Norna launches Veriscope! The World’s most advanced pricing tool for the fashion retail industry.
August 17 2020
The Swedish AI company Norna proudly presents Veriscope, the World’s most advanced and easy-to-use B2B AI SaaS for pricing and assortment decisions. Veriscope has been developed over two years together with IBM and McKinsey Design as development Partners.
Veriscope analyses millions of fashion products on a daily basis and provides retailers with real-time information on the objective assortment and price position of their complete product portfolio, considering similarities or differences between 1 000+ of product properties.
“It is hard to navigate without a map, and being able to truly understand one’s own product position through an automated and reactive software allows for a significant improvement of sales and/or margins”, says Michael Collaros, co-founder of Norna. “Veriscope provides traditional retail with a service that in many aspects resembles Amazon’s core technology and as such we provide retail with the opportunity to compete on the same terms as Amazon”, finishes Michael Collaros.
During the autumn of 2020, Veriscope will be implemented with a number of European fashion companies, which will be followed by a global launch.
“Our Team has done a fantastic job and I am convinced that Veriscope will be an important solution and driver for the global retail industry, as it undergoes a majoring restructuring”, says Matt Lindstrom, Norna’s CTO. “It has been incredibly stimulating to be involved in a project that has developed different types of world-leading technologies in artificial intelligence to create real benefits to retail”, finishes Matt Lindstrom.
Norna was founded in early 2018 as a response to the ongoing transformation of fashion and the general lack of advanced analytics in broad segments of the retail industry. Advanced use of data is a must as new players who specialize in true understanding of market behavior are entering the battlefield, and as an increasing portion of Sales are becoming digital.
Norna’s Mission is to change the way that the fashion industry manages pricing and monitoring of its main assets, i.e. goods. Norna believes that traditional fashion players will continue to be very important, but that they need to implement a completely new set of modern tools along with a changed mindset to be long-term successful.