Klevu raises $12M for AI that personalizes ecommerce search

  • “While year-over-year consumer spending in the U.S. dipped last month, the pandemic has supercharged ecommerce. According to data from IBM’s U.S. Retail Index, business closures and shelter-in-place orders accelerated the shift to digital shopping by five years, with online shopping projected to grow nearly 20% in 2020.
  • Based on the survey data from BMC and Mercatus, ecommerce grocery orders alone totaled $5.9 billion, up 3.6% from $5.7 billion in August.
  • As of Q1 2019, just 2.72% of ecommerce website visits converted into purchases, according to Statista.
  • Klevu customer Puma says it saw an over 50% increase in search-led conversions on one of its websites after adopting the platform.”

https://www.google.com/amp/s/venturebeat.com/2021/04/08/klevu-raises-12m-for-ai-that-personalizes-ecommerce-search/amp/

Syte Launches First AI-Powered Product Discovery Platform, Yielding 177% Increase in eCommerce Conversion

  • “Syte’s product discovery platform enables brands and retailers to automatically create personalized journeys, introducing each unique shopper to the products they’re most likely to buy in the way they most prefer to shop.
  • These bespoke journeys are proven to increase online conversion rates by an average of 177% and average order value by 9.8%.”

https://www.prnewswire.com/il/news-releases/syte-launches-first-ai-powered-product-discovery-platform-yielding-177-increase-in-ecommerce-conversion-301249413.html

Vendor Spotlight: Syte.ai

Vendor: Syte

Website: syte.ai

Headquarters: Tel Aviv & Geneva

Key Product:  Visual Discovery Suite

Camera Search – Create an intuitive path to purchase by empowering shoppers to upload any image or browse through a curated inspiration gallery and find their perfect item.

Articles about Syte:

Syte Launches Hyper-Personalization Solution

Syte, an e-commerce visual search platform, gets $30 million Series C to expand in the US and Asia

Clients: Shane Co, Prada, De Beers, Tommy Hilfiger 

Awards: Draper Award Shortlist, Gartner Hype Cycle, CB Insights

Executives:

Ofer Fryman (CEO) – linkedin.com/in/oferfryman

Idan Pinto (COO) – linkedin.com/in/idanpinto

Dr. Helge Voss (CTO) – linkedin.com/in/dr-helge-voss-0a489110

Lihi Pinto Fryman (CRO) – linkedin.com/in/lihipintofryman

Data Points

Average ROI = 423%

AOV Uplift = 9.8%

CVR Uplift = 177% 

Differentiator:

Syte Visual Conception and its subsidiaries and products are protected by one or more of the following U.S. patents: https://www.syte.ai/patents/

6,763,148

7,474,759

7,756,291

8,019,118

8,744,180 

9,117,143

9,412,182

9,710,928

10,127,688

Footwear Brand Launches Celebros Search Solution to Power Site Search and Increase eCommerce Transactions

“The Celebros Search solution was selected because of its AI driven intelligent search and seamless integration with Magento, the eCommerce platform that powers many of MAP’s online stores. Celebros uses machine learning to understand user behavior and trends to provide customers with accurate and relevant results and recommendations. This will be especially important to the New Balance website because of its large and diverse product catalog.”

https://www.globenewswire.com/news-release/2021/01/05/2153600/0/en/Footwear-Brand-Launches-Celebros-Search-Solution-to-Power-Site-Search-and-Increase-eCommerce-Transactions.html

How Artificial Intelligence is changing the way we search and find online

  • “The customer searching online tries to make their query as accurate and intelligent as possible while the search engine simply responds by sharing everything it knows, but without actually answering the question. AI by contrast can spot what the customer intends and gives answers based on that intent, depending where an individual shopper is in their own personal buying journey.
  • By ensuring that their search strategy is underpinned by AI, retailers can then introduce more dynamic search enablers, such as visual and voice. But rather than simply adding commands, the customer is able to hold conversations with the digital assistant using natural language. Search then turns into discovery and it is this that leads to higher customer conversions, repeat visits and long-term loyalty.”

https://www.google.com/amp/s/www.itproportal.com/amp/features/how-artificial-intelligence-is-changing-the-way-we-search-and-find-online/

(Image credit: Shutterstock)