By ET Bureau - February 17, 2021 3 Mins Read
Olvin, a London and New York-based tech firm, is aiming to help bricks and mortar retailers emerge from Covid-19 with the help of a new analytics platform designed to help firms optimize their real estate.
Alamanc, has already won awards and recognition from Product Hunt and Lloyds. It provides predictive brick and mortar intelligence to hard-hit retailers crunching over a billion data points – from footfall and spend; to a variety of others, such as visitor profiles and affinity data between retail locations.
It uses AI to forecast future trends based on years of historical data and billions of ongoing interactions.
The dashboard lets businesses see the density of competition, the loyalty of custom and commercial partnership opportunities, enabling them to take better decisions on where to retain a real estate footprint.
The platform allows direct comparisons based on over 2000 name brands and 14 brick-and-mortar industries, to help businesses evaluate market share and unexploited commercial opportunity.
Almanac has been road tested with retailers, real estate firms and research businesses to create a best-in-class insights tool that can sit alongside a growing array of proptech platforms supporting on valuation, leasing, debt origination and inventory
Sam Amrani, founder at Olvin, a Forbes 30 under 30 founder, said:
“Physical retail has been decimated and in many areas it won’t come back. But in areas where it’s viable, we want to give people a fighting a chance and better use of analytics will help brick and mortar businesses increase store revenue, loyalty, and basket size by predicting demand while helping them save on costs, by optimizing store operations.”
Retailers can currently sign up for a free two week trial at olvin.com.
After launching Olvin in 2018, Amrani and his team rigorously tested Almanac in the wake of COVID-19 to provide retailers with accurate and actionable forecasts on footfall, trends and patterns in their local area.
The insight data is displayed instantly to brick-and-mortar businesses, with essential insights ranging from predictive foot-traffic to understanding the busiest trading times for a particular customer type.
The platform’s unique network feature enables businesses to read between the lines, exposing the unseen relationships between stores that give unprecedented opportunities to create meaningful partnerships and connections with other stores. This powerful feature is one of many built specifically for businesses to thrive long after the pandemic is over.
For the past decade, the retail industry has experienced a significant decline, with the rise of e-commerce causing retail businesses to suffer. COVID-19 has exacerbated this decline, with an estimated 20,000 to 25,000 in the US in 2020. Research has shown that AI systems have the potential to boost retail profitability by almost 60%. Almanac is helping small retailers realize this potential.
Amrani added: “One of the key reasons online firms were thriving before Covid was because of their data insights. Firms in the real world need to become as informed and agile as their online counterparts. Being able to look forward is as important, if not more, than looking back. This is why forecasting and predictive intelligence is at the heart of everything we do.”
The public version was launched just before the holiday season and now boasts over 300 users leveraging its analytics suite each day. A UK version is set to be rolled out later this year.
The platform covers e entire enterprise technology space- including emerging technologies like RPA, AI, cloud, automation, and the entire gamut of digital transformation tools, strategies and management decisions.
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