Hit or Flop. Startup Overview. Part 13

Companies all around the globe spent over $3 trillion to impendent advanced technologies over the last 5 years. Numerous startups make their debut in retail industry and other business fields. However, only 14% of them succeed.

Experts say that the only way to stand out is to establish super relevance combined with constant learning and analyzing customers’ demands. For this reason, innovative platforms that imitate real-life communication have more chances to break the edge.

Magia for Smart Wine Sales

The startup introduces a brand new platform to implement smart wine sales. It is believed to resolve the core issue when clients buy products from sellers with a lack of knowledge. Magia comes as an innovative solution to the problem. It acts as a digital consultant based on AI-technologies. It examines various products as well as their characteristics and compares them to customers’ needs. The system lets businesses establish an individual approach to each buyer.

The project got the “Invisible Selling” name. The main idea is ineffective selling process within the digital environment by means of automated interaction with buyers, deep understanding of the niche and selling psychology. The system improves the retailer’s credibility as well as make it possible to invisibly affect the client’s decision boosting the conversion rate.

The application is capable to learn customers’ habits when it comes to wine. It examines the supplier’s catalog to provide individual recommendations for new clients as well as special offers for returning buyers based on subscriptions. In other words, the system knows when and whom to recommend.

The verdict: the app is a hit. Subscription-based models are becoming more and more popular while people will always crave for wine.

ScopeAI for Personalized Communication

The main idea of the ScopeAI startup is to ensure personalized communication with customers. The system collects and processes customers’ info and sends it to support teams and marketing departments.

Users may benefit from extended flexibility features thanks to seamless integration with major services including Zendesk, Intercom, Desk.com, etc. The app uses Artificial Intelligence to analyze phone calls and sort them by tags highlighting the fundamental feedback trends for the company.

The rest is totally in the retailer’s hands. The better they understand their target audience the higher chances they have to succeed.

The verdict: I really doubt the startup will become a hit considering only $120,000 of investments. Moreover, there are tons of apps with the same algorithms while ScopeAI does not offer any special perks.

Human-Like Bot by SoulMachines

According to its developers, the startup is aimed at making bots look more like humans. A pool of dedicated experts including artists, psychologists, and AI-developers made their best to come up with their new human-like bot called Virtual Nervous System™ (VNS). It comes as an innovative interface available for users in both digital and physical environment.

Developers have also introduced their AVA (Autodesk Virtual Agent) as a part of the project. It acts as a human making it hard for customers to understand they interact actually with the robot. The startup has managed to raise $7.5 million of investments.

The verdict: hit! The company operates in various fields where customers’ interaction plays a vital role. The system lets a business build effective feedback in such industries as healthcare, retail, servicing, etc. Moreover, it may boast a huge portfolio.

AiFi to Challenge Amazon Go

AiFi is to challenge Amazon Go in the field of non-counter retail. The company is aimed at developing innovative solutions for stores with thousands of SKUs. Apart from non-counter platforms, it will also deliver tools to monitor customers’ activities inside the store.

The project is based on computer vision technologies and uses AI-based algorithms, sensors, and networks that can be customized to any retail model despite the shop sizes. The system appears to be a family project launched by a married couple that has been previously involved in the field of innovations while working with Google and Apple. They managed to raise $4 million of investments to develop their startup.

The verdict:  obviously a hit, as such platforms will define the future of retail and some other business niches. It will always be in high demand thanks to more flexible configurations to meet various business needs of compared to Amazon Go.

SkinGenie – Skincare by DNA

The project combines AI-based technologies with the latest innovations in the field of DNA analysis. SkinEngine is to open new horizons for the entire skincare and cosmetics industry. It is capable to examine customers’ DNA generated from saliva samples. It collects and processes the necessary data to provide personalized skincare products to each and every client individually.

SkinEngine may already boast impressive product lineup and portfolio. Moreover, it may include some third-party brands for the list of recommended goods.

The verdict: the startup will certainly be a hit in its particular niche. People love completing tests and quizzes to get an individual diet solution “just for them”. Here we have innovative healthcare technologies mixed with tools for improved customers’ engagement.

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