Revolutionizing E-commerce with Lily AI: An Interview with CEO Purva Gupta

Table of Contents

1. Introduction
2. The Missing Piece in E-commerce
3. The Importance of Product Details
4. The Evolution of Personalization
5. Introducing Lily AI
6. How Lily AI Works
7. Integrating Lily AI into the Retail Stack
8. Onboarding Process with Lily AI
9. The Value of Lily AI in Retail
10. Looking Towards the Future

Introduction

Today, we have the pleasure of interviewing Perva Gupta, the CEO of Lily AI. In this interview, we will delve into the innovative solutions provided by Lily AI and how they are revolutionizing the e-commerce industry.

The Missing Piece in E-commerce

When it comes to e-commerce, there has always been a missing piece in the Puzzle. While merchants have the ability to create and control the details of their products, these details often fail to fully capture the intent of the consumer. This disconnect between merchant-driven attributes and customer-centric attributes has led to frustrations, confusion, and a lack of personalization in the shopping experience.

The Importance of Product Details

Fundamentally, the key to improving the e-commerce experience lies in injecting the intent of the consumer back into the entire retail value chain. This is where Lily AI comes in. By analyzing and organizing the minute details of product attributes, Lily AI is able to provide a customer intent platform that enhances various applications in the e-commerce stack, starting with search.

The Evolution of Personalization

Personalization has been a buzzword in the retail industry for the past two decades. However, many attempts at personalization fell short because they lacked the depth of product attribute data. Without a comprehensive understanding of the product details, personalization efforts remained limited to basic segmentation. Lily AI recognizes the importance of product details in distinguishing one individual from another within the same segment and has invested heavily in solving this problem.

Introducing Lily AI

Lily AI is not just another personalization tool. It is a customer intent platform that utilizes product intelligence and consumer intelligence to drive visual search, personalization, and demand forecasting. With a universal mathematic language at its core, Lily AI is able to understand and extract deep attributes from images and text using computer vision and natural language understanding.

How Lily AI Works

Lily AI's approach is to supercharge the existing applications in a retailer's stack rather than replacing them entirely. By integrating with the retailer's systems, Lily AI is able to add value to applications like search, recommendations, filters, and facets, as well as Upstream applications such as demand intelligence. This ensures a seamless integration that delivers significant results without requiring a complete overhaul of the retail infrastructure.

Integrating Lily AI into the Retail Stack

Integrating Lily AI into the retail stack is a straightforward process. Lily AI is flexible in terms of data integration, working with various formats and methods that are convenient for the retailer. The more crucial part lies in aligning the taxonomy and outputs with the retailer's initiatives, ensuring a customized approach that caters to the unique needs of each retailer.

Onboarding Process with Lily AI

The onboarding process with Lily AI involves analyzing the retailer's catalog and attributing it with minute details. This includes collaborating with the merchandising team to establish a taxonomy that aligns with the retailer's brand and products. Lily AI provides a comprehensive schema that organizes the store for different applications, such as search, recommendations, and demand prediction. This ensures a consistent and effective approach to enhancing the retailer's offerings.

The Value of Lily AI in Retail

The value that Lily AI brings to retailers is immense. By incorporating Lily AI's customer intent platform into their operations, retailers can expect significant lifts in revenue and improved customer satisfaction. Lily AI has already worked with major brands and retailers, including Gap, Macy's, and Bloomingdale's, delivering hundreds of millions of dollars in additional revenue. From search optimization to personalized recommendations, Lily AI has proven its ability to generate tangible results.

Looking Towards the Future

Lily AI has exciting plans for the future. While they continue to serve large enterprise customers, they are also expanding their offerings to cater to mid-market retailers. Additionally, Lily AI will be launching customer-facing applications and exploring further opportunities in demand forecasting. The goal is to revolutionize the retail industry by providing cutting-edge technology that empowers retailers to better serve their customers' needs.

Highlights

• Lily AI bridges the gap between merchant-driven attributes and customer-centric attributes in e-commerce.
• The comprehensive understanding of product details is vital for achieving true personalization.
• Lily AI's customer intent platform enhances various applications in the e-commerce stack.
• The integration process with Lily AI is seamless and tailored to the retailer's needs.
• Lily AI has a proven track Record of delivering significant lifts in revenue for major brands and retailers.
• The future of Lily AI includes expanding into mid-market retailers and introducing new customer-facing applications.

FAQ

Q: How does Lily AI integrate with a retailer's existing stack? A: Lily AI integrates seamlessly with a retailer's existing systems, supercharging the applications without requiring a complete overhaul.

Q: Can Lily AI customize the taxonomy to fit a retailer's specific needs? A: Yes, Lily AI works closely with the merchandising team to align on the taxonomy and can accommodate customization to meet the retailer's requirements.

Q: What results can retailers expect from implementing Lily AI? A: Retailers can expect significant lifts in revenue and improved customer satisfaction by leveraging Lily AI's customer intent platform.

Q: Will Lily AI replace existing applications in a retailer's stack? A: No, Lily AI's approach is to enhance and supercharge existing applications, ensuring a seamless integration and preserving the retailer's investment.

Q: What are Lily AI's plans for the future? A: Lily AI plans to expand its offerings to mid-market retailers, launch customer-facing applications, and further explore opportunities in demand forecasting.