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In 2013, after a decade in Silicon Valley, neuroscientist/designer duo Anand Chandrasekaran and Ashwini Asokan launched Mad Street Den with the goal of taking computer vision technology beyond the realm of scientific research. Today, through its Vue.ai business unit, the company helps retailers such as Diesel, Off-White and Tata CLiQ grow their businesses by reducing operational costs and increasing revenue through automation, and creating personalized customer experiences.
“Think of Vue.ai as a vertically integrated stack for the retail industry,” said Asokan, who in addition to co-founding Mad Street Den is CEO of Vue.ai. “Today a retailer has to shop with dozens of vendors to benefit from a CDP, a recommendation system, a search engine, a style and cross-sell solution, a marketing automation, A/B testing software, workflow automation – the list is absolutely endless. This means completely fractured data, with each vendor viewing content, inventory and customer data in its own way, with endless data reconciliation loops, and the money spent in all of these areas adds up very quickly.
To meet growing demand for solutions to more effectively manage inventory fluctuations amid global supply chain disruptions and fluctuations, Mad Street Den acquired New York-based Inturn. Inturn provides consumer businesses with a system of record to manage and optimize slow moving or excess inventory.
This strategic move is a natural extension of Vue.ai’s vision to provide customers with intelligent solutions to more effectively manage and optimize supply chain processes and planning. “Inturn fits our roadmap like a glove. We’ve been labeling products, providing insights, and powering demand and inventory analysis with Vue.ai for years, and the Inturn Promise fits into the continuum of that workflow by enabling buyers and sellers to connect, sell faster and maximize recovery,” said Mad Chandrasekaran of Street Den.
AI-powered retail automation and the “ultimate” user profile
Vue.ai aims to solve these problems by positioning itself as an end-to-end provider. Powered by AI retail automation and experience management partner. First, the platform visually detects your products and, through accompanying text, corrects your inventory data and creates tags and metadata for all your products. This gives you a single view and clean data for your inventory.
Then it uses this data to form the “ultimate” user profile. Asokan defines it as a combination of what the user does, the product they interact with, why they like it, and more. “That means having the ability to detect fuschia versus bubble pink, to detect a user [who is] on a keto diet vs. [one who is] trying to buy the same ingredients for an almond flour cake recipe, and doing it in real time, with every click to understand the intent,” she added.
With these three key pillars, Vue.ai gives retailers the smart tools needed for product markup, content moderation, product quality moderation, seller-side workflow automation, management and personalization. customer journey scopes, one-to-one marketing and more. “Vue.ai is a unique AI partner for retailers around the world, and that’s why they trust us: to make sense of all the years of data they’ve collected and to apply it in meaningful ways to help their businesses to increase their income. [and] reduce costs while creating wonderful new experiences for their customers and helping their own teams increase productivity,” Asokan told VentureBeat. “Our ability to tie together all of this data from merchandising, inventory planning, product, customer experience and marketing teams sets us apart and helps retailers get to market 10x faster, convert more, sell more, sell more, and automate functions with minimal human intervention.
Elimination of excess inventory
The combination of strong supply and weak demand has recently caused inventory issues for most brands. The process of identifying and selling excess inventory is archaic and error-prone, with little or no automation. This results in substantial storage costs, which affects both revenue and the company’s bottom line.
“The recession is here. Retail is still one of the first [sectors] to get hit,” Asokan said. “Excess inventory is a real problem and retailers are sitting down and realizing that there are foregone margins here, revenue to be made by focusing on off-price retail as a very important strategy, not just an afterthought.”
That’s where today’s acquisition comes in.
“Inturn transforms the way companies do business, [an] Format driven by Excel and reactive to a proactive approach identifying stocks, addressing them, selling to the right buyers and extracting the right margins, [thus] inducing an incredible change in behavior. Inturn is margin improvement in a box,” Asokan said.
By combining Inturn’s inventory workflow tools and margin optimization capabilities with Vue.ai’s retail AI suite, customers can now not only effectively use AI to optimize supply chain processes and planning, but also integrate it into customer experiences to create efficiencies across the entire retail value chain. While Vue.ai helps customers get detailed information on inventory, purchasing, merchandising, pricing and more, and predict and plan ahead for excess inventory build-up, Inturn will help them get started. their overpriced trip.
“Adding Mad Street Den’s AI capabilities to boost automation and predictability will allow our customers to further optimize cost savings and margin improvements,” said Ronen Lazar, Co-Founder from Inturn.
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