Artificial Intelligence SaaS for prescribing optimal retail merchandising decisions

Informazioni relative al progetto

Formulate

ID dell’accordo di sovvenzione: 868775

DOI

10.3030/868775

Progetto chiuso

Data della firma CE 15 Aprile 2019

Data di avvio 1 Maggio 2019

Data di completamento 31 Ottobre 2019

Finanziato da

• INDUSTRIAL LEADERSHIP - Innovation In SMEs

Costo totale

€ 71 429,00

Contributo UE

€ 50 000,00

Coordinato da

FORMULATE AB
Sweden

Periodic Reporting for period 1 - Formulate (Artificial Intelligence SaaS for prescribing optimal retail merchandising decisions)

Periodo di rendicontazione: 2019-05-01 al 2019-10-31

Sintesi del contesto e degli obiettivi generali del progetto

Up to 50% of retail revenue is sold on promotion and up to half of the promotions are unprofitable. Due to system limitations and analytical complexity, evaluating and optimizing promotions is a difficult and time-consuming task for retailers. The possible impact of price tactic, feature and display in combination with product cannibalization, stockpiling and halo effects makes it literally inhuman to get a true overview of the performance.

Formulate's Retail DecisionCloud is the first easy-to-use fully SaaS based analytics platform in the market that gives retailers the facts and forecasts they need to make better promotion decisions. Using technology based on AI, Formulate detects complex patterns in retailers transaction data and let them see which products, discounts, brands and suppliers that grow their business.

The technology has already been validated on the Swedish market. For international commercialisation though, Formulate needed to develop a more comprehensive business plan that could guide further expansion and scaling up. Therefore, the Phase 1 feasibility assessment aimed at confirming the commercial potential of our technology and optimising the go-to-market strategy.

Lavoro eseguito dall’inizio del progetto fino alla fine del periodo coperto dalla relazione e principali risultati finora ottenuti

Technical Feasibility as well as commercial potential of the product were explored and confirmed. Within the project, we have identified areas for future technical improvements of the platform that are needed to match the clients’ needs. Furthermore, we have conducted a deeper market assessment and optimised our commercialisation and sales strategies.

Phase 1 feasibility study laid a solid foundation for our future international market expansion, for which we plan to seek external funding, including participation in the EIC Accelerator program.

Progressi oltre lo stato dell’arte e potenziale impatto previsto (incluso l’impatto socioeconomico e le implicazioni sociali più ampie del progetto fino ad ora)

When the data has been imported via our API, it’s freed from the restrictions of retail’s legacy systems. Our cloud-based solution contains analysis workflows, algorithms, database structures, security and monitoring processes optimised for one purpose; to generate insights that help make better promotion decisions faster.

Most retailers agree that promotions are important for their business, but also that they are difficult to plan, evaluate and improve. We have developed Retail DecisionCloud, a solution that is based on years of research and state-of-the-art machine learning. It provides retailers with the impact from their historical campaigns, lets them simulate the impact of future

Formulate's team