Imotion Analytics, a startup based in Barcelona created in 2014 from the Polytechnic University of Catalonia, aims to change the way retail businesses work by taking advantage of new technologies and analyzing customers expressions during their experience, whether shopping in a store or staying at a hotel.
According to the company, its team includes experts in software development, neuromarketing, biometric analysis and marketing. All of these ingredients lead to what imotions Analytics offers: a comprehensive study of customer behavior in psychical spaces.
The process is distilled into four main steps. First, borrowing from the IoT concept, the installation of sensors that collect video and infrared data. Then comes an initial local processing with a machine installed on-site. The third step goes to the cloud, where the company’s algorithms based on Machine Learning obtain the useful data. Lastly, reports, alerts and KPIs are generated and sent to the respective clients so they can optimize their businesses.
This kind of optimization is not necessarily new. Indeed, the IoT and Big Data boom have opened the path for many companies who offer similar services through sensor installation and the sort. However, an extra layer Imotion Analytics offers is the ability to analyze purchase behavior and satisfaction by identifying emotions through facial recognition.
The retail sector is already an aggressively competitive space, so these kinds of technologies will become essential for winning over the competition. Eventually they might even be standard requirements for profitability. A common strategy is the use of loyalty programs, which capitalize on a satisfied customer, so they can improve the chances of them visiting again and even recommending the business.