IBM SmartCamp Finalist Profile: IDXP — How Hot Wheels Can Help Analyze Consumer Shopping Behavior
IDXP co-founder and CEO, Gustavo Lemos, has a passion for Brasilian football (but not the Corinthians, mind you), and for monitoring consumer behavior inside large stores.
It all started with a New York Times article he read in 2002, about how Wal-Mart was tracking products with RFID.
Lemos wondered, what would happen if I could do the same to monitor consumer behavior inside the store?
After doing post grad work in finance, he got the opportunity to prove his concept, by building a miniature big box store out of wood and by attaching RFID tags to Hot Wheels cars.
You read that correctly.
Gustavo explains: “When you really want something, the universe inspires you.”
Now, IDXP is a ful-fledged concern that analyzes consumer behavior in real time for the brick-and-mortar retail market. It tracks the paths to purchase and analyze shopper behavior at the point of sale through an innovative technology that uses smart sensors in shopping carts to monitor their movement in real time.
In doing so, it can then generate online reports, insights, and premium information that can help manufacturers and retailers to make better decisions. In turn, those customers can strengthen their marketing initiatives, raise their product conversion rates and improve the overall shopping experience for consumers.
Concludes Gustavo: “You typically know how you’re going to start your day, but you never know how it’s going to end. One phone call can change your life.”