Learn from the founder of Increasingly, Sri Sharma about the benefits of AI to increase sales and how Increasingly can help grow your AOV by 12%.
Tell us about Increasingly and your background in performance marketing?
I’ve been in performance marketing since 2002, have founded two companies previously, including NMPi and have a passion for all things tech innovation.
Increasingly helps retailers increase incremental basket revenue. The platform intelligently serves AI bundles and cross-sell/up-sells using the latest in machine learning algorithms. Driving 15% revenue uplift, Increasingly has won awards including E-commerce Product of the Year.
We work with brands including Samsung, Evans Cycles, Canon, Sanity and Reiss growing both basket revenue and lifetime value.
I’m excited about Increasingly because we are solving a significant problem in retail: how retailers can grow their cross-sell revenue. Gartner reports that this is at minimum a 10% missed revenue opportunity.
Increasingly’s artificial intelligence (AI) technology focuses particularly on cross-selling. How does this work?
Our core proposition is artificial intelligence-driven product bundling. This is something that Amazon does, generating $14B per year from it. However, 98% of retailers don’t because of weak solutions in the market.
We then expanded our technology platform to be able to offer AI driven intelligent cross-sell recommendations based on any trigger. For example, high-value customers are shown the best alternatives where products are out of stock along with an incentive to buy.
Our approach uses a cutting-edge field of AI called neural networking. To do this, customer behaviour data, such as purchased, abandoned and viewed data, is processed anonymously. The algorithms have key influencers such as the recency of purchase, impulse behaviour and affordability exposure.
Ultimately it’s all about offering the customer massive convenience and economic value. These are two principles that Amazon swear by. The results speak for themselves for Amazon and for the clients we are working with, 5% to 15% extra revenue per month across all channels.
There’s been much talk around innovation when it comes to new technologies. Do you believe this is vital in driving the industry forward?
Near where I live, a chain supermarket has just opened up directly opposite an old small grocery store. Within days, the old grocery store had their shutters down with a ‘for sale’ sign up.
This happens in retail and every sector. Creativity and better execution strides ahead of the old and those slow to change.
In a world where technology’s impact on business and society is only accelerating, companies that don’t keep up to speed will get left behind. The only way to avoid being left behind is to innovate internally or work with partners that offer innovative products. That’s where we come in – our sole purpose is to help retailers grow revenue, innovate and not get left behind.
What else is in the pipeline for Increasingly for the rest of 2018?
This is a very exciting time. We are evolving the on-site platform enormously and have begun to build our in-marketing platform to help retailers transform how they cross-sell through display, email and Google shopping.