ShopR360®:thenew face of Innovationemerges as a leader in the Entrepreneurial Landscape
With an aspiration to innovate a technology that has the capability of filling the increasing gap between ‘Online’ and the ‘Offline’ retail world, Rajul Tandon and Pranav Bhruguwar conceptualized ShopR360® in 2015. With a lot of zeal, they embarked on the journey and started with the development of product, which secured great responses before going to the market. Within two years of inception, the company has made a huge progress as a powerful Artificial Intelligence service based on shopper proximity that analyses‘In-Vicinity’ & ‘In-Store’ customers, derives intelligent analytics around their behavior and loyalty patterns and helps connect with customers in near real-time. To empower offline retailers, ShopR360®followsthree-pronged approach(a) ‘Measure’ to enable retailers know where does Sales opportunity exists for every store; (b) ‘Understand’ to help them understand the pre-billing consumer journey and behavior; and (c) ‘Engage’ to help them reach out to potential customers as they walk around the stores. All this is delivered using the existing store CCTV Cameras and Store-Wi-Fi of retail stores or malls, without any additional hardware or internal resources. Today, the company is led by Rajul Tandon as Chief Executive Officer, Pranav Bhruguwar Chief Operating Officer& Prabhat Ummat as Business Development Head. The core team in Head office has nearly thirty members to develop & manage the technology, and more than 60 employees as ‘Feet-On-Street’.
Speaking about the uniqueness of the solutions provided by the company, Mr. Rajul Tandon tells The CEO Magazine, “It is a unique advanced platform that leverages a combination of CCTV cameras and sensors togenerate new ‘pre-billing’ data that does not exist today. It enables retailers to extend their CRM and marketing to connect their online and offline retail channels; and engage shoppers through near real-time targeted content, promotions and e-coupons, thus increasing their probability in reaching the billing counter.” The blend of the founders’ diversified experience in retail and their expertise in technology helped to ensure that the company addressed all ‘real’ challenges of brick-and-mortar retailers. The exclusivity of ShopR360’s targeted problem as well as its solutions to counter the same accompanied with the company’s expertise in delivering unparalleled solutions to its clients have resulted in a huge client acquisition. It has been able to convert more than ninety five percent of Pilots to commercial orders and notably all of its clients have continued business and expanded store deployment beyond initial contract period. At present, the company is growing at an eye-seizing CAGR of three hundred percent; and serves Mall operators & Retailers across sizes: Chains, Department stores, Hypermarkets and Quick Service Restaurants & Hospitality industry.
Targeted Business Problem & Solution Provided
The multitude of challenges faced by brick-and-mortar retailers today envelop lack of visibility into their overall shopper traffic patterns; the true behavior of their loyal customers (recency and frequency of their visit to the store. Today, most retailers do not knowthe ratio of new vs loyal customer footfall; when did their loyal customerspass the store and not enter; when did they enter the store and not purchase and what was the reason for no purchase; how much time did they spend in the store and where did they spend the most time. They also have no channel of knowing when their repeat customers are in the vicinity,which could be the best time to lure them intor store.
ShopR360® tackles all these challenges. It helps the retailers to get meaningful shopper data, with no human intervention and without identifying any shopper, and it also provides a “last-mile connectivity” platform to the retailers to connect with their probable customers.
- A stand-alone platform, which can work with existing legacy CCTV infrastructure
- Application sits on the store infrastructure and analyses video locally resulting in very low network usage
- Very low cost of infrastructure deployment as compared to competitors
- Completely secured against data misuse and customer privacy issues
- Delivers specific KPIs and use cases to impact business
Brick-and-mortar retail is being run in a certain way for last 20 years. For example, retail chains currently use Conversions as the only KPI they track. ShopR360® has taken the risk of challenging and disrupting that conventional way of working and introducing new retail data to run their operations and measure marketing effectiveness. This will change the way retail is run today. Being sole/ leader in emerging markets in Video Analytics, ShopR360® has to do all the heavy lifting to convince businesses of the use cases and justify Return-On-Investment (ROI).
For having targeted a business problem, which escaped the interest of entrepreneurial landscape in India, ShopR360® has received massive recognition in the market. The company has won several accolades and the major ones include (a) ReTechCon Start-up Award 2016, at the Retail Technology Conclave 2016, one of the Most Coveted Awards for Innovative Product centric Companies in India, (b) NASSCOM Emerge 50 Award, and (c) the Most Vibrant Startup of the year, CMO Asia Awards. The company has also been listed as the Top- 50 Retail Startups in the world by Insider Trends based out of London.
“Recognition from such prestigious forums reiterates that ShopR360® solution is poised to change the brick-and-mortar retail business with smart and actionable analytics. These awards come as an acceptance by the industry that our solution will go a long way in helping retailers bridge the gap between understanding customer behavior and driving profitability”, says Rajul. Tandon, Chief Executive Officer, ShopR360®.
The company is now all geared up for expanding current business in emerging economies like MEA, SEA and China this financial year via strategic partnerships. Later on, it will direct its efforts towards extension in developed markets in the next financial year beginning with UK and Europe, before making attempts to enter US. At present the company serves majority of the clients from Retail. As a next phase of innovation, ShopR360® will be rolling out use cases for Video Analytics across other Market segments such as Market Research, Manufacturing, Banking, and Government Sector.
The Spirit behind the Success
Rajul Tandon, Chief Executive Officer, ShopR360®
Rajul Tandon is an experienced technology professional with vast global exposure. An IT professional with a degree in entrepreneurship, Rajul has worked and lived in USA, U.K. and India. According to him the best part of being an entrepreneur is waking up each day to newer challenges, which pushes one to explore newer possibilities, the once thought to be never existed! He has a wide exposure in implementing large scale IT solutions across functions and geographies. Having set up a responsive IT organization focusing on B2B services for Retail and Market Research, Rajul is currently focusing on Artificial Intelligence and Analyticssolutions for offline retail businesses. Knowing the pulse of new-age technologies gives him an edge to develop innovative, market driven products that deliver tangible value to clients.