AI Case Study
Namaste Technologies plans to increase average order value, customer retention and conversion rates using machine learning through acquisition of Findify technology
Namaste technologies is an e-commerce cannabis group which operates different brands for sale and distribution. It has acquired Findify to leverage its historic customer data with machine learning to improve product recommendation rankings and personalise its websites for customers.
Consumer Goods And Services
Food Beverage And Drugs
"Findify’s platform which is used by leading e-commerce websites, including Namaste, uses proprietary real-time machine learning algorithms to build unique user profiles, and deliver a personalized experience for each user. The platform continuously learns from user behavior to automatically improve search results, recommendations, and product landing pages, displaying the most relevant products at any given time. It identifies product trends and, in combination with an analysis of unique customer behavior, ranks products in a way to optimize revenue, conversion rates and average order value. Management expects the integration of Findify’s proprietary technology to increase monetization and propel revenue growth in both cannabis and hardware sales."
Planned; results not yet available. The expectation, however, is that the Findify technology will aid "in applications of patient acquisition, conversion rates, order value and customer retention, the Company expects to reach 50,000 medical cannabis patients by the end of 2018 and up to 100,000 by the end of 2019".
Findify provides "a unique machine learning platform that leverages user behavior, to deliver a personalized e-commerce experience across touchpoints, with a focus on search & discovery".
Marketing Research Planning
"The acquisition of Findify will reinforce Namaste’s goal of becoming the global leader in cannabis technology solutions by further expanding its innovative e-commerce platform and enhancing the user experience for cannabis patients globally.
In addition, the acquisition of Findify creates a new revenue stream for the Company in the field of artificial intelligence and data analytics."
Historic customer data