Brandboom, a provider of e-commerce tools for retailers and fashion brands, announced the launch of an artificial intelligence (AI) feature on its customer platform.
“We know from our customers how hard it is to be given a chance, to be considered, and to succeed,” said Amy Zhou, Brandboom COO. “And for over two decades, everyone who set out to build a brand had to pay $10,000 just to attend a trade show for a chance to meet retail merchants who might place an order to carry their products in stores. This has to change.”
The new AI feature guarantees that retail buyers will view manufacturers’ products, or the product producer is not responsible for paying.
“We know that the most valuable thing for any brand is not just a retail buyer's contact information, but they're actually interested in the brand and products,” Zhou told FierceRetail. “Embedded in our AI feature is a way for our brands to customize online product presentations to send to recommended retail buyers. Our system will only deduct credits from their account if a retail buyer has opened the brand's proposed presentations as a sign of high intent interest.”
The new AI feature will be available starting mid-July to some Brandboom customers. Each user on the platform will receive their own sets of recommendations to privately propose new collections and products to verified retail merchants, at a fraction of the cost of a traditional connection.
“Unlike other online marketplaces where any retail buyers can openly browse products designed by any brands, Brandboom's AI is designed to protect the brand's design IP (intellectual property) by making one-to-one recommendations. It gives the power back to the brands so they can make the decision on which recommended (and qualified) retail buyers can view their products,” Zhou said.
Zhou says Brandhoom’s AI is one of the first steps to the transformation in retail. The retail industry is no longer doing business over seasonal trade shows held at large convention centers. Modern systems need to catch up with the modern consumer, who prefers convenience, newness, and diversity thanks to the likes of Amazon, Zara and more.