New AI solution makes physical retail better and more competitive
Physical retail is facing dramatic changes when e-commerce puts pressure on the physical stores, which are forced to close one after another. But the startup company Indivd is now building a countermeasure. “We’ve got the answer to how the stores can face competition,” says Fredrik Hammargården, marketing manager and one of the company’s founders.
The digitalization of retail is happening fast. One in seven stores within fashion and sports, and one in five electronics stores have shut down since 2011 according to the report ”Det stora detaljhandelsskiftet 2018” (The Great Retail Change 2018) by Svensk Handel (The Swedish Trade Federation). They expect that 6,000 and 11,000 stores will be forced to close during the next eight years.
The reason is that we are shopping more and more online. It is estimated that every third Swedish crown will be spent in e-commerce within seven years.
– It’s all changing at a rapid pace. That why it’s important for the stores to work more customer-centered, get a better understanding of who their customers are, what they are interested in and their behaviors if they want to survive, says Fredrik Hammargården.
And that where Indivd comes into the picture. The company is a startup at the incubator BizMaker and has its headquarters in Sundsvall. Indivd consists of a group of serial entrepreneurs, all of whom have a solid experience of digital businesses.
The company is founded by Fredrik Hammargården, Victor Molén, Andreas Hjorth, Leonard Johard, Carl Johard and Jonas Berggren. They have previously worked in various fields ranging from digital solutions for physical retail to digital healthcare and used artificial intelligence (AI) to predict price trends in various commodity markets for global corporations. Dr. Leonard Johard has a Ph.D. in AI and is considered to be one of Europe’s and the world’s leading experts in next-generation AI.
– We have been in BizMaker with our previous business ideas and, in this way, gotten to know each other. Now we take our experiences into the new company to solve the short- and long-term problems of the physical retail by increasing the understanding of all visitors and customers in their stores, “says Fredrik Hammargården.
Indivd will offer a solution that will make stores better to understand their visitors’ interests and behaviors in a completely new way with the help of advanced AI. That will increase their sales and help them to better compete against e-commerce.
– We’re happy to say that we’ve gotten a huge interest from major players including several listed companies and one of the world’s largest retail companies, says Fredrik Hammargården.