Alocalo
Alocalo provides end consumers with a system that suggests nearby retailers to them when searching for a more popular online retailer. It develops a search algorithm that can recognize the product that is displayed when the user searches for it and propose, in less than a second, a replacement in a nearby store. In addition, the plug-in provides the user with information about the name, location, contact information, and distance to the nearby store. Alocalo's technology makes use of the first self-learning AI platform for merchants to achieve these features. With the support of this network, small retailers may avoid losing market share to well-established internet rivals, keeping city centers vibrant with neighborhood shops.
Alocalo
Alocalo provides end consumers with a system that suggests nearby retailers to them when searching for a more popular online retailer. It develops a search algorithm that can recognize the product that is displayed when the user searches for it and propose, in less than a second, a replacement in a nearby store. In addition, the plug-in provides the user with information about the name, location, contact information, and distance to the nearby store. Alocalo's technology makes use of the first self-learning AI platform for merchants to achieve these features. With the support of this network, small retailers may avoid losing market share to well-established internet rivals, keeping city centers vibrant with neighborhood shops.
TL;DR
What they do: AI-driven search/recommendation system and marketplace that suggests nearby local retailers as alternatives to larger online retailers
Headquarters: Friedrichsthal, Saarland, Germany
Founded / launched: Circa 2021
Notable funding: EIC grant (~€2.2M reported, Mar 2022)
Company Overview
Problem Domain
Local retail discovery; e-commerce marketplace; product search/recommendation for nearby stores
Founded
2021
Industry
Retail technology; marketplace; e-commerce
Funding Track Record
€2.2M
Reported EIC grant supporting company; Dealroom lists March 2022 grant of €2.2M
Investor Signal
“European Innovation Council grant support”