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Tuesday, January 30, 2007

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a new hardware-software combination designed by a company called Consumer Vision, created by IIT graduates, postgraduates and PhD fellows, that is working on revolutionising the retail sector, not just in India, but across the world. The company is currently housed in the Society for Innovation and Entrepreneurship (SINE) incubator at IIT-Powai, which provides support for fledgling companies before they can stand on their feet. It all started when Rohit Nalwade, research fellow in the electrical engineering department at IIT-Powai, proposed using radio frequency identification (RFID) in the retail sector so that stores could get to know their customers better, at a conference in 2003. His proposal was received with a mixture of skepticism and enthusiasm.Details such as the customer's name, the number of times he visits the store, the products he usually shops for, can be stored on the hardware. If a customer is a frequent shopper, the store may give him a personalised discount to induce loyalty

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