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Report

Teaser, summary, work performed and final results

Periodic Reporting for period 1 - scanvid (ScanVid - One-Click Integrated Access to Product-related Digital Content)

Teaser

Summary

In the era of Big Data and the digital transformation, product manufacturers, retailers and other supply chain participants produce rich multimedia content for every single product. This content includes instruction manuals, product descriptions and reviews, comparison with other products, product case studies concerning the use of the product and more. Furthermore, it is offered in a multitude of formats such as video clips, audio files, presentations, PDF files, images, white papers and more, but also through a variety of channels (e.g., web sites, social media). However, there is still no easy way for consumers to access integrated digital information about a product. In most cases, consumers have to perform time-consuming internet search in order to access the information they need. This is a significant lost opportunity for consumers who are starving for easy and timely access to product information. At the same time, it deprives manufacturers and other supply chain participants from business opportunities stemming from the exploitation of the digital content they produce.
The objective is to test the economic viability of the platform among a larger pool of potential clients (user-acceptance), and to assess if the chosen commercialisation approach will be conducive of the projected growth on the European level. By using research, experience and business principles, this feasibility study will determine the probability of the project to sustain itself and offer insight into the expansion strategy. The expected actions to be implemented during the feasibility study, are: (1) to validate the business concept for launching the product in multiple new European and global markets; (2) engage with new customers to demonstrate user acceptance and expand to different market segments (new costumer alignment use cases); (3) test the prospects for European growth and international expansion considering the selected commercialisation plan.

Work performed

Within the scope of our Feasibility Assessment the following activities were conducted:

- Assessment of company\'s state of the art in several business aspects with special focus in financial analysis
- Technological assessment of three major global cloud infrastructure providers from the point of view of providing easily scalable and flexible cloud platform to host ScanVid database
- Successful pilot implementation with the leading German consumer electronics and household appliances retailer MediaMarkt
- New product release, including first version of ScanVid`s machine learning technology, to recognize products from the retail store, based on pilot results and further elaboration with the pilot customer
- Validation and further streamlining of the business model for integration of ScanVid into customersâ€™ apps
- Developing a product development roadmap
- Assessment of funding requirements and possible funding sources
- Update of the investor pitching materials
- Participation in trade shows to demonstrate ScanVid and meet potential new customers
- Presentations to leading multinational manufacturers of consumer electronics and household appliances as well as leading grocery and consumer product brands

Before starting Phase 1 project our product and marketing strategy was quite broad and unfocused. The market segmentation analysis conducted within the feasibility assessment project helped us to adjust our value proposition and find proper focus for further business development. So the main outcome of the feasibility assessment is a streamlined business plan and focused marketing strategy.
This new marketing strategy will be further piloted with new potential customers among large multinational consumer electronics and household appliances manufacturers as well as leading grocery and consumer product brands. These pilots will be implemented in SME Instrument Phase 2 along with the further product development to meet customer requirements.

In addition, as a result of thorough financial assessment and planning conducted in Phase 1, we were able to attract a private investor. EUR 1M investment from this strategic investor will provide a sufficient co-funding for the implementation of our upcoming Phase 2 project.

Finally, our presentations for leading multinational manufacturers of consumer electronics and household appliances as well as leading grocery and consumer product brands have raised interest and ongoing planning of pilot projects to be executed in late 2018 and early 2019.

Final results

ScanVid introduced a new digital marketing and after sales support paradigm for the retail sector, which completely dematerializes the marketing campaigns, while enabling integrated personalized access to digital content. In addition to tangible economic benefits for supply chain stakeholders, ScanVid can have a significant societal impact through contributions to relevant EU societal policies.

In particular:

- Increases SMEs competitiveness, boost healthy competition and broaden consumer choices: It can boost an increase in product diversity, through enabling smaller vendors (e.g., European SMEs) to promote their products at stores and POS, in a fully digital fashion that does not require large investments in space, marketing materials and marketing/promotion agents. This increases SMEs competitiveness, boosts healthy competition in the single digital market and increases choice for consumers.

- Promotes sustainability and reduces waste: ScanVid is an environmentally friendly approach, as conventional marketing materials are digitized. It will reduce the need for printed catalogues, which leads to reduction of waste.

- Improves cross border communication between European manufacturers and consumers: ScanVid will facilitate manufacturers to start an easy & cheap mobile marketing campaign at POS in any retail store in the EU.

Finally, ScanVid\'s solution empowers EU with a highly effective tool to decrease dominance of US based internet giants like Google and Facebook in shaping consumers\' decision making in favour of US manufacturers and online retailers such as Amazon. The recent EU case against Google demonstrated the European approach towards breaking US power over the information. By providing consumers with a direct access to product information, which is not influenced by Google, ScanVid is perfectly aligned with this EU approach.