SINGAPORE (Dec 21): With the rise of e-commerce, traditional brick-and-mortar retailers have struggled to grapple with a fall in the number of customers visiting their stores. But one retail technology start-up, Omnistream, hopes to give them a leg up.
The start-up combines both internal data collected by retailers from their transactions and external data such as the location of the store and factors that affect sales.
Omnistream offers real-time personal intelligence and predictive operations for improved inventory management and understanding the customer better.
The start-up has raised more than $2.2 million in seed funding for recruitment, development and geographical expansion.
“For many years, if you opened a store, your top line would naturally grow. So, there was no burning need to optimise cost or infrastructure. But, especially in Singapore, that is no longer true. You need to be smarter about how you do your assortment and streamline to do things faster,” says Wendy Chen, chief data officer and co-founder of Omnistream.
Find out more in this week’s issue of The Edge Singapore (Issue 862, week of Dec 24), on sale now at newsstands.
Login here to read "Former quant trader’s Omnistream taps data to help draw in shoppers for retailers". Or click here to subscribe.
