AI Stylist Helps Shoppers Find Their Next Purchase
Propulse's algorithms are able to consider over 39,000 independent variables simultaneously to give consumers highly tailored recommendations
Online shopping has evolved tremendously since it first set out to disrupt brick and mortar retail, shifting the cost structure for owning merchandise and democratizing the ability to sell products. Now, digital storefronts are about to undergo a second wave of innovation with the introduction of Propulse, the world’s first AI-powered stylist that interprets your taste and preferences on a deeper level than current-gen suggestion engines to make more appropriate recommendations toward your next purchase. Billed as ‘the most advanced independent e-commerce purchase prediction tool in existence,’ Propulse was founded by former Saks Fifth Ave executives, and combines deep learning, image analysis, and a proprietary Purchase Path Neural Network to attract shoppers and multiply earnings.
Whereas previous suggestion engines predicate on “customers who bought this item also bought that item” type recommendations, Propulse operates on a more complex basis by adapting to consumer shopping behavior and using machine learning to predict what purchasers will choose next. And, in the event that a customer (or the algorithm itself) pick an item that’s out of stock, Propulse compiles a list it calls “shadow inventory,” which arms vendors with intel on what they should buying more of, and how to appropriately price inventory for maximal profit.
“When you look at companies currently trying to customize online shopping experiences, you can’t help but notice a massive gap has emerged between ‘personalization’ and ‘recommendation,’” says CEO Eric Brassard.
“Recommendation tools today fall flat because it’s not a true reflection of consumer shopping habits. With Propulse, we’re providing retailers with a new, multi-level approach to personalization. We developed a Purchase Path Neural Network that truly recreates the in-store shopping experience online.”
According to a recent Adweek poll, 87 per cent of shoppers have indicated that their in-store purchasing decisions are influenced by store associates, whereas more than half of the sampled participants felt that a similar experience online didn’t exist. In this regard, Propulse not only promotes contextually significant items at the right time, it also establishes a deeper relationship between company and customer by empowering businesses to profile and therefore accommodate individuals. Helping to push the needle from b2c to b2i (business to individual), the startup is trailblazing a new norm for utilizing Big Data as a chief instrument of monetization.
Before you start filling up your calendars with conferences to spark your business innovation and personal growth this year, add CXI 2018 conference to your wish list! For its 12th year running, PSFK is hosting an intimate conference where emerging pioneers and established experts will take the stage to discuss all things innovation around the new consumer experience.
Tim Rodgers is the Co-Founder and CPO of SHOPTHAT, a company focused on making shopping for beauty products much easier by allowing consumers to easily discover, curate and purchase products via the Web and Facebook Messenger. Tim is also the Founder of rehab, an award winning technology company focussed on creating brand services through messaging, voice and AR.
At PSFK 2017, Peloton Co-Founder and COO Tom Cortese discussed how the company aims to utilize the power of Web 2.0 to marry the comfort of home fitness to the high-energy engagement of celebrity-run classes.