Capillary Technologies, which provides inventory and customer relationship management solutions to retailers, is going multi product to tap market demand and drive growth.With brands increasingly pushing for higher sales in offline stores and the omni channel market, the software-as-a-service (SaaS) provider has shifted from a single-product philosophy to launch a suite of four new products, while another two are in the pipeline.
The nine-year-old Bengaluru-based company has more than doubled its engineering team in the last one year and is investing at least $4 million annually in its new products, Capillary Technologies' chief executive Aneesh Reddy told ET.
“Between our offices in Bengaluru and Hyderabad we have more than doubled our engineering team from 110 to 250 engineers who are working on multiple products, some of which are live in beta stage with existing customers," said Reddy.
Going forward, the company's focus will be on the four products it has launched, which individually have a market potential of $100 million, Reddy said.
Focused on enhancing consumers' shopping experience, reducing the cost of customer acquisition and increasing sale through targeted marketing, Capillary's new products are based on technologies like image processing, machine learning and chatbots.
“The cost of acquiring customers has gone through the roof. Through our new products, we aim to implement the technology currently being implemented in online commerce to brands across different channels," Reddy said.
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