image-to-text listing tool
Depop announced last week it had launched a listing-generator tool to help sellers ease the process of putting their items up for sale. All a user has to do is upload a photo of the item they’re looking to sell; from there, the generative AI-powered tool populates details, color, brand and category.
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The resale platform has now joined other players in its space that are experimenting at the intersection of imagery and AI. Earlier this month, Poshmark launched the beta of its tool Smart List AI, which has similar capabilities to Depop’s new tool. Earlier this year, Poshmark also integrated a seller-friendly tool called Promoted Closet to help sellers push their listings higher in the algorithms for relevant customers using AI.
Depop’s new listing tool is available in English in the U.S., the UK, Australia, Canada and Ireland. According to Depop, half of sellers have already tested the tool, and it has received strong feedback during testing.
Rafe Colburn, chief product and technology officer for the company said the tool is meant to expedite what can be a frustrating process.
“We know that writing a description for an item in a blank text box can be a time-consuming part of listing, for both new and regular Depop users. Adding intelligent, automated descriptions provides inspiration to speed up and simplify the process, meaning our community can list more, sell more and earn more while contributing to a more circular fashion economy,” Colburn said in a statement.
Steve Madden inks partnership with Fast Simon
Steve Madden announced Wednesday that it had signed a new partnership with Fast Simon, a company that uses AI for shopping optimization. The company plans to use the technology for its namesake brand and for 25 other brands in its portfolio, like Dolce Vita and Betsey Johnson.
The tools allow Steve Madden to brighten the customer experience with more precise search results and personalization. Fast Simon is known for its search and discovery capabilities, SEO amplification and merchandising tools. Increasingly, brands have turned to third-party partners to help personalize the online experience, often with the goal of acquisition, increasing average order value and maintaining strong retention among existing customers in a competitive e-commerce environment.
Colleen Waters, vice president of e-commerce at Steve Madden, said the partnership will bring Steve Madden’s online experience to a new level for its consumers.
“We are constantly exploring the most innovative technology to ensure a seamless path to purchase for our customers. We are excited to expand our partnership with Fast Simon’s AI,” said Colleen Waters, VP of eCommerce at Steve Madden. “Fast Simon’s no-code interface gives our businesses the power and agility to respond to trends in the moment.”
Family Dollar and Dunnhumby join forces on merchandising
Discount store Family Dollar announced earlier this month that it had selected third-party data science company Dunnhumby to help make better merchandising and assortment decisions throughout its stores in the U.S.
According to a release from Dunnhumby, Family Dollar will use two of its platforms: Dunnhumby Assortment and Dunnhumby Shop. The first uses predictive analytics to alert the company to the estimated amount of each product it should be purchasing for a store and forecasts the impact of product changes on the business. The latter provides insights about consumer behavior and trends likely to impact the markets Family Dollar is part of.
Understanding which products make it most competitive may be necessary for Family Dollar and other discount store chains; Dollar Tree, the retailer’s parent company, has closed hundreds of Family Dollar stores this year alone and has struggled to keep the retailer afloat among a difficult consumer environment and a chain riddled with financial problems.
Larry Gatta, chief merchandising officer for Family Dollar, said honing in on specific products its customers need or desire will help create a more localized experience for the chain’s consumers.
“Understanding and listening to what our customers want is at the very core of our mission to meet and exceed the needs of our shoppers,” Gatta said in a statement. “With our new category and merchandising platform powered by Dunnhumby, we can tailor and fine tune our assortments to local purchasing preferences, to ensure we provide our customers with the products they need at each of our stores.”
Alloy.ai uses tech to help Walmart suppliers with replenishment
Inventory control company Alloy.ai announced Thursday that it had released a new tool, called Retail Replenishment Recommendations, aimed directly at brands who are suppliers for superstore giant Walmart.
The new product uses point-of-sale data, both from Walmart and from a brand’s own information, to determine how a supplier can sell more product and avoid supply chain hold ups or out of stocks on popular, valuable items.
The system flags any instance of a low stock on items a merchant sells in Walmart stores, then uses AI to calculate exactly how many units the supplier should send into that specific store to ensure ideal and efficient stock levels. From there, the tool can also create a request for Walmart’s product order management system.
Joel Beal, co-founder and CEO of Alloy.ai, said Retail Replenishment Recommendations will give merchants more confidence in their ability to serve consumers and churn a profit.
“This will allow brands to be better partners to Walmart and to drive more sales through the nation’s largest retailer,” Beal said in a statement. “Retail replenishment is a team sport—a partnership between the supplier and the retailer. Now Alloy.ai will optimize these important, but tedious, tasks from hours of work down to just a couple of clicks.”
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