Nayax adds artificial intelligence product discovery tools to retail platform

Nayax has harnessed artificial intelligence via a proprietary tool to allow retailers to access product discovery and personalization capabilities. Integrated into the Nayax platform, the new tools can help merchants grow revenue and increase consumer engagement using real-time data and intelligent recommendations, the company says.

While the company did not address its convenience services stack directly, it noted that many retailers deal with fragmented data that ultimately hurts sales. Its new capabilities allow users to access data across points of sale, sales platforms, ecommerce and marketing engagement systems to increase "customer lifetime value."

The tool incorporates artificial intelligence-powered visual and text search, product recommendations and cross-platform functionality to Nayax’s retail platform. Nayax said the goal is to help retailers capture shopper intent and convert it into sales. The AI engine uses machine learning to analyze a retailer’s catalog and automatically enrich products with granular tags and attributes.

Yael Kochman, general manager at Nayax, said the company is combining discovery, personalization and payments into a single platform to give retailers a real-time view of customers across channels.

What this means for convenience services operators

• Operators using Nayax for payments and loyalty in unattended retail may evaluate whether these capabilities can extend to their consumer touchpoints.
• Operators should consider catalog cleanup, tagging quality and recommendation rules.
• Improved catalog tagging and purchase data could help operators refine assortments by location type (e.g., manufacturing, office, education, healthcare) and daypart, improving turns and reducing stale inventory.