Shopin has taken the first steps in commercializing its visual artificial intelligence, NLP and decentralization technologies with the release of R.I.D.E., the Retail Intelligence Data Engine.
Retail giants like Amazon boast incredible conversions to sales as they have a data fabric where they leverage all the purchase data from so many retailers, brands and consumers in their platform. They have cultivated the technical prowess to identify all the product interrelationships contextually for ultimate recommendations, forecasting insights and personalization. This data fabric is so powerful that Amazon’s purchase-data driven product recommendation bar accounts for 35% of its revenue (about 15% of the total U.S. e-commerce revenue – via Rejoiner).
In contrast, the world of retail never shares their data with one another and builds disparate technology stacks, resulting in less than 3% of consumers on average convert into a sale on a retailer website (Statista).
So the big question is: how does one get the purchase data to make sense of the decentralized world of retail and build a data fabric for all retailers and brands to access scalably?
“As we build towards the release of ShopChain and our decentralized universal shopper profile in 2019, we started looking for more purchase data to train our visual artificial intelligence engine,” said Eran Eyal, founder and CEO at Shopin. “That’s when Georgi Gospodinov, our CTO, had a ‘Eureka’ moment, leading us to create R.I.D.E.”
Eyal elaborated, “He envisaged a method to gather and analyze purchase data without retailers actually taking the risk of giving it to us initially. It’s pretty amazing as it offers such huge value with no risk on the part of the client.”.
R.I.D.E. looks for the co-occurrences between brands and products no matter where they are sold, revealing critical insights such as:
- Which brands and products are under-represented in a retailer’s catalog?
- Revealing to brands how their products are sold everywhere and what else customers are buying with their products, allowing them to forecast, reveal trends, spot ideal partnerships or acquisitions opportunities, and how to recommend and place products
- The potential adverse effects of removing a brand or product from one’s catalog – how the sales of other associated products could be harmed
- Which brands or products to import into new territories based on what is already being sold. Which items pair the best to increase basket sizes
- Potential investment or trading signals, using the ShopScore to measure which brands are most influential or the scope of the influence on other products and brands
“R.I.D.E. generates a global data fabric by interpreting and integrating the premium purchase data by all major and mid-size retailers. Our proprietary artificial intelligence algorithms further mine the data fabric for relevant insights and generate recommendations,” said Georgi Gospodinov, CTO of Shopin and inventor of R.I.D.E. “Beyond that, R.I.D.E. sets the stage for ShopChain and the larger Shopin vision by setting standards for handling customer profile data and leveraging a blockchain to accomplish that.”
Shopin is a universal shopper profile, built on the blockchain and powered by its proprietary artificial intelligence tools, which delivers shoppers the most personal experience in every site and app, as well as in-store, by working with retailers to give shoppers control of their purchased data. Its mission is to transform the retail web into a decentralized Amazon model through our proprietary artificial intelligence tools and blockchain approach.