Companies close a collaboration agreement in order to set up a shared retail innovation lab focused on R&D and digital transformation for retailers.
PORTUGAL— June 17, 2019 — XnFinity has signed a collaboration agreement with Microsoft in order to launch a Retail Innovation Lab & Incubation in Portugal. The Lab is a place where retailers can access exclusive innovation creators. The lab enables lowered investment risks for the retail industry (online and brick & mortar).
Tech disruption and innovation are the key ingredients for the future success of Retail. To combat disruptions in the retail landscape, retailers need to respond with innovation. But they also have also fears: fear of the cost of innovation, and the fear of being the first—or the only one—to use an innovation.
So, big retailers are investing heavily to have their own innovation labs. But that brings higher costs and risks.
“Seeing the trends, needs and gaps, we started working with Microsoft in order to launch an innovative lab for retail where the costs and risks could be shared by different retailers,” said Orlando Ribas Fernandes, XnFinity CEO.
Beside its own innovation team with researchers and engineers, the Lab will also include technologies from others startups that will allow the lab to have a complete, and unique view of the retail of the future.
The Lab will have also a real store—with real customers and purchases—where all of the Lab innovations (and startups) will be tested and validated before being offered to the retailers.
Currently the Lab already has a portfolio of solutions; for example: customer sentiment analysis, machine learning and deep learning analysis. Other startup solutions include robotics, solutions for ecommerce businesses, and AI solutions for stores.
“The retailers that belong to our ecosystem will have exclusive access to our innovation tech, access to our innovation team, PoC and even the source code—at no additional cost. The Lab will work as its own innovation department,”—Orlando Ribas Fernandes.
The Lab will work hard on the topics that will make a difference, like customer engagement, and satisfaction. The Lab will help innovators learn about customer behavior in stores in order to adapt and react in real time. The use of AI tech, such as deep learning will be a game changer in this industry.
“If we are working with very strict innovation budgets, we should focus on solving real problems (quickly), add value, and make a good ROI. We will target metrics that validate the difference of using disruptive technologies. All companies should have access to innovation, and we will provide that, sharing the costs and the risks, democratizing the innovation of AI in Retail”—Orlando Ribas Fernandes.
Paul Maher, Microsoft General Manager of the Azure Experiences team states: “We are pleased to help established retailers find innovative startups to partner with. The service offered by XnFinity will save time and money while giving entrepreneurs an arena to test their product in real situations, and get meaningful results.”
To follow the progress:
http://www.xnfinity.pt/lab.html
https://www.linkedin.com/company/xnfinity
https://www.facebook.com/Xnfinity/
About XnFinity
At XnFinity, Lda., we are focused on innovation!! Working in retail “smart” products since 2012, we look to innovative solutions to change many of the current world paradigms.
For more information, please contact:
XnFinity
CEO
Orlando Ribas Fernandes, [email protected]
