Shopin Strengthens Artificial Intelligence Engine with Stylit Data Acquisition
NEW YORK, Feb. 8, 2018 /PRNewswire/ -- Shopin, the first universal shopper profile that delivers the most personal shopping experience on retailers' websites using blockchain and artificial intelligence (A.I.) technology, today announced the acquisition of Stylit's database. The acquisition gives Shopin access to over 5.4 million data points of shopping preferences from style personality and clothing sizes to budget. This powerful asset of aggregate data will strengthen Shopin's A.I. engine, enabling more accurate and personal product recommendations than ever before.
Shopin will use this valuable, first-party data to teach its A.I. engine to select the best products for shoppers, helping grow and disrupt the future of retail by creating a more sustainable economy.
"In order for us to fine-tune our A.I. engine to deliver the most personalized shopping experience possible, our models are designed to actively learn from every user interaction," said Shopin Cofounder and CTO Divakar Rayapaty. "This is especially crucial when working with something as personal and unique as fashion. We're applying state-of-the-art recommender system modeling techniques on highly curated data from Stylit and other sources to train our A.I. to generate recommendations that perform at levels similar to a human personal stylist."
From 2014 to 2016, Stylit offered consumers an online personal stylist experience, mediating between brands and consumers by programmatically aggregating their products into personalized looks. Yaniv Nissim, CEO and Cofounder of GoParrot and former CEO of Stylit said, "The retail space is facing a crossroads. True personalization is the only route forward. I am thrilled that Stylit found a home for our data collection and proud that it will help inform a new paradigm in retail technology and empower shoppers."
Shopin CEO Eran Eyal added, "Yaniv is a tremendously insightful entrepreneur and his vision for Stylit was ahead of its time. I feel privileged that his work is finding a home in a new era of retail."
Shopin will not be marketing, sharing or selling shopping data acquired from Stylit. The store of data will solely be used to advance and enhance the capabilities of its A.I. engine, benefiting both shoppers and retailers.
"The Stylit data set is very exciting for me, as it will ultimately enable me to share a curated shopping experience with a much larger consumer base. Shopin's improved A.I. engine will benefit shoppers all over the world by providing them with tailored recommendations to boost their confidence based on a variety of factors, including the shopper's mood, size, and silhouette," said Hollywood Stylist Amanda Weil, CEO & Founder of Accentuated Style.
For more information about Shopin and its ongoing public token presale, please visit https://tokensale.shopin.com/.
About Shopin
Shopin is a universal shopper profile that delivers the most personal shopping experience on retailers' websites based on shoppers' preferences and purchase history data. Shopin empowers retailers to offer better product recommendations, easier and more secure transactions, and more valuable customer rewards using blockchain and artificial intelligence (AI) technology. Shopin's vision is to create a more sustainable retail economy where retailers become stronger by working together and shoppers get rewarded based on the value of data that they fully own, control and can share. The company's A.I.-powered product recommendation engine benefits all retailers in the Shopin network by updating purchase history data in real-time. Unlike other loyalty point systems that expire, Shopin's cryptocurrency enables retailers to offer universal loyalty rewards at multiple retailers across the globe. Headquartered in New York, Shopin has raised $10.3M to date from its public token presale and from Deep Fork Capital, SeedInvest, Outbound Ventures, and angel investors from Google, ZocDoc and others. Shopin is currently holding a public token presale to fully develop its product and to scale operations. To learn more about Shopin and its public token presale, visit https://tokensale.shopin.com/
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SOURCE Shopin
