- Founded: 2013
- Investment: £300,000 from investors including Tony Keohane, former chief executive of Tesco’s Ireland stores
- Retail partners: Spar and Eat 17
- Founder: Roy Horgan
Market Hub is a pricing and analysis platform that enables retailers to adjust the prices of products in bricks-and-mortar stores in real time. Founder and chief executive Roy Horgan explains more.
What does it do?
Market Hub was designed to bring dynamic pricing capabilities that are a standard part of online retail into bricks-and-mortar stores, enabling retailers to ensure their prices are competitive in real time. The start-up offers retailers a suite of tools to help keep prices competitive without affecting margins, inlcuding electronic shelf labels to dynamically price products as well as data analysis of retail prices in relation to competitors.
Chief executive Roy Horgan says: “Market Hub enables bricks-and-mortar retailers to compete more dynamically within the multichannel market. Retailers generate a huge volume of data that requires constant analysis in order to be optimised effectively. But, due to time constraints, they often overlook this process.” How does the technology help retailers?
Market Hub’s platform enables retailers to use predictive analytics to support competitive pricing decisions effectively. Data analysis and dynamic pricing are standard for online retail, but bricks-and-mortar retailers often struggle to ensure their prices are competitive in real time. Market Hub’s technology is designed to change this by giving retail staff the insight and capacity to adjust prices and offers efficiently to maximise sales.
“We believe that one of the greatest challenges in retail today is the race to the bottom on discounting, alongside the erosion of sales and margin,” says Horgan. Retailers have huge amounts of data at their disposal without the capacity to analyse it effectively – Market Hub is designed to simplify this process, thereby increasing revenue.”