Inventrik: Helping Retailers Boost Profitability With Merchandising & Loyalty Solutions
For millennials, shopping is more than just buying. It is an experience. These tech-native customers want the retailers to meet them on whatever different channels they are on for an immersive experience. However, achieving such a goal is easier said than done due to the data-intensive and distributed nature of the industry. To add to this complexity is the diversity of products available for the customers to select from. Techniques such as gamification, automating incentives, big data analytics, and more can help the retailers put the right foot forward in mitigating these challenges. Realizing this potential, Singapore-based Inventrik has established itself as an expert in retail by leveraging innovative and emerging technologies to develop end-to-end solutions that focus on delivering exquisite customer experiences while also helping retailers improve their top line and bottom line. “In the age, where retail is increasingly becoming a technology play, we use technology to analyze data to draw insights for building strategic differentiation and scale delightful/ personalized customer experience,” says Prem Prakash, co-founder and CEO at Inventrik.
With the mission to help retailers attract millennials by improving customer experience through gamification, Inventrik has developed Vouchermatic—An intuitive tool to create, manage, and track digital gift vouchers, coupon codes, discounts, loyalty programs and referral rewards with real time marketing automation.
The product applies gamification to automate incentives and data analytics to predict demand. It increases customer loyalty by offering them coupons and vouchers thereby enabling retailers to expand their market reach while also providing existing customers a reason to shop more. The results—increased sales and reduced costs.
“We are a boutique company that has been a trusted partner for large retailers for their core retail solutions,” extols Prakash. He asserts that being a smaller company makes them nimble in supporting the changing needs of its customers in a better way. For instance, with the advent of technological advancements such as smart mirrors, augmented reality headsets, and more still in the pipeline, retail has become a dynamic space. “We are up-to-date and current with new technologies. This helps us enable our customers to stay competitive in the market,” adds Prakash.
Inventrik has been a dependable partner for many customers since its inception. To further elaborate on this, Prakash shares that they have successfully replaced the retail solutions of larger competitors that had been in use for decades at large retail organizations in Singapore. This is the result of the company’s belief that retailers should be in control of their technology and partner with the right technology provider to co-create solutions for achieving greater strategic differentiation from its competitors. Inventrik leverages technology trends such as cloud, collaborative, and open systems to quickly bring products that the customer needs onto the shelf.
The company uses a ‘product thinking’ strategy while implementing a solution, not only to sustain the current requirements but also provide long-term results. Furthermore, to help their customers before implementation, they also offer consultancy services and retail training.
“Our retail technology takes on an active data-centric approach and enables us to understand millennial behavior. The insights help customers form their merchandising strategy relevant to the market trend,” explains Anand Shaw, co-founder of Inventrik. In addition to Vouchermatic and the plethora of service offerings, the company has also developed OmniPIM, a product management system for omnichannel marketing, and merchandising & concessionaire management solution that provides complete visibility and control of retail assets, to gain valuable insights.
Since inception, Inventrik has been at the forefront of developing mature solutions and effective services using emerging technologies to solve business problems. “Our aim is to help clients leverage IT to achieve business prosperity and meet their goals,” concludes Prakash.