TeqAtlas talked to Abhishek Pitti of Nucleus Vision about high-end technologies adoption can be beneficial for SMEs and how the combination of AI, IoT and blockchain can boost the effectiveness of businesses.
Nucleus Vision is an IoT & Blockchain based contactless identification system. ION, Nucleus’s proprietary IoT sensor instantly identifies customers within a 200-meter radius, senses temperature, pressure, motion, acceleration, sound, and captures invisible dark data. The company has recently partnered with Arvind Fashions and has already deployed the sensors across Gap, Nautica, Unlimited and U. S. Polo Assn stores. There are over 76,000 their native nCash token holders and their authentic e-commerce payment gateway nCash has over 70 retailers signed up.
1. What Blockchain, Artificial Intelligence, or/and Internet of Things solutions in your product line obtained the greatest number of use cases among small & medium businesses?
Nucleus Vision is a combination of AI, IoT and blockchain that unlocks customer insights for brick and mortar retailers. The biggest case among these retailers is the in-store personalization that Nucleus Vision enables. Right now, such insights are improving the redemption rate of loyalty programs and making the in-store shopping experience more tailored to the customer. Soon, these capabilities will enable an omnichannel retail experience, whereby customers can move seamlessly between physical and online shopping experiences, and enjoy enhanced capabilities of both.
2. What kind of challenges do these solutions solve for your clients?
Brick and mortar stores have been lagging behind in popularity lately compared to online retailers, and thatʼs in no small measure due to lack of personalization in-store. The modern customer is used to receiving offers tailored to their interests and tastes, and shopping in store has never offered the same. Now, with Nucleus Vision, physical stores can learn more about their customers and leverage the consensual sharing of data to provide such offers when the shopper is in their stores. Nucleus vision enabled a host of new features to enhance the shopping experience, such as dynamic pricing, accurate attribution of online vs offline purchases, and better loyalty programs.
3. What business operations are the most applicable for Distributed Ledger?
Nucleus Vision is building a network of customers who have consented to share their data over the blockchain technology, the authentication protocol poised to replace RSA as the standard for securely verifying identity. We believe in value attribution, and so our solutions give customers back the control over their data, securely managing the information they choose to share, protecting user privacy and anonymity and providing greater transparency with regard to how their data might be accessed or used.
4. What do businesses need to be aware of and what challenges can they face while implementing an emerging technology like Blockchain?
One of the biggest barriers to emerging technology like blockchain is simply that not enough people know about it, work with it, and understand how it can be used. It can be difficult to find sufficiently trained resources, and you also have to ensure that all company partners, vendors, and other stakeholders are aligned with the technology. As blockchain grows in popularity, it will be easier to convince others of its effectiveness and find the right use cases to demonstrate how revolutionary technology it is.
5. What would you say is the most disruptive and revolutionary project you have worked on for a client? What were the main struggles and major outcomes?
Nucleus Vision is absolutely disrupting the retail industry and helping to make brick and mortar retailers competitive against the growing online retail marketplace. It can be a difficult sell to customers if they are considering something theyʼve never seen before, and to integrate our solution into a legacy system has been a challenge at times. To convince our customers of the amazing results Nucleus Vision can provide, in our case studies, we have seen that in-store offer conversion is 10X higher than the non-contextual promotion. Also, the customer feel valued when they receive personalized offers in the store this resulted in higher new customer acquisitions and improvement in basket size.
6. What clients have benefited the most from your solution (ROI growth, cost reduction, etc)? Could you describe the most prominent cases?
We have partnered with 15 leading retailers in India and run pilot programs with full rollouts of our solution, and the results have been truly incredible. We have identified thousands of unique shoppers in their stores and successfully delivered tailored offers that have increased the number of loyalty redemptions. We have also seen growth in average basket size and higher in-store sales conversions for those retailers. One of our pilot retailers is working to strengthen the system by offering digital payments.
7. Have you had experience implementing several emerging technologies in one project at once (Blockchain, AI, IoT)? What areas do you think are the most applicable for the combination of these technologies?
Nucleus Vision indeed combines all of the emerging technologies listed; AI and IoT power our patented in-store sensors, and blockchain enables the secure and transparent (to the user) exchange of customer information and retailer offers. The scope of our technology is now in retail, but there are many other use cases we are eager to pursue, such as in physical security and smart cities. We have big plans for Nucleus Vision, and we have seen from our experiences in retail that the future is bright.