Artificial Intelligence Powered Fashion Insights and Personal Styling Solutions

Project Information

RDS

Grant agreement ID: 877939

DOI

10.3030/877939

Project closed

EC signature date 15 July 2019

Start date 1 August 2019

End date 31 December 2019

Funded under

• INDUSTRIAL LEADERSHIP - Innovation In SMEs

Total cost

€ 71 429,00

EU contribution

€ 50 000,00

Coordinated by

RADIUS TECH FASHION SERVICES LTD
United Kingdom

Periodic Reporting for period 1 - RDS (Artificial Intelligence Powered Fashion Insights and Personal Styling Solutions)

Reporting period: 2019-08-01 to 2019-12-31

Summary of the context and overall objectives of the project

Radius is a Location Intelligence provider that creates commercial growth strategies by identifying the demographics; shared values; likes & interests and consumption patterns of individuals in a defined area. Radius has brought social science and the latest advancements in data science together to explain the social DNAs of local communities and reflect this on businesses.
This technology becomes available to the Commercial Real Estate value chain in three main products. Radius Audit; Growth and Engagement services that provide necessary insights for putting consumers in the core of expansion, sales, marketing or merchandising strategies. Radius’ primary goal is to support companies in their digital transformation efforts in the scope of Retail 4.0.

Generation of excessive amounts of data and changes in consumer behaviours and preferences have urged the commercial real estate market to adapt to a more dynamic nature. This new approach requires advanced methodologies for collecting and processing data and delivering actionable insights. These methodologies make the creation of accurate data-driven commercial strategies possible. Also, understanding customer expectations and improving the offerings accordingly have become the main differentiator in the market. Consumers express frustration when their experience is not personal or when brands don’t empower shared values. Therefore, all the participants in the commercial real estate value chain need to understand consumers and have a holistic and granular view of their target customers.
The retailers who have failed to grasp the requirements of this new approach have led the ‘Retail Apocalypse’ take over, a global epidemic in commercial real estate. In the United Kingdom in average 16 stores are closing on the high street every day, and the stats are not any better in Europe or the USA.

As an enabler tool to this new approach and solution to the epidemic, Radius focuses on providing Location Intelligence solutions to the biggest vertical of business intelligence beneficiaries, commercial real estate and retailers. Through offered three services, Radius supports stakeholder activities for attracting and retaining visitors while personalizing the offerings and experiences.

Work performed from the beginning of the project to the end of the period covered by the report and main results achieved so far

Following a successful application to Phase 1 of the EC Horizon 2020 SME Instrument, Radius has carried out a feasibility study that assessed the technical feasibility, economic viability and financial feasibility of Radius services working with the industry leaders and key stakeholders.

Radius has carried out a technical feasibility study of their solution, and have gone beyond the initial target objectives, including engaging with stakeholders and delivering services to them. Requirements of the contract have been completed to the customer’s satisfaction. Following the project, the project results were presented to prospect clients and additional leads were generated. Also, the customer has requested additional services and custom development from Radius.

During the feasibility study, Radius has conducted market research and stakeholder meetings with more than 89 retailers and 12 shopping centre investor/operators. Radius has already provided its services to a few of them. With the positive feedback and created roadmap for product development, Radius has prioritized the prospect clients and scheduled PoC with the high priority leads for Q1 2020.

During the feasibility study, Radius has been recognized for its innovative technology and approach which allowed the company to widen its network of stakeholders, investors, strategic partners and clients. Also, the team has grown to 12 by attracting talents and domain experts during the project.

Progress beyond the state of the art and expected potential impact (including the socio-economic impact and the wider societal implications of the project so far)

Radius has provided its services to guide Shopping Centre Operators and Retailers to expand by estimating potential consumption levels. With this, the stakeholders have made data-driven decisions and implemented commercial strategies to capture the local market demands, which contributed to the local economy. All the strategies created in the Engagement service incorporates local brands; retailers and service providers, to ensure Radius stakeholder considers and contributes to social value of the community. One of the stakeholders, who have became the Radius' paying customer during the project, has won the reputable award for shopping centres in 'Innovate Use of Technology' category.

Radius high-level service description as a promotional material.