NEW YORK, Feb. 19, 2020 /PRNewswire/ -- In a ceremony earlier this week in Düsseldorf, Germany, EHI Retail Institute announced that New York-based retail operations solutions provider, CB4, earned reta Europe's sought-after award for "Best Enterprise Solution" for their work with MediaMarktSaturn Retail Group.
MediaMarktSaturn, Europe's largest consumer electronics retailer, has about 1000 stores across 14 countries. Their history is synonymous with relentless innovation, an expansive selection, and an uncompromising commitment to customer. MediaMarktSaturn advances their promise of excellence by giving each store's operators autonomy to service local customers. Their stores use CB4 to drive same-store sales by anticipating demand for SKUs, which varies substantially from week to week and store to store.
After a wildly successful pilot in 67 MediaMarkt stores in Spain, MediaMarktSaturn quickly expanded the partnership, planning the rollout of CB4 at MediaMarktSaturn in selected countries. The project is successful due to the collaboration between CB4 and MediaMarktSaturn's N3XT innovation team.
CB4 helps MediaMarktSaturn pinpoint demand in near-real time for every SKU in every store using POS data. When CB4's AI-powered algorithms detect that a SKU is underperforming, the solution alerts the appropriate associate that there is an urgent opportunity to capture lost sales for that product. The associate responds with a quick merchandising fix. In so doing, MediaMarktSaturn recovers sales that would otherwise be lost and creates a more tailored local shopping experience.
"Our collaboration with CB4 demonstrates yet again the innovative power of young startups. Together with the CB4 team, we've managed to make significant improvements in category management and sales in the participating stores. We're delighted by the results, and so we're thrilled that they also won over the jury of the Retail Technology Award!" declared Sonja Moosburger, COO of the innovation unit MediaMarktSaturn N3XT. "Thanks to pilot projects like this, we're already able to trial tomorrow's technology for possible implementation. We're therefore currently planning the rollout of CB4 at MediaMarktSaturn in selected countries."
EHI Retail Institute is composed of over 800 members from international retail companies and manufacturers. EHI has a long history of identifying the most important retail trends and provides sound, scientific knowledge on relevant topics. It also hosts prominent industry conferences EuroShop and EuroCIS.
CB4 uses patented algorithms to uncover hyper-local demand using simple sales data. Then, the solution empowers store staff with accurate, unique recommendations to drive sales by up to 2%. CB4 has offices in New York, London, & Tel Aviv, and is a partner of Sequoia Capital, Octopus Ventures, etc.