Shopin announced the solution to the lack of access to purchase data from all retailers ranging from Amazon, eBay to Macy’s, Nordstrom, Coach, Michael Kors and more, in the form of the Retail Intelligence Data Engine.
R.I.D.E. (Retail Intelligence Data Engine) is a patent-protected innovation from Shopin’s team that has extracted and reverse-engineered the purchase data of online retailers from their websites and it measures the strength of influence of each retailer, brand or product upon each other, no matter where that product is sold.
Shopin’s CEO Eran Eyal describes R.I.D.E. as a “Purchase Data Omniscience Engine”.
Eran Eyal delves deeper: “In the past, only companies like Amazon have had sufficient purchase data to know which products to promote, recommend with each other, or which products to create. It’s important to note that 35% of Amazon’s revenue comes from their purchase data powered recommendations. That’s 17% of the United State’s total eCommerce revenue! We found a way to democratize and decentralize this data as well as over 80% of U.S. fashion e-commerce in scale. We don’t just deliver the data, we give you the predictive actionable recommendation.”
Shopin released Q2 2019 figures that exceeded projections:
- 4BN+ Purchase data Transactions (value of over $400BN)
- 200MM+ product/ SKU coocurrences
- 300MM+ SKUs identified and tracked
- 150,000 Brands tracked
ShopIn brings a global perspective to retailers through an industry-wide transaction data fabric and unique analytics platform which leverages proprietary Visual AI and NLP technology. The interaction of their proprietary Visual Artificial Intelligence and Natural Language Processing models enables unique capabilities for the depth and breadth of their analysis and knowledge.
Professor Goergi Gospodinov, Shopin’s CTO shares “This comprehensive data fabric and analytics engine use the global customer behavioral footprint to deliver extraordinary levels of personalization in our recommendations and uniquely custom strategic insights.”
“This approach complements and extends the ability of each retailer to understand their customers in the context of global trends. Retailers are thus best positioned to leverage their internal data and extend their knowledge and understanding of their customer base to the entire industry.”, states Gospodinov.
Shopin projects Q3 advances in R.I.D.E. to encompass over 95% of U.S. fashion e-commerce and to extend to a large part of U.S. brick and mortar fashion industry.
“It is the first time that the world of retail has access to each other’s purchase data insights, or a global view of purchase data behavior without having to share the figures to a provider like us or directly to each other. R.I.D.E.’s data and insights are the lifeblood of the next generation in retail personalization, recommendations, supply chain management decision making, consultancy, hedging, and product creation.”
Shopin recently shared evidence online showing strong interest from a significant number of major brands, retailers, shopping malls, technology, marketing and data providers, to even hedge funds and traders reaching for access. They are offering free 3-month trial pilots to select customers for a limited time.
