Sentient AI – Personalized Merchandising

When the market is constantly evolving, and the expectations of the customers are quickly changing, the online retailers are at an increased pressure of providing an unparalleled shopping experience to its customers. The best choice to engage customers and offer a standout experience is none other than personalized merchandising. The option has significant improvement with the development of Artificial Intelligence or AI. The technology helps the customers to choose products from a generic list to specific as per their choices. An AI empowered platform helps the customers to create real-time data segments, and that plays an important role in product selection from recommendations to automated optimization.

 

It should be noted that personalization has become the differentiating factor in the online retail industry. It is considered as a sign of customer-centricity and driving better customer satisfaction rate. Personalized merchandising has the power of converting more sales, and also adding a long-term business relationship with customers. Thus, AI becomes the obvious option for increased revenue for the retailers who have implemented the system in their online retail platforms. The AI-enabled personalized merchandizing enhances the shopping experience through a number of steps. It silently monitors the behavior of the customers and deciphers what they look for and what are their priorities in the online retail store.

 

Understanding the behavior of the customer and responding to their needs make AI-powered platforms to offer a unique experience. For instance, if a customer regularly checks reviews, the AI platform would arrange the products according to the review rating with the highest on top of the page. The AI system also analyses the purchase history of each customer and suggest complimentary items that can add value to the initially-purchased products. People would have noticed many times that after purchasing a mobile phone, they see recommendations of smartphone cases for the particular phone – the power of AI.

 

AI has got more integration in the recent years while coming to personalized merchandising experience. It helps retailers to give product recommendations to the makers or vendors based on customer choices. It also helps E-commerce outlets to set inventory according to the interests and choices of customers better. AI systems are also useful for online retailers to strategize individualized marketing plans targeting the customers. These are executed through pop-up messages, email promotion campaigns, notifications in the app, and more. Considering the transition of AI, customers and online retailers are expected to get more enhanced experience and sales in the coming years.

Don Ressler: An Entrepreneur With a Vision

In today’s business world, it takes a unique combination of education, experience, and a sixth sense as to what people want in order to find success. While many entrepreneurs try to find this combination and use it to their advantage, some seem to be born with it and turn their vision for success into reality. This has been the case with Don Ressler, who has utilized his business know-how and abilities to become one of the most successful entrepreneurs of his generation.

Along with partner Adam Goldenberg, Don Ressler took the profits he earned from selling MySpace in 2005 and started Intelligent Beauty, a business incubator generating more than $500 million in revenue annually. Realizing the vast untapped market of online cosmetic stores, Don has found himself creating one successful company after another. Among Intelligent Beauty’s best success stories are DERMSTORE and JustFab, both of which have generated tremendous business on Crunchbase in a short period of time.

As JustFab’s customer base has continued to grow, its funding history has become even more legendary in business circles. After MySpace was sold to News Corp. for more than $580 million in 2005, Don Ressler knew it was time to take his profits and invest them in a completely new venture. Sensing consumers wanted a new way to access today’s most stylish fashions, he went to work and created JustFab. As a subscription-based service featuring monthly showrooms of today’s most beautiful and trendy fashions and designs, Don quickly realized he was on to something big. While many in the business world initially balked at Don selling MySpace on Pando, it became quite clear that what numerous people viewed as a risky departure was in fact a calculated move aimed at launching his next great business venture.

Along with using profits earned from the MySpace sale, Don and partner Adam Goldenberg also used other means to assure they had adequate financing for JustFab. In 2008, the entrepreneurial dynamic duo took in $43 million from Technology Crossover Ventures, while in 2011 another $33 million was raised from Technology Crossover Ventures and Matrix at http://www.huffingtonpost.com/2012/06/25/for-intelligent-beautys-a_n_1624707.html. As business continues to grow, Don’s position in the business world continues to grow as well. Whether it’s creating new and exciting ventures for JustFab or developing other related businesses, Don has proven time and time again his expertise in financing and marketing. With even more projects ahead, the future looks bright for this entrepreneur with a vision.