Ever heard of the saying “With great power comes great responsibility”? Well, in today’s world, “with more information comes greater confusion”. Every consumer is bombarded with choices galore, discounts, coupons, emails, you name it! And the confusion extends to both end of the chain: suppliers too are unsure of what to recommend to whom and end up sending everything to everybody. Unbxd.com is a young startup that aims to alleviate this confusion by allowing for smarter matching of users with products. Pavan Vilas Sondur (Co-founder) explained in more detail.
Unbxd matches users with the right products to optimize sales; is that the right one line description?
That’s correct. However, rather than optimize, I’d like to say increase. Every single one of our clients has seen an increase in conversions and ultimately revenue after integrating Unbxd..To elaborate a little further, Unbxd aims to make shopping a truly personal & relevant experience for online shoppers. Our technology personalizes the search and navigation experience per user. It’s not only based on collaborative filtering or personalization per user segments, but also on a very singular focus per user. We call it Personalization 2.0.Apart from personalization, our search & navigation experience is better than what most sites have today. With Unbxd, you’ll see a noticeable difference in search results as well as product ordering in terms of relevancy and intelligence.
As I understand, the e-commerce giants would normally develop their own recommendation engines. Does Unbxd aim to become the default choice for medium sized players?
Well, firstly our products include e-commerce search, navigation, dynamic landing pages & recommendations. It’s a complete suite of solutions to help visitors discover products more suited to them..This essentially means that there are multiple problems we solve. While it is true that most large e-commerce companies do have in-house teams to tackle some of these problems, we have seen interest from them for at least one of our solutions..Also it is not always about just having the expertise in place. The larger question is whether these companies should build or buy a solution. After all, if there is a trusted, reliable provider for something like search or delivery, it makes sense to rely on them than put in the time & investment needed to build it in-house. These are niche problems, that a more focused team can solve better..Having said that, the medium segment is definitely a large market for us and we’re focusing our efforts into getting a number of them on board.
Such recommendation analytic are normally based upon tons of historical transaction data, could you give an idea on how the service would function in case of a startup that really only has a small data-set?
Our algorithm has a two-pronged approach. While we do consider the collaborative behaviour among users which might not be available for newer commerce sites, we also take user intent and affinity into consideration..What this means is that when a shopper, while browsing, shows an affinity for certain brands, categories or price ranges, we record this data and start personalizing his/her experience based on it, in subsequent visits..Moreover, we also analyze and use specific data per vertical. This gives us an option to personalize for sites which don’t have a large dataset.
You are a relatively young startup that presumably would have a lot of untouched market in India. However you had hinted that you would like to use the recent funding for global expansion, can you explain the reasoning behind that?
The Indian market is definitely huge for us and our efforts are on in full swing to integrate Unbxd for more and more Indian e-commerce companies. At the same time, we want to be a global product company and as a SaaS solution, we’re geographically independent which is why we definitely want to target the larger markets like Singapore and the US.
What is your one tip for aspiring entrepreneurs?
Build products that add value and from which the value can be easily measured.
More information at http://www.unbxd.com/