Kuala Lumpur, Malaysia – Malaysia-based shopper marketing services provider, shopper360, has partnered with data analytics and AI agency Surge Ventures, to form a joint venture called ‘Avinity Analytics’, which aims to provide data analytics, data science, machine learning, and AI to retail, e-commerce, and marketing-related businesses and brands.
According to shopper360, it wants to capitalise on the global AI Software market, which has risen at 35.6% CAGR and will grow to approximately US$300b by 2026. The overall AI market includes a wide array of applications such as natural language processing, robotic process automation, and machine learning. The joint venture is poised to enable shopper360 clients to adopt these capabilities in their day-to-day business operations in retail. It will be incorporated in Singapore to leverage on the country as a regional hub for start-ups, acquiring regional business accounts and a magnet for assisting companies to grow into unicorns.
With an investment of RM1m for 40% equity in Avinity Analytics, shopper360 is confident that it will further unlock the company’s potential in further developing retail analytics and AI technologies. Meanwhile, Surge Ventures will inject contracts worth RM500,000 into Avinity Analytics with a potential pipeline of contracts worth RM1m. This pipeline of potential contracts is not inclusive of shopper360’s current network of clientele which will be introduced over time to the joint venture’s technology for automating data preparation, insight discovery, and AI model deployment for out-of-stock prediction, inventory management, and sales forecasting.
Sue Ann Chew, shopper360’s executive chairman and group managing director, commented that they are very pleased to be embarking on a crucial service offering that will enhance the actionable data they can provide to their clients to help them grow and increase sales.
“We are fortunate to be able to invest in a data team at Surge Ventures that has experience in acquiring clients of all sizes, and a track record of delivering successful data and tech projects. Their passion for data ensures that we will together always adopt the latest data technologies to create a competitive edge,” said Chew.
Shopper360 believes that retail analytics and predictive analysis will be the essence of the new venture, helping FMCG Brands with accuracy in forecast and demand planning that will enable efficient stock ordering.
Vincent Ng, CEO of Surge Ventures, shared that they started working with shopper360 in 2020, and they were able to excite a few of their clients by providing them AI models with their data sets, which they are actively using for their day-to-day operations and decision making.
“We look forward to deepening this partnership to provide more of shopper360 group’s clients with an integrated data dashboard that will help retailers and brands reduce out-of-stock, track in-store price changes and understand competitive brands with data. We are a team of success-hungry founders that has what it takes to grow Avinity Analytics into a successful regional tech company,” said Ng.
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