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Report

Teaser, summary, work performed and final results

Periodic Reporting for period 1 - PISPA (Plytix Information Sharing Platform and Analytics)

Teaser

Summary

PISPA (Plytix Information Sharing Platform and Analytics) is a project funded under the EU Horizon 2020 programme since 2018 with the main beneficiary being Plytix.com ApS. Plytix is working towards an analytics tool offering cross-channel e-commerce analytics and simplified segmentation that facilitates unparalleled product visibility from product impression to checkout, important product information that brands do not currently have access to. Today, it is very difficult for businesses selling goods online to get accurate statistics about their product performance because they need to piecemeal information together and also work with incomplete data sets due to lack of shared information between brands and their retailers. The type of information that can be gathered will be conversions, add/remove from cart, impressions throughout the funnel (category pages, product pages, checkout pagesâ€¦etc.), plus the shared information from different channels and products for comparison and cross-referencing.

The overall objective of the PISPA project are to launch a commercially viable version of the Plytix Analytics tool. PISPA is going to develop this new analytics tool that will facilitate the sharing of data between brands and retailers, and also help collect data at a product-level. This type of data provides benefits for brands, retailers, and even their consumers. The valuable insights that users will be able to extract will allow them to: [i] increase conversions; [ii] make better marketing decisions and design better products; [iii] optimise their supply chain and prevent stock outs.

Work performed

The PISPA project has made progress throughout the first 12 months of the programme. The project is divided into 5 main work packages (WPs) to ensure the success of the endeavour: (1) Project Management; (2) Optimisation of the Plytix Analytics Tool; (3) Demonstration of the Plytix Analytics Tool; (4) Market Intelligence, Dissemination and Communication; (5) Ethics Requirements. Progress made during this period includes: continuous and periodic reporting; the deployment of an API solution (instead of the data visualisation server); the creation of plugins for popular e-commerce platforms WooCommerce, PrestaShop, and Magento; changing the Functional Architecture of the Analytics platform and PIM platform. We have also made strides in demonstrating the platform by training staff, incorporating the analytics into our demo repertoire and collecting user feedback to make necessary changes. The dissemination and communication part of the project has been successfully carried out including a new and updated marketing website (plytix.com) (D4.1) and a communication plan (D4.2). The rebranding and redesign of the Plytix marketing website included visual branding, site layout, better calls-to-action, copy updates and and improved sign up flow. A dissemination and communication plan was developed to define the target audiences and the channels by which to communicate with them. The ethics requirements were largely related to GDPR. Morten Poulsen (CEO) was appointed the Data Protection Officer (DPO) and a legally vetted privacy and cookie policy was put in place. Plytix and the PISPA project will continue to remain compliant with the ethics and gender requirements of the European Commission and the SME Horizon 2020 guidelines.

Final results

Plytix.com is an online platform service that fulfils unmet needs in the current e-commerce model. The end-users for the novel Plytix.com platform are brands and e-tailers. Plytix Analytics helps brands to increase profits from e-commerce, by providing them with product sales performance and customer behaviour data from all web-stores (e-tailersâ€™ and/ or own web-stores) where customers are interacting with their products. Before Plytix.com, this valuable cross-channel data was impossible to collect. For e-tailers, The Plytix platform will reduce cost and time spent on tasks by providing them access to free high quality product images through a centralised online image bank. The need for the Plytix.com platform arises from the currently fragmented nature of the e-commerce industry. The economic benefits from Plytix for the end-users is two-sided: [i] first and foremost, Plytix Analytics provides business strategic insights that will allow userâ€™s companies to achieve higher conversion rates, i.e. increased revenue; and [ii] secondly, the holistic concept of making a centralised hub of product content allows for reduced operating costs related to product handling for both brands and e-tailers. In addition to the direct economic benefits for end-users, Plytix Analytics adds value in non-financial parameters such as customer satisfaction, customer retention, and improving business processes and products. Plytix Analytics empowers users with evidence-based decisions that allows them to stop guessing from their decisions and to prevent unnecessary over-spending e.g. on promotional campaigns.

The main objective of the PISPA project is to provide the first analytics tool in the world that can track the performance of a product across sites and channels. Why is this important? A study indicates that 35% of Amazon sales comes from recommendations. Amazonâ€™s recommendation engine is so powerful due to the amount of data it hosts. With Plytix Analytics and its ability to track products performance across channels, companies can tap into aggregated data from multiple data sources and allow for Big Data to leverage that data and give SMEs the same competitive advantages as Amazon. And, it does not stop there. With that foundation of aggregated data, Plytix can take the next technological leap forward in the industry and start developing dynamic product listing technologies. To put it in layman terms, companies will be able to present individual consumers with products that are relevant to them and according to each individual values and preferences. It is a future where remarketing (those ads that constantly pop up on your screen) becomes obsolete and where consumers can feel safe and in control again.

The PISPA project aims to have a significant impact on SMEs. According to a study conducted by Digital Europe and the European Commission in 2018, companies scoring â€œVery Highâ€ at adopting data and technologies, are growing six times faster than the rest. And who are these companies? These companies are large enterprises that can afford the necessary technologies and have the skills to implement them. The resultä¸€the performance gap between large corporations and SMEs are growing bigger each year, and it is becoming increasingly difficult to compete in a market that is growing exponentially in complexity. With PISPA, Plytix can close that performance gap in the market by giving SMEs access to data and technologies that up until this point had been reserved for large enterprises. By offering technologies that are user friendly and affordable, Plytix can take part in lifting SMEs worldwide to the next level and make them competitive now and in the future.