The world of ecommerce is dominated by big brands, but the technology around us also makes it easier than ever for anyone to create products and launch their own brand online. But, without the budgets and name recognition of the big guys, how can a small startup equip themselves to compete? That is where Rosetta.AI, a Taipei Founder Institute portfolio company, comes to play.
Led by CEO Daniel Huang and Co-Founder Alice Li, Rosetta.AI offers a data-powered solution enabling brands to better predict what their customers will want, and how much they will be willing to pay, while improving the overall customer journey. According to CEO Huang,
Rosetta.ai enables every size company to develop unique p roduct recommendations and shopping experiences for its consumers. Click a link. Add it to the cart. Buy the product. Everything your consumers do is a signal about what they want. Rosetta.ai helps you understand each consumer's preferences and recommend products, even the inventory forecasting.
One of the largest challenges challenges in ecommerce comes even after driving consumers to the website: it is to remove as much friction as possible to deliver the most relevant information quickly and easily. In improving the customer experience and measuring experiments, even little D2C brands are able to reliably increase their conversion rates and retention rates. Rosetta.AI Co-Founder Li explains,
Retention is the key to keeping customers for your e-commerce platform, plus it’s the best solution for spending less and less on advertising.
Since launching in in 2017, the Rosetta.AI team have already amassed more than 70 commercial customers, and their platform made more than 120 million recommendations. Having touched more than four million consumers, the team is proud to have increased customer average conversation rates by as much as 25%!
How does Rosetta’s AI-powered analytics differ from the competition?
Rosetta takes the information from each individual consumer, and displays the most relevant information. It does this by using past purchases, purchase intent (adding to carts), what they browse, and more. In turn, brands can improve product recommendations when the consumer comes back around, or via email marketing or retargeting ads. Brands also gain the added benefit of a predictive inventory model, so that they can ensure they always have enough products available, as a lack of inventory is a huge break in the customer journey. The system also helps retailers find their sweet spots for product pricing.
Today, nearly a quarter of the planet is making their purchases online. This contributes to the more than $365 billion in physical products sold online in the USA last year, with a projected spend of more than $600 billion by 2024. Much of this will be due to the increased adoption of mobile web buying, but also increasingly better discoverability and buying experiences than in retail stores. Li says,
Through this thinking, we have successfully helped many fashion brands, including clothing, accessories, shoes, beauty, and other categories, use AI to increase the conversion rate of e-commerce platforms, with a growth rate of 2%-9%.
Graduates of the Founder Institute are creating some of the world's fastest growing startups, having raised over $1.85BN in funding, and building products people love across over 200 cities worldwide.
See the most recent news from our Grads at FI.co/news, or learn more about their stories at FI.co/journey.
