The concept of buying something online has become complicated with so many e-commerce sites vying for buyer’s attention, but not adding any new feature for the convenience of customers.
Consumers are confused in choosing the best product as per their requirements.
In most cases ‘purchase abandonments’ happen because of a poor customer experience. E-commerce companies need to work on improving the customer experience to make online purchase a happy experience for customers.
To solve this problem, Hyderabad-based Enixta Innovations, an Artificial Intelligence start-up, is working on a product called Buysmaart (buysmaart.com) that uses AI to help consumers make better buying decisions.
Currently, the company helps consumers wade through the sea of choices in consumer electronics, and their vision is to expand beyond this and guide consumers in the important product decisions they take.
In a chat with Entrepreneur India, Giri Devanathan, CEO and Founder, Enixta Innovations shared how Buysmaart is helping customers.
“The aim of Buysmaart is to use the machine learning technology to extract meaningful insights from customer reviews scattered over multiple sources and present them in a delightful way, which are comprehensive and easily adaptable by the consumers,” Devanathan said.
Customers Like to Research Online
Devanathan said people spend 90 per cent of the time on research before buying something online.
“There is a difference between choosing and buying. Buying is something like if I am looking for iPhone 7, I will consider elements like best price, deals and quicker deliveries. But then there is also something called choosing. For example, if I am looking to buy a camera from Samsung or Motorola with the budget of around INR 20K, I will look at different brands. Though e-commerce companies have filters and sorts, but if I do a search the system won’t understand. That’s where Enixta comes into play, “he explained.
Elaborating the role of Enixta, he added that the reason this is important because people spend a lot of time researching for the product and they don’t have a platform to do that research.
“We have buysmaart code, which helps in choosing the product as per needs. It has three components — customer feedback and expert reviews and the third component is converting speech into text. We found out that in research people do take a part in terms of identifying what they want. First, they identify their needs, discover what they want, evaluate, compare and they buy. This process is called decision engine,” he stressed.
Helping Ease The Confusion
Devanathan said that the E-commerce players only streamline the process of adding the product cart and proceeding to checkout. But selecting what to buy is the main problem here and, “that is what we Enixta Innovations trying to tackle.”
“The uniqueness here is a sentimental aspect. What I meant by aspects is that it bridges the gap between Manufacturers/Service providers and consumers, to know their brand and know what consumers think about their products/services. We identify the top keywords, convert them into features and using the feature, we identify the sentimental aspects for various products like refrigerator, TV and camera. Currently, we are doing this process for our website but we are in talks with many e-commerce companies,” he said.