Stephanie Condon
for Between the Lines
| October 4, 2021
| Topic: Artificial Intelligence
Gap Inc. on Monday announced it’s acquiring the New York and Tel Aviv based start-up Context-Based 4 Casting Ltd. (CB4), which uses AI and machine learning to identify patterns in retail data and identify ways to improve in-store stales. The terms of the deal were not disclosed.
CB4’s software examines point-of-sale (POS) data to uncover consumer demand patterns and identify stores that should be selling more of a specific item. It then sends managers a list of likely causes, such as misplaced products. As store managers select issue they found, the CB4’s algorithms learn more about the retailer and its potential problems.
“We believe artificial intelligence and machine learning will shape the future of our industry,” Sally Gilligan, Gap’s Chief Growth Transformation Officer and head of the Strategic Growth Office, said in a statement. “Gap Inc. has experience working with CB4’s world-class data scientists, so we understand the impact and the wide applications their science can have across sales, inventory and consumer insights, as well as its potential to unlock value and enhance the customer experience.”
Founded in 2014, CB4 has $26 million in funding from investors including Sequoia Capital. Its technology has been implemented by retailers like Levi’s, Urban Outfitters, Lidl and Ace Hardware.
As part of the acquisition, CB4’s more than 60 employees will join Gap Inc. as full-time employees.
Gap Inc. has increasing its investments in technology since moving to the cloud in October 2020. Earlier this year, the company acquired Drapr, an e-commerce startup that powers 3D-fit technology and virtual fitting rooms. It also participated in the latest funding round for obé fitness, a digital fitness platform that partners with Gap Inc.’s Athleta Brand to bring entertainment, pop culture and design to fitness.
Related Topics:
Digital Transformation
CXO
Internet of Things
Innovation
Enterprise Software
Smart Cities
Stephanie Condon
for Between the Lines
| October 4, 2021
| Topic: Artificial Intelligence