FORGING NEW AVENUES DURING A CRISIS
One might think the Covid-19 pandemic would make it difficult for an AI start-up that offers retail and shopping malls with foot traffic, customer demographic and behavioral data. For the co-founders of Dayta AI, Patrick Tu and Alex Chu, the crisis highlighted why their company’s services could make a difference for retail stores during this challenging period. With sales flagging, shops must seize every opportunity to boost customer interest and engagement, and this is where Dayta comes to help.
An example provided by Patrick is how a shop can improve its performance with merchandise placement. For instance, if the sale of two different products is similar, with one located at the back of the store and the other displayed in a prime position near the entrance, most likely there will be a considerable sales potential when the item at the store back is moved to a more prominent display area.
Online shopping was already major before the pandemic, it has become more so since 2020. Patrick and Alex however, have no plans to push into this space with Dayta. “There are already established players like Google Analytics for online retail, it is unlikely to have advantages for us to develop AI tools for internet commerce,” Patrick explains. The two co-founders are locked in and focused on delivering where Dayta can best offer added-value service to their clients.
Both Alex and Patrick praise HKUST effusively for offering diverse yet rich experiences, from the classes to the internship opportunities and perhaps most importantly, the people they met. Alex says, “UST itself is a fantastic incubator for entrepreneurs, and many successful alumni were happy to talk to us even when we were just students.” Patrick adds the university community enabled him to cross paths with different people that wouldn’t be possible in other circumstances.
Being a comparatively small firm at the moment, both Patrick and Alex have clear but contrasting principles on who they want to hire and keep at Dayta. Alex emphasizes how a potential new hire fits in with his team, and if they share the same vision and perspective for Dayta’s future. Meanwhile, like any successful salesperson, Patrick ultimately evaluates his staff with their results, “as long as they generate sales, I don’t mind if they want to spend more time working from home.” The two co-founders acknowledge this may change as their business continues to grow – and given their achievements, expect to see more and more of your favorite retailers turn to Dayta AI to get a sales boost as we emerge from the pandemic.