Project description DEENESFRITPL Artificial Intelligence boosts SME promotional strategies Major promotional activities and events are big business in today’s retail sales market. This is bad news for the small and medium-sized retail industry, which cannot compete with giants like Amazon. The EU-funded Formulate project is developing a solution for all-sized retailors. This platform service is based on artificial intelligence and a Decision Cloud. This software helps retailers optimise their stores and attract customers. It will help them select the best type of promotion, as well as best price tactics and marketing campaigns. Thanks to automatization of the process, it is also affordable. Show the project objective Hide the project objective Objective During the fall of 2018, retail sales broke new records throughout Black Friday, Cyber Monday and Single’s day. This should be good news for retailers, but the reality is that there’s a dark side to these triumphs - a large part of growth is driven by an increase of promotions, which is eroding the margins of many retailers. In fact, our data suggests that more than 70% of all supplier promotions and well above 30% of all retail promotions are unprofitable, even after adjusting for supplier funding. Particularly this hits the SMEs that feel much pressure from large players such as Amazon or Alibaba but do not have necessary competence and capacity to survive the competition. Formulate aims to provide a solution to these challenges by offering its DecisionCloud, a platform that combines our AI with company’s transaction data to create better stores and more satisfied customers. Whether it comes to selecting promotion items, the optimal price tactic, right media, or campaign timing, we empower the right decision for any retailer’s business. Based on our findings and our collaboration with academia, Formulate can double the impact from the merchandising decisions. With its full automation of AI, distributed analytics capabilities, low IT cost and easy on-boarding, Formulate stands out of competition. But most importantly, the product creates a much-needed market change and generates great positive impact on the retailer-supplier dynamics. Our ultimate goal is to enable retailers of all sizes – not only the largest tech giants – to have access to advanced AI that automates merchandising decisions.The key objective of our project is to transform an initial business plan into a robust strategy for international commercialization and to prepare for a Phase 2 development. With this objective in mind, our Phase 1 project will consist of a more precise market evaluation, assessing technological needs for further scaling and optimizing our go-to-market strategy Fields of science natural sciencescomputer and information sciencesdatabasessocial sciencessociologyindustrial relationsautomationnatural sciencescomputer and information sciencesartificial intelligencemachine learning Programme(s) H2020-EU.2.3. - INDUSTRIAL LEADERSHIP - Innovation In SMEs Main Programme H2020-EU.3. - PRIORITY 'Societal challenges H2020-EU.2.1. - INDUSTRIAL LEADERSHIP - Leadership in enabling and industrial technologies Topic(s) EIC-SMEInst-2018-2020 - SME instrument Call for proposal H2020-EIC-SMEInst-2018-2020 See other projects for this call Sub call H2020-SMEInst-2018-2020-1 Funding Scheme SME-1 - SME instrument phase 1 Coordinator FORMULATE AB Net EU contribution € 50 000,00 Address Tegnergatan 34 113 59 Stockholm Sweden See on map Region Östra Sverige Stockholm Stockholms län Activity type Private for-profit entities (excluding Higher or Secondary Education Establishments) Links Contact the organisation Opens in new window Participation in EU R&I programmes Opens in new window HORIZON collaboration network Opens in new window Other funding € 21 429,00
