The way we shop has changed. Consumers are more dynamic, choosing where to get their information and how they want to be inspired. How fashion retailers can turn this change into an opportunity is the aim of London-based fashion technology startup Radius. And EEN is helping Radius turn its own opportunity into growth.
The company has developed an AI-powered 'location intelligence engine' for fashion retailers to help them personalise their product offerings based on consumers' demographics, lifestyle and fashion style preferences. “We bring social science and data science together to explain who is living in a certain area, what they buy and why, and how a brand can reach them,” explains founder Burak Capli.
Its technology mimics the skills of stylists and salespeople to deliver a personal shopping experience online. Not only does it make for what Radius describes as a 'zero-friction shopping experience', it gives retailers the ability to translate, at a local level, what consumers want and how they can tailor their offers and boost sales conversion rates.
Researching market conditions in India with the Global Business Innovation Programme
Over the past year, EEN has been working with Radius on the company’s growth and development. It is a good example of how a young, ambitious company can embrace all the opportunities provided by EEN and the Innovate 2 Succeed programme.
Initially, Radius participated on a creative industries GBIP to India, giving Burak Capli the insight that the challenges facing the fashion retail industry were the same everywhere - and that the scale of the addressable market was enormous.
Horizon 2020 funding application
Following that trip, Radius and EEN worked together to apply successfully for Horizon2020 funding to further develop and commercialise its technology.
Since then, Radius has carried out detailed feasibility studies and Radius has outperformed its competitors. The company has acquired paying customers: three commercial agreements were signed under these models, and more than ten high-priority prospects clients have expressed their interest.
IP audit strengthens competitive advantage
More recently, the company has been awarded an IP Audit grant from the UK IP Office. This will strengthen the IP management position of the company, providing further valuable competitive advantage.
Today, Radius is emerging from its startup phase. It is operating with a team of 12, working with domain expert advisers from a range of industries and building numerous strategic partnerships. "We know the market demand is there and the future is bright," says Capli, "and we'll be working with EEN on the whole journey."