Investing in AI for Product Discovery
Ecommerce product discovery and search platform Unbxd announced this week that it has raised $12.5 million in series C funding led by Eight Roads Ventures.
Unbxd will reportedly use the investment to further enhance its proprietary Intelligence Engine. The solution currently captures and processes more than 50 shopper data signals that are leveraged to power personalized search, navigation and product recommendations on hundreds of well-known ecommerce sites.
With ecommerce success relying heavily on the quality of the customer experience today, it is solutions like Unbxd's AI-powered platform that sellers are beginning to turn toward in order to enhance their shopping journey and increase conversions and revenue.
"Traditional rules-based ecommerce technology is hard for retailers to manage while also delivering a poor experience for their shoppers. With a better AI solution in place, retailers are more competitive because shoppers can more easily buy what they seek," said Pavan Sondur, Co-Founder & CEO of Unbxd.
Artificial intelligence is impacting ecommerce in myriad ways, influencing critical aspects of the retail experience including pricing, inventory planning, and manging product assortments.
The benefit of AI, of course, is that it takes out the guesswork from what was once a very complicated and imprecise practice. AI makes it possible for data to be digitized, consolidated and analyzed, making forecasting more exact. AI stands to be one of the most disruptive forces in ecommerce in quite a while, the only question is: are ecommerce merchants willing to invest?
