UK AI company Yellow Sub AI has launched a software-based alternative to physical footfall sensors and cameras, so retailers can better monitor their own and competitor stores and plan new store locations, it says.
Pinpoynt.ai “can zero in on any location, such as a shop in a particular town, giving granular data and insights on a day-by-day basis” and provide access to “real-time footfall and spending patterns”, the company says.
The software uses advanced machine learning algorithms and quantum mechanics applied to publicly available data sources, such as Google busyness data. The proprietary algorithms were originally trained using camera and card transaction data, and “have been refined through years of unsupervised learning”, giving accuracy that has been proven against actual retailer data.
The AI-based approach is significant, the company says, given traditional hardware-based footfall technology is “slow and expensive to install, provides limited visibility of what is happening in competitor shops and cannot predict transactions and spend”.
The real-time and historical data is delivered to subscribers via dashboards or in common file formats.
“Pinpoynt.ai harnesses AI and advanced quantum mechanics to provide a transformative solution to measuring physical and transactional footfall,” said Justin Staines, founder of Yellow Sub AI.
“Over the last two years we’ve been working with leading brands across the globe to successfully prove the technology, and we’re now launching it to the market as a full product built around their requirements and available directly through our online location analytics platform,” Staines added.
During its development phase Pinpoynt.ai has been deployed by several retailers, local authorities and investors including Bluewater Shopping Centre in Kent, and Burger King Thailand which is using it to plan the best locations for new restaurants.
The company’s technology was originally developed within JLAB, the John Lewis and Waitrose business accelerator scheme.
“The technology behind the solution solves a key pain point for retailers and investors and is already delivering real value to our customers. As our first product it paves the way for further innovation and new solutions from the company,” said Alastair Thompson, CEO of Yellow Sub AI.
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