Marco Soares, André Sousa and Hugo Lopes created InovRetail in 2011 with a big vision: making it a reference in retail.
InovRetail’s core business is focused on advanced analytics tools, aiming to assist retailers in improving their performance, by making more informed decisions. Their solutions allow retailers to adjust their offer and increase sales by processing their data, as well as in making highly reliable predictions. Moreover, these tools will create opportunities for retailers to improve their customers’ in-store experience. As in other new projects, there were challenges at first. The team had to build a product from scratch, “discover clients and create the conditions that would allow rapid growth”, says André Sousa, co-founder and joint-CEO.
Retail has itself particular challenges. Quantity and range of competitors is one of them. According to André, this leads to more demanding customers:
“As customers, we are more informed, we have access to a lot of information about the retailer’s’ offer. Thus, we become more demanding as customers.”
The Portuguese market is seen by InovRetail as difficult because of its size and for cultural matters. At the same time, it is “fantastic” because is “sophisticated and very much forward”, what raises the bar for companies to become “more professional and resilient, otherwise, they won’t survive”. Retailers need to know their customers. Currently, companies have been learning about their customers and trying to increase the interaction between who sells and who buys. That’s when InovRetail can become useful. With their hardware component, it is possible to collect data about the spaces, while software allows interpretation of that data and correlation, to orientate decision-making.
“With this information it is possible to draw conclusions that allow the retailer to be more informed about the business and to make better decisions.” – André Sousa
Retailers can study factors like the weather, promotions, temperature, etc, and understand how they influence their activity and customers’ behavior. These data allows improvement of the relationship with customer, what must translate in sales increasement.
At the moment. the company has thirty collaborators and is a reference in the national market. “The name, which was unknown, is now known in our professional field and people recognize our value. We are in a second phase where we want to scale, become an international brand but grow in a sustained way, ensuring product quality and even more satisfied customers.” – André Sousa
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