One of the most prominent challenges businesses face is finding out exactly what it is their consumers want and then to be able to market it to them effectively. Gathering customer data is an excellent option for online retailers and marketplaces, but how do brick-and-mortar stores find out that same information? Nucleus Vision may be the answer.
What is Nucleus Vision?
Nucleus Vision describes itself as a technology solution for physical retailers and businesses that allows them to access previously hidden data regarding their customer base. Through the use of real-time sensors and blockchain data transfer, several kinds of information can be sent to secure servers for analysis, allowing for more efficient marketing strategies and reward-based incentives for consumers and participating businesses.
How Does it Work?
Nucleus Vision has created ION, an Internet of Things (IoT) sensor that enables data to be exchanged between the point of origin and a secure server. This sensor technology is able to identify temperature, pressure, acceleration, motion, and sound. Most importantly, the sensors recognize mobile phones as they pass by, with a range of up to 200 meters. This means that the sensors can detect individual mobile I.D. data, which is transferred over blockchain for security, in turn building a unique customer profile.
As a consumer enters a business or retail location and their unique I.D. is detected, the company has a chance to interact with the customer directly. A push notification or text message can be delivered, offering the opportunity to join the store’s rewards program. If the customer accepts, they can be rewarded with nCash or other offers, and the data they submit is sent to secure servers and can be shared with other business participants in the system.
With no need for Wi-Fi, Bluetooth, or GPS protocols for the system to work, Nucleus Vision has developed a tool which provides retailers with useful, real-time consumer and product information. They can see where customers spend more time, how often particular products or displays are passed by, and their intelligent technology even allows retailers to make predictions about future shopping behaviors based on past ones.
The product itself is ‘plug and play,’ meaning that the hardware can be used right out of the box and start gathering information straight away. As soon as the retailer connects the ION sensor, they become a part of the Nucleus Vision group along with every other business who participates, widening the network and increasing the amount of valuable information they can access.
What about the Rewards System?
As well as creating unique data-capture technology, Nucleus Vision has also developed the nCash token system, a decentralized cryptocurrency used for transactions in the system. nCash can be used to reward consumers who are part of the Universal Loyalty System (the rewards programs) and as payment for the data transferred between participating businesses.
Much like coupon codes and special offers, retailers can send nCash tokens to customers to spend in store. The rewards can be given for anything from entering the store to making a purchase or by answering data requests, such as providing an email address or updating shopping preferences. nCash can be stored in the customer’s personal cryptocurrency wallet and be cashed out virtually, or the customer can opt to use nCash as loyalty reward points at any participating Nucleus Vision retailer.
As retailer currency, nCash is responsible for compensating the various businesses within Nucleus Vision for sharing their customer data. Privacy is of great importance to Nucleus Vision when it comes to consumer information, with data sharing following stringent telecom regulations and global security policies. Customer data will only be shared if the individual approves.
What does Nucleus Vision have in store for the future?
As part of their three-step plan, with Nucleus Vision Retail rolled out as the first, the company plans to move into residential, commercial, and industrial security systems as step two. After that, the possibilities are limitless for Cars, Health, City, Agri(culture), Air, and Home smart systems, all intended for step three. As consumers rely more heavily on technology and smart data storage, Nucleus Vision intends to bridge the gap between the online and offline worlds for a more cohesive overall lifestyle.
Nucleus Vision already has partnerships and investors from large technology and telecom groups, such as Vodafone, Intel, and Wavenet. Popular from the offset, Nucleus Vision canceled their public token sale, as the hard cap of $40 million was reached during the pre-sale, showing considerable interest and backing.
With great promise for future applications, Nucleus Vision is not just going to bring change to brick-and-mortar retail locations but has the possibility to impact smart technology on a much broader scale.