Project description
Artificial Intelligence offers valuable fashion assistance
The role data analytics is playing in the fashion market is on the rise. Online shopping, as well as the need for reliable information, has stitched a new era in the fashion industry. Fashion retailers need to be informed about trends in the market in real-time. Data analysis facilitates personalisation of products based on specific social tendencies. The UK’s Radius Tech created the Radius Recommendation Engine (RRE), an advanced technology solution that informs fashion retailors in real-time about market demands. Radius Tech research reveal that the fashion market is in permanent expansion worldwide. The EU-funded RDS project aims to complete RRE validation, which will help fashion traders to effectively anticipate and meet market demands.
Objective
Radius is a London based fashion technology start-up that has developed the Google Analytics of Fashion Trends.
Radius Tech curates real-time insights on the most commercially viable fashion products and trends worldwide. These data analysis and styling recommendation insights help fashion retailers to personalize their product offerings based on consumer’s demographics, lifestyle and fashion style preferences. Radius solutions align with the recent fashion market dynamics that urged retailers to offer a zero-friction shopping experience.
Last year experiencing very low conversion rates, 60% of the fashion retailers had cost-reduction in product assortment and increased their spending in e-commerce & customer experience and focused on new technologies to enable a smooth and speedy transition from inspiration to acquisition.
There are 37,925 fashion retailers in the United Kingdom alone. Our market research shows that this new increased spending in e-commerce and customer experience has created a €2.54 trillion Total Addressable Market (TAM) globally. In this vast market, Radius is leading the 3rd phase of tech-enabled fashion shopping service providers. Our strength and competitive edge come from the excellence of Radius Tech, unique value propositions and our team’s aggregate experience of 40 years in start-up, AI & computer vision technology and fashion as well as marketing domains.
The scope of this project is to finalize the validation of Radius Recommendation Engine that uses curated fashion insights from Radius Tech to automate personalization and evidence based decision-making for fashion retailers.
Fields of science (EuroSciVoc)
CORDIS classifies projects with EuroSciVoc, a multilingual taxonomy of fields of science, through a semi-automatic process based on NLP techniques. See: https://op.europa.eu/en/web/eu-vocabularies/euroscivoc.
CORDIS classifies projects with EuroSciVoc, a multilingual taxonomy of fields of science, through a semi-automatic process based on NLP techniques. See: https://op.europa.eu/en/web/eu-vocabularies/euroscivoc.
- natural sciencesbiological sciencesgeneticsDNA
- natural sciencescomputer and information sciencesartificial intelligencecomputer vision
- social scienceseconomics and businesseconomicsmicroeconomics
- social scienceseconomics and businessbusiness and managementcommercee-commerce
- natural sciencescomputer and information sciencesdata sciencebusiness intelligence
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Programme(s)
Call for proposal
(opens in new window) H2020-EIC-SMEInst-2018-2020
See other projects for this callSub call
H2020-SMEInst-2018-2020-1
Funding Scheme
SME-1 - SME instrument phase 1Coordinator
E1V 2NX London
United Kingdom
The organization defined itself as SME (small and medium-sized enterprise) at the time the Grant Agreement was signed.