TeknTrash is an AI and analytics company that has created Stipra, a system that manages post-sales data, allowing organisations to understand consumer patterns.
According to new data from TeknTrash, 60% of the spending major consumer brands make on digital marketing is wasted, and 80% of the 30,000 new consumer products launched per year fail.
The company says the wasted marketing spend and consumer product failures come about because companies lack consumption data, meaning they don't have a complete understanding of their product's lifecycles.
TeknTrash notes that every product has three different steps in its lifecycle: production, sales and consumption.
However, organisations are only using the first two, and the market relies on sales data for future batches, which is the worst data to use for this purpose.
Just because a product was sold to a wholesaler or direct to a consumer channel such as a supermarket doesn't mean it would be sold again, as the end consumer may not have liked the product and won't repeat the purchase.
Stipra comprises an SaaS cloud-based portal that manages the data and two data sources.
The first is an app available for both Android and IOS, which gives users perks and prizes for making videos showing themselves disposing of household items.
Secondly, the company offers StipraPOD (Point of Disposal), a network of smart bins that is the world's first disposal system to provide companies with useful consumption data while rewarding users for disposing products.
The system works by using an NFC card to identify a user before allowing them to dispose of their product.
A number of sensors identify the product that has been disposed of and display the user's name, along with how many points they get.
From here, companies can compare this consumption data with the regular sales data they've got from their POS system to find important consumer patterns.
StipraPOD is also made from bamboo, making it eco-friendly and more aesthetically pleasing for consumers than regular commonplace black metal bins.
The StipraPOD also has a screen that, in addition to displaying the number of points a user has earned, also shows advertising.
These features allow the product to more seamlessly fit in with attractive surroundings, such as shopping centres, airports, restaurants and country clubs.
"Stipra is growing fast with users using the app at an increasing rate, so it is now time to take it to the second level which is to also capture data from smart bins," says Al Costa, CEO and Founder, TeknTrash.
"In this, our partnership with Wolveshill brings in valuable tech expertise and allows us to focus on our ultimate mission, which is capturing post sales data."
TeknTrash has already created a working prototype of this new offering, with plans to develop it further through the company's partnership with Wolveshill, a leading UK tech company.
The project has been led by Dr Li Gudong, who holds a PhD in Electrical and Electronics Engineering and has worked in R&D and product development at a world-leading consumer electronics company for more than a decade.
Further, he brings more than 20 years of experience in electronics, IoT, IT and deeptech and will lead a cross-function team to develop the end product.
"This strategic partnership is a great opportunity for us to develop a product which we truly believe will revolutionise the FMCG industry by providing it with a missing "link" in their products lifecycles. In this, we are so glad our tech expertise will be pivotal," says Guodong Li, CEO of Wolveshill.