FindMine uses artificial intelligence to help brands curate content and products
Steven Loeb interviews Michelle Bacharach, founder and CEO of FindMine, a company that uses artificial intelligence to help brands curate content and products.
In 2021, it’s finally okay to talk about our sanity and that’s why we’re excited to be sponsored by BetterHelp. But what is therapy? It is whatever you want You may feel insecure in relationships, at work, or not very motivated right now. Whatever you need, it’s time to stop feeling ashamed of normal human struggles and feeling better about yourself. Because you deserve to be happy. BetterHelp is a bespoke online therapy that offers video, phone, and even live chat sessions. It’s also cheaper than personal therapy, but just as effective. See if it’s for you.
This podcast is sponsored by BetterHelp and VatorNews listeners get a 10% discount on their first month at BetterHelp.com/Vator.
Highlights from the interview:
- Consumers are not experts in the product categories they shop from. FindMine helps brands that have this expertise to help their customers. That means every consumer can be a better version of themselves and be successful with the products they buy while influencing the retailer’s brand or KPIs.
- Brands have a hard time communicating their expertise because they have to do it manually, which means they have teams of people in charge of it, both online and offline. This also means that once the content has been created, it can no longer be easily changed. FindMine’s technology uses predictive intelligence for the human creative process so that the platform can actually produce content that looks like it was produced by a human.
- The company democratizes access to style guides. There are services like StitchFix that do this directly for the consumer, but they are not available for every brand. Brands that have their own point of view but can’t afford to hire 3,000 stylists across the country are using FindMine to recreate the same high-touch experience.
- FindMine works with brands like Adidas, Reebok, Perry Ellis, Original Penguin and the Shopping Channel, the Canadian equivalent of HSN or QVC. The shopping channel also sells Things like vacuum cleaners and vacuum cleaner attachments that are not about design aesthetics, but about expertise.
- Part of the way the company measures ROI is through repeat purchases is a problem for retailers as many customers buy from that particular brand once and then never again for a variety of reasons. FindMine was able to increase repeat purchases by 4.5 percent for one customer within 30 days and by 8 percent for another customer within two weeks. If you get customers to come back more often within two weeks, and those connections, the more likely they’ll keep coming back, which means they can be coached into full-price customers in the long run. You will also spend more over a longer period of time.
- FindMine helps its customers hold their own against Amazon and their product recommendations by leveraging the branding expertise that is their biggest differentiator. There is also more at stake, as it is difficult to offend people with a poor product recommendation, but if a brand gives someone bad advice or a bad experience, they can lose that customer forever.
- Amazon could be a potential customer for FindMine as they already sell many of the company’s brands on their platform. It could also be an opportunity for Amazon to sell premium brands while allowing the brands to express their point of view without hiring additional merchandising teams to program these pages.
- Once COVID ends, there will be a resurgence of Bricks and mortar as people want to be outside the home and shopping becomes a social activity. That means retailers and brands need to make the digital experience consistent, regardless of whether shoppers are in a physical store or shopping online. Customers need to have the same experience, ease of use, and perception of the brand regardless of where and how they shop.
- It is becoming less and less important for customers where, when and how they shop. They just need a consistent experience and a great experience, and they need an exchange of value beyond a discount. FindMine’s technology provides brands and retailers with the infrastructure to deliver these experiences and conversations wherever the customer is.
Subscribe to our podcasts to receive our interviews and shows as soon as they’re released!