Time is money, but so is data, at least when it comes to commerce. When collecting end user/customer information, it’s good to understand how fundamentally different data collection is between online and offline customers. E-commerce simply implements analytics and follows consumer activity and the result is raw knowledge which can be used for development, unlike brick and mortar retailers who deal with customers in flesh and blood. This requires hardware, and hardware means more hassle.
Helsinki based Innorange specializes in the latter. A week ago they announced three significant changes in their company; A new CEO, a new board and a closed €300 000 investment round from private investors.
This funding will allow Innorange to accelerate its international growth and sales. “We have successfully developed our products and made the first deliveries in our home market. To speed up our international growth, it was time for us to strengthen the company’s management and the composition of the Board”, says Antti Lappeteläinen, one of the company’s founders.
Adapting to customer desires is only natural, but in order to do this in stores, it requires means to follow customer behaviour. Innorange has developed a data collection platform that uses 3D vision – sensors and motion detectors – with mobile device recognition to create easy-to-interpret customer analytics. It sounds wacky but it’s nothing new; Retailers have always been willing to pay for knowledge on their customer’s preferences and behavioural patterns. The setup needed for getting this data could turn out to be quite an expensive project though, not to mention that the technology would provide fairly inaccurate and incomprehensible statistics.
This has changed, thanks to recent technological developments. Innorange delivers a tied package of hardware and software for a reasonable price and with accurate results. Retail managers can use these tools to measure marketing effectiveness, staff and store performance, as well as new data to support workforce optimisation and logistics.
Gaining the upper hand in todays increasingly competitive markets can depend on small yet crucial adaptations, so as long as the data is reliable, companies like Innorange won’t be running short of clients anytime soon.
Innorange is well positioned in this growing market. With marketing fragmentation, the point of purchase – the physical shopping environment – is becoming ever more important.” says Sami Finne, one of the investors and a new Board member.