AI company Birdseye, specializing in e-commerce, has secured $3 million in funding to support retailers in launching “hyper-personalized” campaigns.
The seed funding announcement was made by the Toronto-based company on Wednesday, November 22nd, with plans to utilize the investment to enhance its recruitment efforts.
CEO of Birdseye, Matt Bogoroch, emphasized that their technology empowers retailers to cater to each customer’s unique preferences, offering customized promotions that resonate positively. He highlighted the value customers place on personalized offers, leading to increased loyalty and engagement for retailers, creating a mutually beneficial scenario.
Birdseye’s product leverages an artificial intelligence (AI) algorithm trained on extensive retail transaction data to identify consumers most likely to make a purchase. This allows retailers to target specific customers with relevant offers, optimizing inventory management and reducing the need for broad email campaigns or generic discounts. The company assists brands and retailers in gaining detailed insights into buyer behavior, facilitating personalized email and SMS promotions.
Moreover, Birdseye aims to tackle the challenge of customer loyalty in the retail sector while enhancing marketing efficiency. By proactively offering personalized pricing and product recommendations, the technology helps retailers retain customers and identify potential drop-offs preemptively.
The funding round reflects the increasing trend of retailers adopting AI technologies to enhance their market presence. For example, eBay recently highlighted the impact of AI investments on customer perceptions, particularly in improving delivery services. The implementation of a new machine learning model for estimated delivery dates led to more accurate predictions, resulting in a significant reduction in local listing delivery estimates.
In a similar vein, reports indicate that major players like Walmart and Amazon are leveraging AI to attract independent retailers. Amazon introduced a novel AI solution for ad creation to help advertisers generate more engaging content, while Walmart has integrated augmented reality (AR) and AI tools to enhance the shopping experience.
