In our Sirma expert talks, we feature an interview with Bogomil Iliev, VP of the retail vertical at Sirma Group Holding, published in Forbes Bulgaria (read the full version here). He discusses how innovative technologies and consulting services for retail and shopping centres can drive revenue growth, enhance loyalty, and improve customer experience in both online and offline settings.
Software Solutions in the Retail Vertical
Q: Mr. Iliev, could you share what software solutions you are developing in the retail vertical at Sirma?
A: Our strategic goal is to position the company as a one-stop shop for technology solutions tailored to mid-sized and large retail chains. We provide innovative software solutions and implement artificial intelligence to enhance the customer experience, making it exciting and satisfying. In addition to software, we offer consulting services that address commercial and business needs, leading to significant improvements in our clients’ operations and sales. We actively implement AI for analytics, predictions, and automation, aiming to improve the monetisation of customer data and optimise workflows.
Enhancing Customer Loyalty
Q: How does Sirma’s Loyax platform contribute to customer loyalty?
A: Loyax manages effective loyalty programs across all sales and communication channels. We analyse customer behaviour using advanced technology and AI to boost turnover and profits. Our approach goes beyond simple discounts; we automate operations and marketing while providing tailored evaluations of technology investments, measuring key metrics like turnover, profits, and customer satisfaction.
Integration with Other AI Products
Q: Can you explain how Loyax integrates with other AI products?
A: Loyax integrates seamlessly with our AI product, Salexor, which uses a proprietary algorithm to personalise the assessment of an anonymous website visitor and their potential to become a paying customer. This solution analyses data and makes predictions that lead to digital marketing activation and automation, increasing conversion rates to 30% and more. The technology is fully compliant with GDPR policies.
AI-Enhanced Search Engines
Q: What advancements have you made in search engine technology?
A: We have developed software that enhances current search engines by incorporating AI. This enables customers to find exactly what they are searching for much more quickly, increasing the likelihood of making quick purchases and leading to higher sales. The search engine is further augmented by a chatbot with voice recognition and dialogue capabilities, operating in almost all languages, including Bulgarian.
Strategic Acquisitions
Q: How has the acquisition of Roweb impacted Sirma’s capabilities?
A: In 2024, Sirma acquired a majority stake in the Romanian company Roweb. Roweb has considerable experience developing large e-commerce stores on Magento 2, including custom .NET software and integration with Microsoft Dynamics, Salesforce, SAP, and others. Consequently, we cover virtually the entire range of technology services most sought after by online and brick-and-mortar retailers.
Trends and Budget Allocation
Q: What trends should retailers prioritise, and why should they allocate budgets for new technologies?
A: Retailers must prioritise implementing AI and automation to stay competitive. By centralising and updating customer profiles in real-time, they can personalize experiences and enhance communication, improving purchasing behaviours. This actionable data helps measure key outcomes such as leads, conversions, and revenue, making it essential for retailers to allocate budgets for these technologies.
Implementing the RevOps Model
Q: How do you implement the RevOps business model in customer projects?
A: According to Gartner, by 2026, 75% of the highest growth companies will adopt the Revenue Operations (RevOps) model. RevOps integrates people, processes, and technology across the business, focusing on efficiency, data collection, and centralised data predictions. Aligning stakeholders across departments is the first step, ensuring collaboration among sales, marketing, customer success, and finance teams.
Improving Retail Business Performance
Q: How do you help improve retail business performance?
A: We transform retail through innovation, measuring effectiveness by conversions, leads, and revenue. We strive to balance customer satisfaction with business objectives, using technology, business expertise, and a deep understanding of customer needs to build long-term partnerships.
Challenges for Medium and Large Retail Companies
Q: What are the main challenges faced by your target group?
A: The challenge is to turn data’s potential into real business value. Some companies have advanced in implementing AI solutions, while others are cautiously starting with pilot projects. We offer solutions tailored to each client’s development readiness and technological background.
Creating an Ideal Client Journey
Q: What advice can you provide for creating an ideal client journey?
A: Focus on personalised service and excellent value for money. Online, ensure a lightweight and intuitive store, mobile apps, intelligent search engines, personalized offers, fast shipping, and easy returns. Offline, enhance experiences with loyalty programs, self-service kiosks, QR codes, and Click-and-collect options. Integrating these elements creates a unique and engaging experience for every customer.
Convincing End Customers to Implement Innovation
Q: Do you easily convince end customers to implement innovation?
A: We have different types of customers, from technology pragmatists to those cautiously starting with pilot projects. We constantly strive to demonstrate the business benefits of retail innovation, offering solutions for any scale, from small and medium businesses to large corporate companies.
Bio: Bogomil Iliev is VP of Retail at Sirma Group Holding. With 25+ years of experience, he is an established digital services and technology expert. As one of the founders of Net Info BG in 1998, he was Head of New Business and Innovation at the media group until 2011 and is also a member of the Board and SC. Since 2018, he has been CEO of Sirma CI, and in 2024, following the company’s consolidation under one unified brand - Sirma, he became Vice President of the Retail division.
