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Co-Founder Victor Molen is a self made entrepreneur, with a sales background in digital services, B2B, and digitalization of retail. Online shopping is becoming easier than ever, and although physical retail will most likely remain ever present in our lives, it must adapt to the new and disruptive reality that e-commerce has brought about. If not, it may not remain profitable or be appreciated.
Just like e-commerce, these physical stores must begin to analyse data driven insights, in order to better understand who visits their stores. By doing so, these places can be made more attractive. The problem is that the solutions to get there must simultaneously safeguard data protection and privacy. Today, if privacy does not have the highest priority, it is bound to fail.
The techonology that Indivd created is made for image data, based on facial recognition via existing cameras in retail stores. It goes by the name of Indivd-X, and its compared with e-commerce. It provides these physical retail stores with all sorts of data needed to make accordingly rational decisions.
"I’m passionate about game changing solutions that change markets. Based on this delivery of new insights, we are also building an entire ecosystem, so that physical retail can seriously address the fight against and together with e-commerce."
Source: Scandinavian Mind
Their patented data is described as completely anonymous, but how does that work? Well, they do not save any personal data about the individuals. All they can see is patterns or behaviors in the store for subgroups, target groups, or areas in the specific stores. The companies AI specialists have been training the algorithm, so that they can assure quality information with great accuracy.
If everything goes according to plan for the Swedish startup, they will be launching their technical platform commercially this autumn.