Shopin has unveiled its patent-protected AI engine to democratize customer data. The company leveraged more than 3.5 billion purchase data transactions30 million SKU connections and 67,000 brands. Shopin aims to fragment the forecasting and recommendation power of key players in retail to the rest of the retail economy. The company takes its baby steps in commercializing its visual AI and decentralization technologies with the release of The Retail Intelligence Data Engine (R.I.D.E.).
Retail giants like Amazon has incredible conversions to sales as they have robust data, stated by Shopin. It has cultivated technical facilities to identify all contextual product interrelationships for ultimate recommendations, personalization and forecasting insights. The world of retail never shares their data and builds different technology stacks is a contradiction to this.
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R.I.D.E. generates a global data fabric by interpreting and integrating the premium purchase data by all significant and mid-size retailers. Its proprietary artificial intelligence algorithms further mine the data fabric for relevant insights and generate recommendations. Beyond that, R.I.D.E. sets the stage for ShopChain and the broader Shopin application, by setting standards for handling customer profile data and leveraging a blockchain to accomplish that. R.I.D.E. searches the links between brands and products no matter where they are sold, revealing critical insights such as:
• Underrepresented brands and products in retailer catalog
• Products sold everywhere allowing retailers to forecast trends, partnerships or opportunities
• Adverse effects of removing a particular product or brand from a catalog
• The products and brand to be imported to new territories
Shopin aims to create a team of retailers with safe data cooperative which nurtures and enhances the growth of the industry. The company utilizes blockchain technology to safely leverage data for profound insights on merchandise and purchasing history of shoppers. SMEs are provided with equal access to sophisticated intelligence tool with this stride.