MARKET INNOVATION SOURCING
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- POC
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- MARKET INNOVATION SOURCING
The project aims to develop software that assists European manufacturers and retailers in detecting counterfeits, making informed assortment and pricing decisions, and identifying product innovations and trends early in the e-commerce market, addressing the growing global competition.
Start date: 01/06/2021
Duration in months: 18
Problem Description
The growing B2B and B2C e-commerce market presents both opportunities and challenges for European manufacturers and retailers. Combining image and textual data in a single search approach could create a reliable model for product identification and comparison but would be highly compute-intensive.
Goals
New services
Challenges
The complexity of product assortment, pricing, and identifying innovations, trends, and counterfeits has led to the need for a new product matching method, as traditional identifiers like the European Article Number (EAN) and Manufacturer Part Number (MPN) have been disabled by many platforms.
Innovation results
Pre-processing is crucial for market analysis product matching algorithms. It transforms product data into vectors, enabling machine learning. Price Intelligence used pre-trained networks for image and text data, but the developed solution can combine both data sources for better results.
Business impact
Price Intelligence has developed a matching service for optimizing pricing and portfolios of over 100 European manufacturers and retailers, aiming to increase sales by up to 30%. The service is already being used by Parsionate for product suggestion and assortment analysis.