LOS ANGELES – The Center for Advancing Retail & Technology (CART) today announced Fract the winner of the May 2017 CART Virtual Pitch Event. The innovative geospatial artificial intelligence tool emerged as most valuable over several hundred other applicants chosen by panelists representing over 18,000 retail stores.
“CART worked with panelists to understand an incredible variety of new retail innovation,” said Sterling Hawkins, Operations and Venture Relations, CART. “Understanding what was not only technically possible, but provided meaningful benefit was key in Fract’s winning.”
Fract provides an artificial intelligence solution that helps retailers understand market conditions and feedback around existing or new stores. That feedback is then turned into real-time recommendations for store locations, such as additional parking for existing stores and optimal location for new stores. Outputs from the Fract solution predicted economic impact such as increased sales that supports and provides a strong ROI.
Three finalists are also announced as runners up in the event.
- IAm Robotics piece picking autonomous robot;
- SYNQY easily enhanced web monetization through brand content;
- Telesense IoT devices and management tool to understand store and supply chain conditions.
Final decisions were made by panelists ranging from wholesalers such as Associated Wholesale Grocers (AWG) to retailers such as Woodman’s Market and FoodCity.
“Industry executives participate on the pitch panel realizing they must keep pace with the massive surge in retail innovation,” said Hawkins. “The Fract tool is the perfect winner showcasing how big data can be used in innovative ways to bring powerful benefit to retailers.”
The next Retail Innovation Pitch Event will take place October, 2017. The competition will give participants exposure to potential investors, retailers and media. Participation is open to startups of all stages worldwide at no cost.
For more details and to apply, please visit: http://www.advancingretail.org/innovation.