WHERE DOES FORESENSE SIT IN THE MARKET?
Europe demonstrates that it is in high demand for bricks-and-mortar outlets and, potentially, a multibilliondollar market segment. In March 2014 Harvard Business Review produced ‘How Location Analytics will Transform Retail’, revealing how physical venues are swiftly taking up analytic solutions to track customer behaviour. Understandably there are a range of products and companies that have evolved and been developed to take advantage of this opportunity. In a competitive landscape this includes the
RetailNext is a private US company established in 2007. Over 300 retailers in over 60 countries have adopted its analytics software. It uses sensors and/or video cameras to track and capture customer movement
in retail premises. The customer movement is linked with point of sale records, allowing RetailNext to correlate customer store movement with customer buying patterns. RetailNext secured US$125 million investment in April 2015 to fuel its growth. The deal brings the total capital secured by RetailNext to $184 million. (Source: Forbes.com)
Founded in 2010, EuclidAnalytics’ technology is currently used by 500 brands (retail, banks, quick service restaurants, airports and shopping malls) in 65 countries. Euclid does not require stores to install hardware; instead its technology works with Wi- Fi to collect MAC addresses from smartphones. In January 2016 Euclid closed a US$20 million Series C funding round and to date has received total equity funding of US$43.6 million.
Other competitors include Kiana Analytics, Aerohive Networks, Cloud4Wifi and Fortinet. With the exception of Kiana Analytics and Euclid Analytics, these other competitors are primarily Wi-Fi sensor vendors. Analytics represents a small section of their business.
Foresense Technologies Ltd has developed the IP (Intellectual Property) that combines hardware data collection capabilities with online analytics, social media information, POS (Point of Sale), CRM (Customer Relationship Management) and BI (Business Intelligence) to provide retailers with a holistic view of their existing and potential customers. Foresense has developed a core PAD (Presence Analytics Dashboard) framework that can be customised to any style of business. Future generations of the Foresense PAD will allow users to customise the dashboard to their own requirements.
In short, Foresense provides a set of service solutions that are not available from any other business.
HOW IS FORESENSE USING ITS TECH TO LEAPFROG WHAT’S CURRENTLY ON OFFER?
Big data has now grown exponentially, but it’s what organisations do with that data that makes the difference. Is it collected only to sit gathering dust like old paper? Does this core data become a mass that grow and grows until it is so unmanageable it actually becomes a deficit instead of an asset?
With an increasing number of intelligent features now available in enterprise-grade Wi-Fi networking equipment, Foresense provides a solution that allows organisations to leverage new and existing data to better understand foot traffic patterns and behaviour, and move into an alert/ notification space spawned by AI and algorithms rather than human interpretation.
WHAT ARE THE KEY STRENGTHS FOR
- Invaluable insight that provides support for commercially important decisions
- Increase sales at low investment
- Observe and understand visitor and customer behaviour in real time with comprehensive analytics
- Increase brand loyalty by engaging customers in-store
- Build an opt-in list for:
- > Targeted offers
> Delivery of customised information
> Responding to showrooming
> Real-time ordering from the retail floor, and
> Better store layout and staff placement
- Introduces digital signage at the device level, and
- Foresense PingBoard, which generates subsidy income for retailers while building brand loyalty with suppliers
Foresense Technologies Ltd has produced the most advanced presence analytics software in the marketplace. In addition, the Foresense sensor range has been designed from the firmware up primarily for analytics, with Wi-Fi as secondary, yet still highly advanced. The sensors have also been designed to maximise the flow of data and interact with the Foresense analytics system.
Foresense Technologies Ltd team consists of well-known industry figures with proven go-to market experience for early stage companies. Further to this, the board will consist of members drawn from multidisciplined backgrounds, as well as industry specialists.FUTURE EXPANSION
Continuous innovation and product development based on customer and prospect requirements and desires helps keep Foresense ahead of the crowd. Unlike competitors, which appear to either develop new features for the sake of adding features, or to catch up with features offered by others, Foresense delivers features and functionality required to improve business productivity.