Project description
A pioneering new platform makes keeping up with product performance a piece of cake
The explosion of e-commerce has come with the increasing use of product information management software to produce, track and manage product content across digital channels. However, these platforms are lacking the power and functionality that would be possible by harnessing Big Data and data analytics given the phenomenal volume of online trading and activity. The Danish SME Plytix has developed the Plytix Analytics platform, which provides more value and insight for a given product by tracking its performance across all websites. The EU-funded PISPA project is helping the team optimise the platform and take it to market.
Objective
The problem: Booming online trading activity has triggered an increasing interest for data analytics, which can largely boost online sales. With billions of clickstream and transactional data taking place every day on the internet, e-commerce is clearly a key domain for data mining and analytics. Supply chain management and the forecasting of online sales could immensely benefit from such data mining/analytics. However, today, brands only have access to data intelligence from e-tailers in terms of sales numbers, and most often, this data comes too late to be valuable. More importantly, currently marketed analytics tools are not able to track the performance of the brands’ products through 3rd party retailers.
The solution: Plytix developed a breakthrough analytics tool – Plytix Analytics – that is expected to become a new standard in e-commerce. Unlike all other web analytics tools, Plytix tracks product performance (not sites) directly and across websites – thereby bringing more value/insights for each given product. Plytix Analytics enables users to extract valuable insights that allows them to: [i] optimize prices; [ii] make better marketing decisions and design better products; [iii] optimize inventory to prevent stock-out; [iv] prevents online parallel import, etc.
The market: The total market size for Plytix in the targeted markets is above EUR 31.5 billion per year. The implementation of the innovation project will place Plytix.com ApS in a strong position to exploit an aggregated turnover exceeding € 41 million – five years after the project kick off.
Fields of science
- natural sciencescomputer and information sciencesinternet
- natural sciencescomputer and information sciencescomputer securitydata protection
- natural sciencescomputer and information sciencesdata sciencebig data
- natural sciencescomputer and information sciencesdata sciencedata mining
- social scienceseconomics and businessbusiness and managementcommercee-commerce
Programme(s)
Funding Scheme
SME-2 - SME instrument phase 2Coordinator
1361 KOBENHAVN
Denmark
The organization defined itself as SME (small and medium-sized enterprise) at the time the Grant Agreement was signed.