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Profitmind FAQs

Take a look through some of our more common questions. Still have a query? Get in touch.

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What kinds of retailers can use Profitmind? What sizes? What sectors?

Profitmind has delivered proven results to companies from $10 million in annual sales to some of the world’s largest retailers. Sectors range from apparel to consumer goods to home improvement, and everything in between.

Where are Profitmind’s customers located?

Profitmind serves customers across the Americas and Europe, with capacity and ability to expand.

How long does it take to implement Profitmind? What’s involved in the setup process?

Customers are up and running with Profitmind within 4-6 weeks. To get started, customers provide their strategic objectives in plain business language, and their historical data as-is. Profitmind takes that in and scours the internet for proposed competitive product matches for review and approval by the customer team. From then on, Profitmind continuously provides quantified, prioritized business improvement recommendations, on demand.

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What kind of AI does Profitmind employ?

Profitmind leverages all three phases of AI. It uses predictive analytics AI to find competitive product matches and execute analysis. It uses generative AI to create business-language descriptions and explanations of opportunities and for interactive dialogue with the agent. And it uses agentic AI to apply the models to the data to solve the problem at hand: identifying, quantifying, and prioritizing the opportunities.

What changes will I need to make to my systems and processes to implement Profitmind?

Profitmind is the AI intelligence layer that sits above the retailer’s systems for managing pricing, inventory, merchandise planning, product development, etc. It is designed to integrate into the existing processes and make them more efficient, notably the Monday meeting or other analysis and decision-making processes. Once decisions are made on Profitmind’s recommendations, they are exported in the format of choice to the appropriate execution system.

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How do we quantify the outcomes and impact of using Profitmind?

A major advantage of Profitmind is in-system impact tracking and reporting. Once decisions are made, the system tracks the impact on the business on a daily basis. There is full visibility and transparency through the system dashboard.

What skills are needed to use Profitmind? How much training is required?

Profitmind’s intuitive user interface was designed by retailers, for retailers. With one hour of training, teams are able to use the system and its outputs. Profitmind makes advanced analysis available to all team members, regardless of their experience level, and provides explanations in plain business language that everyone understands.

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What inputs does Profitmind need to execute the analyses?

Profitmind takes in the company’s business strategy and objectives and two years or more of historical data. Profitmind then scans the internet to identify competitive product matches and proposes them for review and approval by the team. Profitmind takes customer data as-is, simplifying the setup and ongoing operation.

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Can you capture competition for private label / owned brands?

Yes, we can accurately match any type of product. Our AI matching technology looks at products the way a customer does by looking at the product image(s), the description, the specifications (size, weight, fabrication, upc/ean, etc), and the price. The business team can quickly and easily give feedback to the AI, and it will soon learn to match competitive products specific to your business needs.

Can Profitmind help me plan for Black Friday and other events?

Yes, Profitmind allows you to plan pricing strategies for future events. Profitmind even includes the ability to prepare for inflationary impacts, like tariffs. Planning can be done by date range, by discrete events, or catalog drops. This planning capability allows you to set ticket and selling prices based on expected prices and promotions by competitors.