ACTUARIAL APPROACH
Meeting retail customer demand gives Quantium’s actuaries the perfect large-scale problem to solve, because it’s so hard to measure accurately. Logistical nuances, like seasonal products, store footprints and packaging designed for specific shelf space make the problem more complex than simply who buys what, when and where.
Quantium tackle this by harnessing shopper data to build a clear picture of what products customers want, and in which locations. This helps retailers answer the basic question: ‘should this product be in this store or not?’
Quantium is also very conscious of data privacy. They apply data ethics to guide decisions on the type of information they collect, with customers typically opting-in in exchange for a more tailored retail experience. Even for data that is collected, it is de-identified and aggregated to yield actionable insights without identifying and targeting individual shoppers. Consumers get the benefits of state-of-the-art algorithms, without being invasive.
Likewise, they make sure their algorithm doesn’t advantage certain suppliers. Fairness is a key principle of ethical data use and always upheld as missteps here could have implications for cashflow of small businesses operating on tight margins.
“Within the laws of physics, we’re trying to get as close to replicating the personalisation of the online shopping experience for customers in-store. We want people to ideally walk in and see the products they want on display in front of them. It’s complex data work that makes it easier for retailers to personalise in-store shopping.”
Victor Bajanov, Quantium.