EDX 2020

  • Incorporating:
  • IRX 2020

eDX News Hub

InternetRetailing Expo IRX

FACT-Finder unveils new approach to online shopping using AI

26 March 2018 00:00:00

While FACT-Finder already holds a number of technology patents in the field of ecommerce and machine learning, the company’s latest patent introduces not just a new technology, but a whole new approach to online shopping.

By learning from each individual customer’s previous behaviour, and also from all other customers, FACT-Finder is able to predict which regular items a customer will need in their shopping basket at any given time. 

This means that instead of being forced to search for every item they want to buy, customers are automatically presented with their predicted shopping list for that day, without having to do anything. The customer then simply needs to click through a short list, and all of their “boring” regular shopping – from toilet paper to milk – is done. 

Commenting on the Predictive Basket technology, Carsten Kraus, CEO of Omikron Data Quality and FACT-Finder, said: “The need for this new approach is obvious when we look at the work of two researchers who have analysed consumer behaviour.

Prof. Barry Schwartz’ research on “the problem of choice”, discovered that people presented with too many choices not only bought less, but were also less happy with their purchase than those who had fewer alternatives to choose from. 

“Meanwhile the Baumgartner cube, the brainchild of Prof. Hans Baumgartner of Penn State University, is a three-dimensional representation of our approach to purchasing decisions. Grocery shopping fits in the subcube of ‘low involvement, planned, needed’. Here customers don’t want to ‘shop’, they just want to ‘have’. 

“FACT-Finder’s Predictive Basket technology successfully addresses both these needs to enhance the overall online shopping experience.”

FACT-Finder’s Predictive Basket is currently in beta with the first European customers using it in live environments. Beta enquiries from the UK are welcome.

FACT-finder exhibited at IRX on 21st and 22nd March 2018, stand number C61.


About FACT-Finder
FACT-Finder is…

  • At the core of 1,600 online shops throughout Europe, including Lidl, Media Markt and 43 of Germany’s Top 100 online retailers. Handling over two billion interactions every month.
  • Europe’s market leader for search and navigation in large online stores.
  • A suite of technology providing search, navigation, merchandising, personalisation and recommendations.
  • Based on sophisticated algorithms, with a number of patents already granted and several more pending.

Add a Comment






Recent Comments

No Recent Comments
Loading

  • Everybody's in one place for two days. A really good way to network, meet people and gather all the information you need.
    Paz Khorana
    Senior Operations Manager, Holland and Barrett
  • It's a very nice meeting point. We can meet many of our large customers and partners, whilst also looking for new trends in the industry.
    Pazo Freire
    International Business Director, Correos
  • I really like the set-up. Really good range and breadth of vendors and I've found the conversations I've had have been really productive
    Alex Murray
    Digital Director, Lidl UK
  • It's been fantastic, great footfall and lots of great enquiries.
    Callum Bastock
    CEO, CCL Logistics

Location & timings

Hall 2
The NEC Birmingham

Wednesday 17 March 2021 | 09:30 - 17:00
Thursday 18 March 2021 | 09:30 - 16:00

Contact

T: +44 (0)20 7384 7802  E: info@internetretailingevents.com
eDX is owned by Internet Retailing Events Ltd. part of the Clarion Events Group. We host board level multichannel events for retailers across Europe.
We work in partnership with InternetRetailing who are the magazine portal for European ecommerce