The rise of online shopping is a revolution, not a trend. It’s here to stay and would inevitably disrupt multiple sectors across different industries. While online purchasing has long existed since the start of the digitalization era, it wasn’t until 2020 that the demand for digital shops skyrocketed at an unprecedented rate. Heightened by pandemic restrictions, companies in the retail sector are persistently investing in advanced business models to catch up with the rapid acceleration of online sales, and ultimately edge out competitors.
It’s no longer just about the convenience of delivering items right to your doorstep – the focus now shifts to a hyper-personalized system that provides a flawless experience for both companies and customers. One startup is bridging this gap by making big swings in B2B2C: Renovai.
Visual AI Shopping Assistance
Renovai is a visual AI shopping assistant that provides customers recommendations based on their actions. Think of it as Netflix and its customized content – it knows exactly what viewers want based on their previous watches and searches. The same goes with Renovai – they use a unique algorithm to be steps ahead of what consumers might like, whether it’s a certain style, color, or type of design.
“The idea behind the product is trying to understand how designers think and applying the technologies to eCommerce websites and acting as a recommendation,” says Alon Gilady, Renovai Co-Founder and CEO. “The way our system works is trying to understand the fundamentals of design; trying to understand how interior designers think when they’re trying to design a space.”
3 Layers of Cutting-Edge Technology
Renovai works closely with AI experts and product developers to achieve their knowledge-based algorithm in providing a Netflix-esque solution for businesses and consumers. Their 3 layers of technology include:
- Understanding individual products – With the help of computer vision, Renovai created a methodology to achieve a full, in-depth understanding of individual products. These products are then categorized and divided into archetypes. This allows them to analyze the items from retailers in a precise, data-driven manner.
- Consumer action data – Renovai’s algorithm is not based on statistics or segmentation. They create a unique profile for each customer based on consumer actions. From previous purchases, wishlist items, and cart checkouts, to other interactions. This allows them to tailor a specific set of recommendations valuable to individual consumer needs.
- Design knowledge – Collecting verified data is key to Renovai’s capability to understand style and design. With the help of software developers, they can see the bigger picture of the market and determine designer behavior and trends.
Hyper-personalization doesn’t just strengthen a business’ click-through rates, but also strengthens customer relationships, proving to be an efficient model that helps businesses create a better understanding of their clients.
Renovai is set to dominate the fashion and apparel domain by storm and further advance its technological capabilities. “We know that our capability in interior design can be easily adjusted to the fashion industry,” Gilady adds. “Down the road, we’re eyeing jewelry, cosmetics – anything with a visual aspect, our unique algorithm has a competitive advantage.”