Retail-Tech startup AImazing has announced the launch of its retail-analytics data platform, aimed at allowing mall management and real-time data analytics without the need for expensive integration. The Singapore-based company, which was founded in 2015, currently processes over 3 million data points every month from over a thousand devices spread across Singapore, Malaysia, the Philippines and Taiwan, providing malls with real-time data analytics. It expects this to increase, with over 10,000 devices to be implemented within a year.
The retail data platform of AImazing enables mall operators to use technology to capture, structure, and sort real-time retail transactions to access mall management data such as consumer purchasing behavior, sales, and performance – this can track how and why customers shop. The hardware solution is in the form of a tiny black box connected to the point-of-sale systems of retail businesses and uses technology similar to the image recognition used by Google Translate. The data from the receipts will be analyzed and organized through a machine learning engine and is directly uploaded to a cloud where mall operators have direct and real-time access.
With research indicating that 91% of the total retail market comes from offline retail, the platform aims to enable shopping malls to support retail tenants by understanding various data points, such as peak shopping periods, best selling items, average basket size and others. This is expected to provide important insights for mall operators to track daily sales and support their tenants in response to Covid-19 related restrictions and lockdowns.
(Sources: Singapore Business Review; AImazing; AsiaTechDaily)