How Nucleus Vision's Attribution Mechanism would Benefit Retailers?
An IoT-based retail technology company, Nucleus Vision, acquires a patent for its online-to-offline attribution mechanism to obtain complete visibility of customer journey across the channels. This is initiated to assist the retailers in optimizing their campaigns and to further progress in the mechanism.
Precise marketing RoI measurement is crucial for retailers as the customer journey is getting more complex in an integrated environment. The enterprises usually tend to develop various solutions to attribute online ad spend to offline conversions based on foot traffic, mapping of PoS data, and location mapping. But, these solutions completely depends on a mobile app, GPS, Wifi, and (or) Bluetooth. Thus, the problem of accuracy and transparency arises.
Thus, the Nucleus vision provides extraordinary customer insights for its retailer-partners through a proprietary solution using artificial intelligence, the Internet of Things, and Blockchain technologies. Through this new attribution mechanism, the retailers could tremendously increase personalization in physical stores by providing complete insights into the customers.
With this invention, the company is also aiming for the channel attribution software industry, whose value is expected to reach $1.6 billion by 2023 with double-digit CAGR.
"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. "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," he adds.