Vedalabs: Redefining Retail Business With Demographic Analytics

CIO Vendor In the current customer-centric market, it is imperative for retail businesses to evolve datadriven business strategies to deliver more personalized services in order to satisfy today’s typical customer. Effective analysis of the customers’ purchase data to predict the future possibilities helps them identify the potential customer base and gain better edge in this competitive environment. However, retail business owners are deterred in their attempt to attain better customer satisfaction owing to lack of comprehensive tools to analyse the abundant data and derive actionable insights out of it to better understand the customers. Enabling retail owners to leverage their customer data so as to evolve better business strategies and generate more revenue is Vedalabs, a Delhi based company.

Real-time Data Insights For Customized Services
Vedalabs is an AI-based organisation specialized in Retail Analytics that offers analytics solutions to the retail industry by using Image Processing, Facial Recognition, Computer Vision and Deep Learning techniques. The company by using existing enterprise data generates data points and provides business owners with actionable insights for informed decisions across sales, marketing and Consumer Experience Matrices. “Our SaaS-based, completely tailor made solution for the retail industry uses a combination of supervised and unsupervised learning in the backend of technology which is followed by a layer of kernel level application on top of which we build all other attributes as per our client requirements,” explains Vivek Singh, CEO, Vedalabs about their unified Demographic Analytics platform for retailers. Through facial detection algorithms, the platform identifies each and every walking-in customer, repeated customers along with their exact age group and gender, thereby allowing
business owners to come up with customized offers to target the individual customers and move more inventory based on the gender demographics. The platform also presents an accurate footfall count by analysing CCTV video feed of the retail stores and provides an overview of the customer journey.

Easy Integration With Existing ERPs And CRMs
To help retailers cross-check the data and compare the ROIs, the company has built the analytics platform in a way that it can easily be integrated with any existing CRMs or ERPs to export and import the data. The company allows for the deployment of the solution both on Cloud and on Edge. The Edge deployment makes it much easier for retailers to get the solution on boarded and saves a lot of time and money. “The data points from our platform help business owners obtain some of the key matrices such as accurate A/B testing, better product placement, geo-location conversion, real-time alerts, dynamic pricing, improved sales & marketing activities, better inventory & planning, higher ROI, increase lifetime value of the customer and better customer experience,” informs Vivek Singh.

Our SaaS-based, completely tailor made solution for the retail industry uses a combination of supervised and unsupervised learning in the backend of technology

Vedalabs has recently raised funds from Satin Neo Dimension to develop an Omni-channel retail analytics platform. The company is part of the Alchemist Accelerator program that allows them to expand its footprint in the USA. Moving ahead, the company seeks to enter into the market of Japan apart from the USA.