Dutch start-up Crobox has won the LVMH Innovation Award 2020, the luxury group reports in a press release. Crobox competed for the prize with an “ambitious project that analyzes consumer behavior,” the report said. Crobox will work with the LVMH Group for a year.
Crobox defeated 1,200 other submissions during the process. The project analyzes consumer behavior through which brands learn what customers like about their products. This gives brands the opportunity to bring these elements forward in the communication, which further stimulates a purchase.
Crobox was founded in 2014 by Leonard Wolters, Rodger Buyvoets and Sjoerd Mulder in the Netherlands. Crobox focuses on helping brands highlight the most important features of an item. “Not all customers buy a product for the same reason. One customer buys a jacket because it is warm, the other buys it because it is beautiful. How can a brand highlight the most relevant feature of the brand for an individual customer, “said the press release. The behavioral analysis that Crobox performs ensures that the ‘sales pitch’ of an item matches the individual expectations of the customer.
About the LVMH Innovation Award
the LVMH Innovation Award was created in 2017 by LVMH. It targets promising start-ups, the website said. Every year the prize focuses on a new theme. This year, the competition focused on customer experience solutions. To enter the competition, a start-up must have a value of less than 100 million euros, have fewer than 50 employees and the solutions they offer must be of interest to the LVMH Group.
Each year, 30 finalists are selected from all entries. These companies present a pitch to a jury of digital experts who then select a winner. The winner receives support and advice from specialists within the LVMH Group. In addition, they develop a collaboration with LVMH and the fashion houses that belong to the group. All finalists and of course the winner have the opportunity to join the LVMH incubator.
Image: Screenshot Crobox website