‘Retailers have started realising the value of analytics’
By Smita Sinha | November 05, 2019
In a chat with Retail4Growth, Vivek Singh, Co-founder, Veda Labs talks about how the company is enabling brands to generate more data so that they can use it across multiple metrics like sales conversions per customer walk-in, store heat maps, etc.
Founded in January 2018, retail analytics start-up Veda Labs offers a deep technology platform for retailers. With the help of computer vison, deep neural network and the custom technology libraries, Veda Labs helps to identify footfalls, and age and gender of each customer who walks into the retail space. With the existing CCTV camera video feed, the company provides an entire overview on the customer journey with footfall analysis. In a chat with Retail4Growth, Vivek Singh, Co-founder, Veda Labs talks about how the company is enabling brands to generate more data so that they can use it across multiple metrics like sales conversions per customer walk-in, marketing ROI on store walk-in, store heat maps, etc.
What drove you to start Veda Labs?
We have been working in the retail analytics domain for five years. We started when there was a pilot project done by a company called GoJavas. We saw a lot of opportunities in generating data points out of just analysing CCTV footage; that was the main inspiration for us. There are millions of CCTVs deployed across the country but there is no proactive mechanism that monitors it. That’s why we decided to use AI and machine learning to build a system that can do that. That’s when we started Veda Labs
What was the vision when Veda Labs was started?
Veda Labs was started around one and a half years back by a group of data scientists. We all knew each other well and we decided to be in the field of inter imaging process and machine learning.
How you want to make a difference with the offering what Veda Labs has for retailer?
We are making a dedicated product for retailer. We have taken a specific dedicated product centric approach where we are specifically hand-picking our customers and closely working with them and asking for their pain points, developing a solution for them while integrating into their current tech suit. It is a platform where data can be achieved in the API format and integrated to the existing CRM. A business doesn’t require changing anything in the CRM.
What solutions and application do you offer in the retail space?
Veda Labs has the ability to provide data in the granular data format that can tell the brands and the retailers the exact footfalls. With the help of machine learning, we can tell the brands the age group and gender of each customer who walks into the store. With the help of facial recognition and AI we enable the retailers to know the exact repeat count of the customers. Data points like these can help every retailer have unique advantage over the competitions, keeping in mind that they are enabled with data in real time that allows them to have business metrics like sales conversions per customer walk-in, marketing ROI on store walk-in, store heat maps etc.
Read the full interview in October 2019 Edition of Point-of-Purchase Magazine.
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