Following an article I covered last week on BingoBox, referenced by Professor Sabine Benoit at this months Forecourttech conference in Spain, I promised to look at other Smart Tech companies making the headlines and changing the ways in which we do business.
Meet the game-changing AI sales engine. ShopBox, also mentioned by Professor Benoit. It kicks in from the very first click. Shoppers see more of what they want. Retailers see ecommerce profits rocket. It’s that simple. Here are some extracts from an article written by the Bank of Ireland, which explains things about this AI product hyper-personalisation platform, in a far better way than I ever could.
Artificial intelligence is making its way into online shopping and an Irish start-up called ShopBox is leading the charge. Shopbox AI is focused on bringing high end Artificial Intelligence to any size of online retailer in order to generate more revenue from online shoppers and compete in a highly competitive space.
“We’ve seen products that were previously slow to move suddenly flying out of our warehouse because Shopbox finds them for the shopper” explains ShopBox co-founder Alan Gormley. "This is done through an easy to integrate AI product hyper-personalisation platform, already proven to work in over 50 online retailers, he continues. “The basic issue online retail faces is extremely low margins driven by the ever increasing cost of ads,”
“By ‘wrapping’ the store around the customer, Shopbox clients typically see a 3x increase in conversion. ”
Transforming online shopping.
Shopbox transforms any online store into one which adapts to the customer from the very first click.
After just one product view it starts to find interesting things, specific to each customer. It acts very much like a shop assistant, constantly giving customers ideas and helping them stumble upon products they would not otherwise have considered.
“We’ve seen products that were previously slow to move suddenly flying out of our warehouse because Shopbox finds them for the shopper,” said Mark Kean, director of Kean’s of Claremorris.
Shopbox has several unique aspects which are not available to retailers otherwise.
It works from just 1 click. Other’s tech requires a lot of customer interaction to start becoming intelligent. Shopbox just works.
It is 100% automated. Retailers are live with a few clicks and never need to touch the system.
It balances the needs of customers with the needs of retailers and merchandisers. We noticed existing solutions pushed product with no consideration for what is important to a retailer. Shopbox balances this to increase sales but manage other important aspects of the business such as long tail stock, variable margins, promotions etc.
Main image at top: ShopBox founders Alan Gormley and Tariq Zaki
For the full article visit ShopBox brings AI into online shopping | ThinkBusiness
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