One key takeaway from the report, puts us right in the center of what is now becoming a major distinguishing factor for new-age retailers. It is about a San Francisco based retailer “Stitch Fix” and how they use data, not just from the user, but also data on the products they sell – they use 50-150 data points of their products, along with algorithms that determines the probability of the customer purchasing that product, leading to a 30% increase in revenues over other retailers that approach personalization only from a user data perspective.
You could find this on Slide 69, or below here:
By approaching personalization from both, user data and product data perspectives, retailers drastically improve their conversion rates and hence, their revenues.
Mary Meeker’s State of the Web Report & Infinite Analytics
We, at Infinite Analytics, approach personalization from both user perspective and product perspective. Our algorithms are able to break down the product into many attributes, that are also added as meta-data to the product catalog, leading to a higher precision in personalization, along with a higher precision in Product Search & Discovery.
A product image in the Product Catalog is broken down into color, shape, size, pattern, and hundreds of other attributes, that go into defining the product.
This approach also allows IA to effectively deal with the cold-start problem for new retailers. We have had this approach for the last year and a half, allowing us to achieve amazing results for our customers, as can be seen in some of our case studies.
Our product, thus, levels the playing field, when it comes to innovative technologies, in retail. With Amazon crushing the market, with its cutting edge technologies, our product vastly flattens the playing field for retailers to effectively compete with Amazon.
If you would like to know more about this, please feel free to reach out to us on [email protected]
It’s most obvious in the digital media space, from click buys to personalized web experiences. For marketing, the AI journey has just kick-started, while in the tech sector it has been applied for a while now. We are still at an early stage where inroads are being made into AI content via chatbots and even some explanatory content creation but what will make anyone jump up and embrace it is when we will start seeing a lot of mainstream content being created by AI.
Prior to joining Infinite Analytics, Richard served as the CFO of CrowdFlower, COO and CFO of Phoenix Technologies, as a member of the board of directors and chairman of the Audit Committee at Intellisync, and previously as CFO and executive vice president strategy and corporate development at Charles Schwab.
Pravin Gandhi has over 50 years of entrepreneurial operational and investing experience in the IT industry in India. He was a founding partner of the first early stage fund India - INFINITY. Subsequently a founding partner in Seedfund I & II. With over 18 years of investing experience, he is extensively well networked in investment and entrepreneurial scene and is an active early stage angel investor in tech & impact space. Pravin holds a BS in Industrial Engineering from Cornell University, and serves on the board of several private corporations in India. He is on the board of SINE, IIT Mumbai Incubator.
Puru has his Masters in Engineering and Management from MIT. Prior to MIT, he worked with Fidelity Investments building electronic trading products and high volume market data processing applications. He has completed his BE from VJTI, Mumbai.
Deb Roy is Professor of Media Arts and Sciences at MIT where he directs the MIT Center for Constructive Communication, and a Visiting Professor at Harvard Law School. He leads research in applied machine learning and human-machine interaction with applications in designing systems for learning and constructive dialogue, and for mapping and analyzing large scale media ecosystems. Deb is also co-founder and Chair of Cortico, a nonprofit social technology company that develops and operates the Local Voices Network to surface underheard voices and bridge divides.
Roy served as Executive Director of the MIT Media Lab from 2019-2021. He was co-founder and CEO of Bluefin Labs, a media analytics company that analyzed the interactions between television and social media at scale. Bluefin was acquired by Twitter in 2013, Twitter’s largest acquisition of the time. From 2013-2017 Roy served as Twitter’s Chief Media Scientist.
Erik Brynjolfsson is the Jerry Yang and Akiko Yamazaki Professor and Senior Fellow at the Stanford Institute for Human-Centered AI (HAI), and Director of the Stanford Digital Economy Lab. He also is the Ralph Landau Senior Fellow at the Stanford Institute for Economic Policy Research (SIEPR), Professor by Courtesy at the Stanford Graduate School of Business and Stanford Department of Economics, and a Research Associate at the National Bureau of Economic Research (NBER).
Akash co-founded IA while studying for his MBA from MIT. Prior to MIT Sloan, he co-founded Zoonga. Before this, Akash was an engineer with Oracle in Silicon Valley. He has completed his M.S from University of Cincinnati and B.E from the College of Engineering, Pune.