An exclusive interview with Mr. Ajay Kashyap, Founder, Boxx.ai, in conversation with IT Voice! reveals his strategies for business in India
Nisha Harshwal:-Please tell us something about your software.
Mr Ajay Kashyap:-Our product enables e-commerce companies to personalize their business with AI, resulting in increasing the topline by ~40%
The product has two parts:
1) Its ever-learning algorithms find hidden patterns in the data to identify the most personalized and relevant products for each customer, based on the probability to buy. As an example, working for a fashion e-commerce client, the product could predict that Ajay has a probability of 23% to buy a particular shirt (SKU 235), and a probability of 28% to buy a particular shoe (SKU 345); similarly, Kanupriya has a probability of 32% to buy a particular dress (SKU 487).
2) Armed with the knowledge of most personalized and relevant products for each customer, Boxx.ai’s omni-channel execution engine delivers the products to the customers across all channels, with just the perfect communication:
Product List Page re-ordering
Cart Enhancement/ Cart Abandonment widgets
With Digital Marketing:
…and it’s faster – 3 days to integrate, cheaper – start free then pay as you grow, & better – 40% boost in sales!
Nisha Harshwal:-How is your institution working on transformation of retail market globally?
Mr Ajay Kashyap:-We work with e-commerce clients to help them personalize their communication to each and every customer of theirs, and in the process increase their sales by ~40%.
We currently work with both small and large e-commerce players, including Nearbuy, Clovia, ABOF, TataCLiQ, Voylla, GoPaisa, CollegeDekho, KhojDeal and many more.
Nisha Harshwal:- Why does India need a revolutionary platform that brings business benefits to consulting firms?
Nisha Harshwal:-How have you seen your company grow since establishment in 2016?
Mr Ajay Kashyap:- We started with one lead client in July 2016 (Nearbuy), and have made the following progress since then:
: We are working with 10+ clients now : We have delivered 300 Million + personalized impressions to their customers : We have delivered 30%-40% increase in conversions with these personalized impressions : We have improved the algorithms by adding a lot more nuances of the customer preferences, such as : Impact of weather on preferences : Impact of recent purchases as compared to older purchases : Impact of context on preferences (like day of week, month of year, location etc.) : Raised 2 rounds of seed funding : Working with a team of 16 people
Nisha Harshwal:-Whom do you consider as your most highly rated competitor and why?
Mr Ajay Kashyap:- We are the world’s only Plug & Play omni-channel true personalization engine. We have the first-mover advantage.
Nisha Harshwal:-How Artificial Intelligence helps in solving most critical problems instantly?
Mr Ajay Kashyap:-AI allows a machine to mimic the most important power of humans – to take decisions; and then tops it up with an enormous level of scalability. Hence, it allows enterprises to solve some of their most critical decision-making problems at scale.
As an example, our product allows e-commerce companies to identify the most personalized and relevant products for each individual by crunching terrabytes of data on powerful compute engines. This mimics your traditional neighborhood shopkeeper who would understand your needs, your wants and your passions, and then present the products relevant to you. Except that, our product uses AI to process the same for 1000’s of customers per second, and is able to cater to nuances that humans cannot think of.
Nisha Harshwal:-Like your 1st product, is there any other product in your pipeline?
Mr Ajay Kashyap:- We are currently improving the algorithms and the application in our current product only. In the near future, we would be releasing new features in the product. As an example: Optimizing the channel mix and time & frequency to reach each individual customer to maximize the ROI of your marketing budget.
Nisha Harshwal:- What are some of the challenges faced to established in this market?
Mr Ajay Kashyap:- I think that India is the perfect market to launch our product for the following reasons:
: The e-commerce industry in India is booming, with new entrants entering into the market every day : With the huge competition, the founders and leaders in these companies need help in increasing the revenues : The founders and leaders of the e-commerce companies are open to using technology to get more returns from their business
Nisha Harshwal:- Lastly, what is your vision for the business?
Mr Ajay Kashyap:- The vision of the business is to Democratize Analytics – so that all businesses, large and small, get access to analytics, data science and AI, to generate more value from their business. We aim to do this by developing a suite of products that use AI to solve the traditional analytics use-cases, thus delivering results faster, cheaper and better