The ICCO Project

In these years of rapid change, a few national and international aspects have erupted and significantly influenced the panorama of the Spanish and Portuguese economy, strongly affecting commercial activity in the various territories.

In an increasingly competitive and global market, new technologies have created new patterns of consumption and given a strong boost to online commerce.
It is now important that technological innovation can benefit and improve local commerce and cater for the new generation of more digital consumers.

Importance of high street retail

It contributes significantly to the economy and social cohesion in Spain and Portugal.
It represents an element of cultural and urban identity.
It employs a significant part of the population, especially women.

Data from the National Statistics Institute (INE) on Traditional Trade

	Contribution to GDP in 2021	Average sales increase in 2022	Employment growth in 2022	People employed in 2022
	4,7%	0,7%	2,2%	9%
	14,5%	4,8%	3,3%	14,3%


Contribution to GDP in 2021	4,7%	14,5%
Average sales increase in 2022	0,7%	4,8%
Employment growth in 2022	2,2%	3,3%
People employed in 2022	9%	14,3%

Traditional commerce is facing a series of challenges:

Impacts of the Pandemic: COVID-19 has had a significant impact on high street retail, forcing many shops to temporarily close or reduce their commercial operations. Social distancing measures and restrictions on the capacity of people inside shops have directly affected sales, leading to a sharp drop in revenue in this sector.
Difficulties in adapting: Many shops in high street retail have been unable to adapt quickly to new market demands, such as online sales, digital presence in the market or online payment methods.The lack of financial and technological resources and the lack of training for shopkeepers limits the ability of these shops to innovate and modernise.
Competition with large supermarkets: The growing presence of large shopping centres and hypermarkets with advantages for consumers such as low prices, a greater range and diversity of products and brands, attractive leisure areas and parking facilities are very attractive for capturing various market segments.
Changes in Consumption Habits: The growing trend towards online shopping is also damaging high street retail, which may not have the capacity to develop efficient e-commerce platforms or offer fast deliveries.

There is an urgent need to renew and modernise high street retail. This could include creating partnerships between local businesses, promoting local purchasing initiatives and strengthening their online presence. By improving the quality of service, personalising the customer experience and building a strong community, traditional commerce can find its place in an increasingly competitive market.

The ICCO project will therefore analyse consumer behaviour in local businesses in municipalities with fewer than 20,000 inhabitants using innovative emerging technologies (cloud technology, statistical data analysis, neuroscience, big data) to draw conclusions about current demands and consumer trends to improve the competitiveness of these businesses.

THE ICCO PROJECT'S
APPROACH AND INNOVATION

Put the consumer at the centre of your strategies
Adopting innovative practices to respond to consumer trends and demands.
Use of innovative and emerging technologies:

1.
Customer Experience Platform (Developed by the University of Valladolid)
- Evaluation of companies' competitiveness (number of purchases, average spending, etc.).
- Consumer profile assessment (time of day, consumer payment method).
- Watch the explanatory video in Demo video
2.
Neuromarketing
- Use of patented technology to understand consumers' unconscious reactions;
- Electrodermal bracelets;
- Smart Recording Glasses;
3.
Advanced Data Analysis/Big Data:
- Analysing data from the Customer Experience Platform;
- Metrics and indicators;

EXPECTED RESULTS OF THE ICCO PROJECT

Improving Competitiveness in High Street Retail with the definition of concrete actions to increase the competitiveness of trade based on data analysis.

Market segmentation to create greater interest and increase consumer demand.

Better knowledge of consumer behaviour to facilitate more effective marketing and sales strategies.

The ICCO project thus stands out for its innovative approach, combining advanced technology and detailed analysis of consumer behaviour, providing concrete solutions to the challenges of high street retail.