It’s been an exciting journey for Shopin. Fortune.com listed Shopin as the startup most likely to disrupt user data-centric companies such as Facebook with our self-sovereignty approach for the world of retail and adtech. From Bloomberg, to Forbes, CNBC, TD Ameritrade and more, Shopin has consistently been discussed as the forerunner in its technological and business approach to the future of retail.
Shopin founder and co-CEO Eran Eyal get’s a few minutes to sit down with Georgi Gospodinov, Shopin CTO. Georgi hails from Walmart where he was the director of insights and analytics and a leader in artificial intelligence and blockchain. Georgi is a professor of mathematics and leads all of Shopin’s technological efforts in visual artificial intelligence, NLP, machine learning, neural network and blockchain.
They discuss technology, corporate culture, the challenges the retail world is beset by… as well as their passions for martial arts and dancing!
In July, Quoine / Liquid, the well known Japanese exchange, commissioned Josh from Blockwell to perform an audit of Shopin’s GitHub. Since Shopin’s GitHub repository is filled with proprietary code, especially in artificial intelligence for retail, we drive transparency through third party audits by partners who have been vetted by large exchanges.
In this video, Josh covers connects with the Shopin technology team to delve under the hood and verify commits as well as the functionality of the technology developed, especially in the field of visual artificial intelligence built with a focus on the burning needs of the world of fashion.
Shopin Visual AI recommendation engine
One of the core issues behind matching the right shopper to the right product, is the ability to recognize the product. People are generally not great at describing products. Each of us speak in different ways and are prone to errors. Some retailers Shopin is working with are missing descriptions for over 50% of their products!
Visual artificial intelligence helps us to analyze the retailer or brand’s inventory and create a uniform language describing those products across all the world of retail which ensures each recommendation for each shopper is accurately presented.
Shopin’s retailer federation and technology provides retailers two oracles: purchase history data from across all retailers and verified preference data from on-boarding experiences.
We whitelable on-boarding experiences like this one for each retailer site to help them gather verified shopper preference data to understand their shoppers better.
We’ve integrated our proprietary visual artificial intelligence to allow shoppers to upload photos from their phone of people wearing fashion items they love.
By coloring over a person in the crowd or the items they like the most, our artificial intelligence engine is able to recognize products in terms of style, color and fit to add them to their unique style profile.
For years, retailers have spending untold billions of marketing dollars on ads that don’t convert or are targeted based on clickstream data. All these marketing dollars go to third party publisher like Facebook and Google or exchanges.
Shopin’s advertising exchange delivers ads directly to shoppers based on purchase data, and oracle that can provide accurate hypertargetting. Better yet, the shoppers receive 85% of the advertising revenue in the form of Shopin tokens which they can spend back in the world of retail. Finally, the lost marketing dollars can find their way home to the shoppers and retailers, where they belong, creating a circular economy of finance and data.
7% of retailers can identify their shoppers across multiple channels and devices. Less than 3 out of 100 shoppers convert on retail sites. 1 out of 10 buy a product in a physical store.
Retailers also suffer from legacy technology and systems.
Shopin aims to increase conversation to sales rates and enhance security with blockchain and artificial intelligence by putting shoppers in charge of their purchase data. Learn more.
Shopin took Dubai by storm once again, receiving honorable mention for its advances and achievements since winning the world’s most prestigious blockchain event in Miami earlier in 2018, BTC Miami (North American Blockchain Conference).
Catch the pitch here.
Making history, Shopin wins BTC Miami – the North American Bitcoin Conference, where Ethereum launched and won.
Competing against dozens of amazing crypto and blockchain startups, Shopin took to the stage and was voted the best ICO and startup by a panel of judges, taking 1st place with Victory Square Ventures tripling the prize.
I adore retail and creativity. When I look at my favorite brands, and admire their care for their brands and products, I want them to have every opportunity to survive and thrive. Shopin is committed to that goal. – Eran Eyal, Founder and Co-CEO