Starting at $199 for a three-month subscription, Pareto is targeting “real-world spaces that harness the power of the web,” calling itself the easiest way to sense physical behaviour and relay it to any digital platform. Retailers can connect their space and “optimise what matters for your business.”
CEO Jeffrey Dungen spoke to MTLinTech on Tuesday while attending the RFID Journal Live conference in Orlando, Florida, where he presented a science poster and launched Pareto with his team. “Store owners have been saying for forever that selling online is way easier than selling in a physical store, that the online people have access to all these great tools for understanding customer behaviour.”
“With Pareto, we’re saying you can now connect your physical store as if it were a webpage, and you can have access to all the same tools that the online people have, particularly for marketing. We’re giving them a competitive edge with the online world so they can deliver better customer experiences, because that’s their real edge over online,” said Dungen.
Dungen reflected on his work within RFID and IoT-based solutions for reelyActive, Pareto’s parent company and a former FounderFuel graduate.
“reelyActive was the Internet of Things for everybody, but no one knew what we did,” said Dungen. With Pareto, Dungen focused on a specific client, those people who either own or operate physical spaces, specifically retail or coworking spaces, where there’s an interaction of people and things.
“The value prop is, ‘We put a sensor in your space, it’ll start capturing what’s there, and you can write the data into Google Analytics.’ But the real value is being able to push the data into any of our other partner systems so that you can do things like loyalty, asset-tracking and behavioural analytics.”
Pareto has already had “a major retail chain” paying for a monthly subscription for nearly a year now, but Dungen couldn’t reveal which one yet.
The CEO said his launch represented a great step forward for startups working within IoT in Montreal. He feels that Pareto was designed to do its job well by being able to connect with other Montreal-made platforms.
“That’s one thing we’re really excited about. It allows us to directly connect our tool with other Montreal companies in a single click, and platforms such as Web Road 66 and mnubo,” said Dungen. “There are a few other Montreal startups and businesses that we’re looking to integrate with because they provide more value and could benefit from more data. We’re really trying to make this fit nicely in the Montreal ecosystem. Collaboration over competition.”