Nucleus Vision, an IoT-based retail technology company, gets a patent (10334426) for its online-to-offline (O2O) attribution mechanism that gives complete visibility of customer journey across channels. The goal is to help retailers optimize their campaigns and push leads further down the funnel through this mechanism.
Precise marketing RoI measurement is a holy grail for retailers as the customer journey is getting more complex in an integrated environment. Globally, enterprises have developed various solutions to attribute online ad spend to offline conversions based on foot traffic, mapping of PoS data, and location mapping. Since these solutions widely rely on a mobile app, GPS, WiFi, and(or) Bluetooth, they come with several bottlenecks in terms of accuracy and transparency.
“Unlike the existing solutions, the Nucleus Vision solution is a unique blend of customer identification using in-store IoT, device matching mechanism and online attribution. This will help retailers find a definitive, data-driven correlation between their digital campaigns and in-store results and vice versa,” says Abhishek Pitti, CEO of Nucleus Vision.
Primarily, Nucleus Vision provides unprecedented customer insights for its retailer-partners through a proprietary solution that uses Artificial intelligence, the Internet of Things, and Blockchain technologies together. The new attribution mechanism will help retailers tremendously increase personalization in physical stores by providing deeper insights into the customers.
Through this invention, the company is eyeing on the channel attribution software industry, which is expected to reach USD1.6 billion value by 2023 with double-digit CAGR. Abhishek Pitti goes on to say, “Global digital ad spend will rise to more than $517 billion in the next four years and the demand for attribution technology will also increase in the same proportion. This growing demand will open new doors for us to expand to global markets.”