Every year over 30,000 new consumer products hit the market piling on top of the existing billions of products already available for purchase. For various reasons – including competition, poor design and improper pricing – 80% of these new products fail. With a myriad of products all competing for consumer eyeballs, it’s getting increasingly difficult for a new product launch to make a splash and shine through.
Commerce.AI harnesses the power of AI and Big Data to give brands and corporations the ability to see what works and what doesn’t. It uses Deep Product Learning technology to see, read and listen to the world’s product information. As more and more retail sales continue to transition to eCommerce, the opportunity for corporations to gain an edge in the digital marketplace is ballooning.
In an IDC study it was found that 90 percent of the data in any organization is unstructured (text, voice, images, video). Commerce.AI believes it is a gold mine for corporations with the capability to parse through this data and end up with insights and actionable data they didn’t have before.
Research & Development for new consumer products is expensive and time consuming making it critical for brands and retailers to get a new product right the first time. Businesses cannot afford to rely simply on the luck of the draw when it comes to the success of their products. Research conducted by Commerce.AI indicates that there’s simply no sophisticated infrastructure for companies to understand the unstructured data which contains thoughts and opinions of consumers at scale.
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Commerce.AI puts together all of the pieces of the puzzle to deliver a clear picture organization can use to roll out new offerings that resonate with consumers right out of the starting gate. Elements of market research, product design, product management as well as marketing & merchandising are brought together in a cohesive solution that facilitates the successful introduction of a new offering to market.
Presently the company is generating revenue from customers including Walmart, Cisco, Coca-Cola, Unilever, Chanel, Netgear, Midea, The United States Postal Service, SC Johnson with over 50 brands in the pipeline.
Two prior crowdfunding rounds were successfully oversubscribed and the current round is closing soon.
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