“Adverity, a data analytics startup targeting applications in media, marketing, and ecommerce, today announced that it raised $30 million in equity financing, bringing its total raised to $50 million.
By accelerating R&D and growth within Adverity’s offices domestic and abroad, the fresh capital could help the company’s customers — among them Ikea, Red Bull, Unilever, MediaCom, and IPG Mediabrands — address the challenges AI and machine learning present
According to Algorithmia, 50% of companies spend between 8 and 90 days deploying a single AI model, with 18% taking longer than 90 days.”
“What are your top 3 tips for legacy brands who are starting to explore AI/ML in e-commerce marketing? How can marketers integrate AI and ML from inception through to measuring performance?
1) Get informed about what ML can do for marketers and what you need to get started. Like all exciting technologies, there is a lot of noise out there and some over-inflated claims. A dose of realism will help guide you forward.
2) Start small! For example, implement AI-driven upsell recommendations based on the page of one of your more popular products rather than your entire catalog.
3) Define a clear hypothesis about which metrics indicate improvement and how much improvement you expect to see. It’s crucial to follow a scientific method to avoid getting lost in the complexities and possibilities of ML. And, automate collecting the performance data so the results are transparent and easily measurable.
4) Outsource for expertise – it is unrealistic (and time-consuming) to spin up a data science and ML group for these kinds of complex initiatives. When outsourcing or purchasing off the shelf tools, get a proof-of-concept tailored to your use case before committing to long term costs.”