Retail AI Software Provider Fract is Winner of CART Virtual Pitch Event
SAN FRANCISCO – June 8, 2017 – Fract, provider of the first geospatial artificial intelligence platform for retail, has been selected as the winner of the Spring 2017 Virtual Pitch Event from the Center for Advancing Retail Technology (CART). Panelists representing more than 18,000 retail stores selected Fract the winner over several hundred other innovative applicants.
“CART worked with panelists to analyze an incredible variety of retail innovations,” said Sterling Hawkins, CART Operations and Venture Relations. “Fract is the perfect winner, as they bring AI to retail in a way that pushes the envelope in terms of what’s possible and delivers tangible benefits and quick ROI.”
Fract’s innovative AI platform solves one of the retail industry’s most critical problems – helping retailers and restaurants understand market conditions and improve the performance of existing or proposed locations for retail stores, restaurants and other businesses. With more than 8,600 retail locations projected to close in 2017 according to Credit Suisse, retailers and restaurants urgently need new solutions to optimize store performance and better understand market conditions for each location.
Fract increases the performance of storefronts with a geospatial artificial intelligence platform that integrates various business data points, runs a continuous prediction loop to find hidden data patterns, and presents actionable insights and specific ROI for each action. Fract’s AI tool looks for problems and opportunities for locations and markets, identifies the causes and effects, and then assigns strategies and solutions to solve the problem or take advantage of the opportunity, using intelligent algorithms to predict accurate ROI.
Fract customers typically see an immediate ROI of 20 percent for decisions such as time to market, with reports available in 1 minute instead of six weeks (with traditional processes). In one case, Fract identified that a retail location could boost revenue by $10,000/month by simply adding two additional parking spaces. Fract has also identified scenarios in which retailers can increase revenue by a minimum of $500,000 in a market by increasing market share.
“Winning the CART competition is a complete validation of Fract’s solution and ability to solve one of the retail industry’s most vexing problems,” said Mike Mack, co-founder and CEO of Fract. “This competition was judged by the people that matter the most – retail executives that are looking for solutions to help their business. CART put us front and center, one-on-one, with six different billion dollar corporations for 55 minutes each, over two weeks. We’re honored to be selected as winners in such a competitive, real-world pitch event.”
Fract provides the retail industry’s first geospatial artificial intelligence platform for retail – helping retailers and restaurants understand market conditions and improve the performance of existing or proposed locations for retail stores, restaurants and other businesses. Fract’s AI tool integrates various business data points, runs a continuous prediction loop to find hidden data patterns, and presents actionable insights and specific ROI for each action. Customers see results in as little as a week, and Fract provides a typical ROI of at least 20 percent, with reports available in a minute compared to the typical six weeks required by traditional processes. Fract is headquartered in San Francisco.
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