“With Reflektion we actually boosted our revenue per visitor 8-9%, by showing other jacket colors and higher ticket items. With our old solution, we saw products recommended that weren’t really related to the product page you were on at all, usually what would show up were just top sellers.”
This afternoon I was checking out vendors leveraging AdWords to reach eCommerce professionals. I combed through the Reflektion site, and was impressed by their case studies with some well known brands.
Leading retail brands such as TOMS, Ann Taylor, Sur La Table, Godiva and Destination XL rely on Reflektion’s AI solutions to combine individual shopper insights, product intelligence, and deep learning to create impactful ecommerce experiences that translate to double-digit increases in key metrics such as conversion rate and average order value.
This 2017 recognition from CB Insights builds upon Reflektion’s momentum in the ecommerce space. In 2016, the company was named a Gartner Cool Vendor in Digital Commerce Marketing, and in 2015 it won Shop.org’s Digital Commerce Startup of the Year award.
“These robots can greatly improve Walmart’s inventory management and overall efficiency. The robots can scan aisles three times as fast and much more accurately than an average Walmart employee, Jeremy King, chief talent officer for Walmart US and e-commerce, told Reuters. Additionally, employees only have the chance to check aisles approximately twice a week; although it’s unknown how often or when these robots will be roaming the aisles, it’s likely to be on a more regular basis. All of these improvements will keep Walmart’s aisles better stocked and free up employees to help customers, creating a better shopping experience while making its operations more efficient.”
“SLI Systems (SLI.NZ), a global leader and provider of e-commerce solutions and services, announced that Restaurantware has increased its conversion rate to more than 5%, up from 2%, since the company began using SLI Systems in May 2017.
‘Our website search function was terrible. No one, including myself, could find the products they were looking for. Users were consistently getting irrelevant search results or results were delivered in an incomplete manner,’ explained Jamil Bouchareb, CEO, Restaurantware. ‘We interviewed other retailers and found SLI was considered the best search solution. SLI has an excellent professional services team, who knew exactly what we needed, which made implementation go smoothly and swiftly.'”
“BOOST Technology’s supervised AI/machine learning also includes an ensemble classifier with 250 models, generating a Safety Rating that indicates the legitimacy of a transaction relative to all total transactions pa
ssed through Kount. The models are designed to identify unique signatures of fraud, as merchants’ decisions, past transactions and various fraud patterns emerge. This functionality adds zero time to the transaction review process, maintaining Kount’s current response time of roughly 250 milliseconds.”
Chorus.ai – “Chorus.ai records, transcribes and provides a summary of sales meetings in real-time, providing actionable follow-up insights for sales teams and training insights for new hires. The product automatically identifies discussion of important topics and provides meeting performance metrics. Based in San Francisco with R&D in Tel Aviv, Chorus was founded in 2015.”
CommonSense Robotics – “Tel Aviv-based CommonSense Robotics uses AI and robotics to enable retailers of all sizes to offer one-hour delivery and make on-demand fulfillment scalable and profitable. Automating and streamlining the process of fulfillment and distribution will allow retailers to merge the convenience of online purchasing with the immediacy of in-store shopping.”
Embrace AI, AR and VR. – “As Sunyyan Junaid, marketing strategist at Magenticians, told me, ‘AI, AR and VR are going to disrupt every industry in the coming years, but ecommerce is going to benefit the most from these fast-evolving technologies. As an entrepreneur, your focus should be on adapting these technologies into viable business processes that enhance the user experience of ecommerce stores.'”
“Reflektion is an AI-driven customer engagement platform founded in 2012 by ex-Google pioneers in deep learning. Its platform understands and influences the intent of each customer in real-time and instantly delivers the most individually relevant content across the touchpoints that matter most—including Web, site search, merchandising and email. Leading retail brands such as TOMS, Ann Taylor, Sur La Table, Godiva and Destination XL rely on Reflektion’s AI solutions to combine individual shopper insights, product intelligence and deep learning to create impactful
ecommerce experiences that translate to double-digit increases in key metrics such as conversion rate and average order value.”
Our friends at CB Insights have developed a new infographic titled “Artificial Intelligence in Commerce Market Map.” As usual, they’ve done a really nice job, and I’ve discovered a few new companies that I’ll review in the coming weeks.
I know it’s extremely difficult to include every vendor in the ai eCommerce space; however, there were a few missing that I expected to see: Sentient, BoomTrain, Cloud-IQ, LiftIgniter, Neowize, WACUL, Apptus. Check out this post with infographic that I wrote in April titled “Top10 Data Points for AI eCommerce.”
Here are a few key points from the post:
“Proving once again that there isn’t a space that can’t be reshaped by AI, our friends at CB Insights mapped the startups disrupting retail and e-commerce using artificial intelligence (AI). Syncing online and real-world inventories is just the tip of the iceberg when it comes to converting retail to a 21st-century endeavor. The applications are broad enough, in fact, that CBO’s map covers 11 different categories.”
“The Baymard Institute was nice enough to compile the average of 37 different studies on shopping cart abandonment and found that 69 percent of shoppers did not complete the purchase in their cart. That is a problem hungry for a solution.”
(Granify) “The company promises its customers an incremental revenue gain of 3 to 5 percent within 90 days. “
(Reflektion) “By modeling millions of users every day and predicting with high confidence what customers will do next, the software responds to real-time individual shopper intent, increasing conversions and revenue by +20%.”