NEWErica Herzenberger, a student of the Faculty of Business at Novosibirsk State Technical University (NETI), has developed a methodology that will identify patterns of changes in consumer demand. The business project won one million rubles in the Student Startup competition and was presented in the youth track of the Siberian Venture Fair, held as part of the TECHNOPROM-2024 International Forum for Technological Development.
Radar of consumer desires is an analytical service that provides trading and manufacturing companies with a forecast of commodity market conditions. The platform allows business users to track demand trends, explore the competitive environment and identify consumer preferences.
"Many companies spend large sums on marketing and planning their work based on incorrect forecasts about consumer demand. This also leads to the freezing of assets in the balances, to the loss of money when products are written off and to a decrease in customer loyalty due to the lack of necessary goods in stock. Our service will help to avoid these problems and make life easier for business owners, marketers and sellers," said Erica Herzenberger, author of the Consumer Desires radar.
The service will reduce costs, thereby increasing profitability. The radar of consumer desires provides the user with detailed and up-to-date analytics that will allow them to make effective management decisions faster. Owners of trading and manufacturing companies will be able to access important information about current and projected market trends, which will optimize stocks, avoid surpluses and shortages of goods.
The functionality of the product is developed based on the research of the target audience. "We conducted an analysis of the commodity markets for the first users in the business-to-customer interaction sector, using the developed indicators. These coefficients are included in the system for calculating the forecast of the commodity market, which I cannot tell you in more detail for research purposes. One of the important factors will be the geography of sales. As a result, with the help of this analytical system, a market change was predicted, which was confirmed by 70%. Further, our work will be aimed at improving this accuracy," said a student of the Faculty of Business of NSTU-NETI.
Analytical algorithms for data processing are developed according to the recommendations of existing analysts, Erica Herzenberger emphasized. The authors of the business project plan to sell their product on the Russian market.
Two months earlier, eight students of Novosibirsk State Technical University (NETI) became winners of the Student Startup competition organized by the Innovation Promotion Foundation. Each of the students received a grant in the amount of one million rubles for the implementation of their startup.
Five of the eight winning students are participants of the educational track "Startup as a diploma", organized by the Department of Education Strategy of NSTU-NETI. As part of the track, graduates implemented their theses in the startup format. Recall that this year NSTU-NETI has graduated 20 startup students, the main consultant of the startup part is Evgenia Gorevaya, Associate Professor of the Department of Management at the Faculty of Business of NSTU-NETI.