CommerceIQ, an eCommerce management startup, is rolling out new capabilities to support grocery brands on Amazon Fresh and Walmart. The digital grocery vertical is expected to hit $100 billion this year.
“CommerceIQ delivers the eCommerce execution capabilities grocery sellers need to win on Amazon Fresh and Walmart based on the knowledge and experience we’ve accumulated working with over 2,200 brands,” CommerceIQ Vice President of Product Management Suryadeep Agrawal said in a Wednesday (June 16) press release.
“To help brands drive new shoppers to their products and ensure availability at the point of sale, these new capabilities help e-commerce and retail media teams monitor availability across the country, understand competitive positioning and execute the most successful advertising campaigns,” Agrawal said.
CommerceIQ offers “real-time, retail-aware” promotions on Walmart and Amazon, with “zip code level precision,” the company said in the release. The platform taps machine-learning to plug revenue holes, reduce out of stock items, and help boost sales.
The Silicon Valley startup pointed to industry-level concerns within the eCommerce ecosystem, like digital shelves, inventory and ad spends in relation to objectives. Efficiency in the business can be crippled by the numerous decisions being juggled on a day-to-day basis, something automation can help alleviate, according to the release.
The company said its products give eCommerce grocery teams the tools they need to make multiple decisions in near real time. CommerceIQ integrates data points across numerous attributes such as pricing, point of sale, market intelligence, supply chain and more.
Fabric CEO Faisal Masud told Karen Webster in a conversation for the PYMNTS ConnectedEconomy series this month that retailers have a bigger digital pivot to navigate than they realize. The numbers, Masud said, don’t offer an accurate snapshot of the size and scale of what’s ahead.
A recent PYMNTS consumer survey showed that 62 percent of respondents that made the shift to digital grocery shopping are planning to stay with it post-pandemic.