“Releva’s Artificial Intelligence (AI) can understand each individual customer’s interests and recommend exactly what the particular customer needs from the online store, just by gathering information from the first 2-3 clicks on the site. Using the data provided by the customer, the platform can predict when the purchase will be made.” – Daniel Nikolov, UpDate, Bloomberg TV Bulgaria.
This May, the co-founder and CEO of Releva, Georgi Georgiev, participated in an episode of Bloomberg TV Bulgaria’s UpDate program. During the interview, important issues related to the product of the company and the industry in general, such as the place of artificial intelligence in the eCommerce world and the possibility of achieving rapid growth based on the usage of personalized content without huge investments.
Product
During the interview, the unique features of our marketing platform were presented, showing that our product can develop the user experience journey of each customer of the online shop and provides personalized communication through multiple marketing channels.
Releva uses fully automated, sophisticated, and well-measured artificial intelligence algorithms to give each customer the feeling of visiting a local store, where the seller knows him very well and suggests products according to his tastes and needs.
Georgi Georgiev indicated Releva’s point of view that implementing marketing automation is not an impossible task, if you use the right tools.
“The system can pick the right product and show it on the site or send it by email or Viber at the right time when you’re online and you want to interact with the email or the site. In this way, we increase user engagement and let users find exactly what they need – at the same time, we raise the store’s revenue.”
Industry
He also stated that these types of tools are not uncommon for the industry and are used by major business platforms such as Amazon and Walmart. He shared that integrating Releva’s system leads to rapid growth without huge investments.
Achieving full personalization and building trust between consumers and the brand is one of the main goals of the company. However, our CEO pointed out that this is not an easy task.
“This is quite complicated due to the lost trust between brands and people – people do not share personal data and that’s why it’s commonly talked about spam. Most brands send the same emails and campaigns to absolutely everyone .This indicates a lack of desire in the brand to understand the individual customer – this is exactly the problem we are trying to solve in an automated manner .”
Accomplishments
Releva has acquired more than 30 new customers during the past year, medium and large eCommerce businesses in Bulgaria, Serbia, Greece, Romania, and Turkey. The company also received $ 870,000 from a funding circle led by New Vision Fund 3. The investment is planned to be used for expanding our team and developing the company’s portfolio outside the country.
“Probably in a year and a half – two, we plan to make a much bigger investment round. By that time, we probably will have a lot of clients from all around the world.”
During the interview, Georgi Georgiev shared that the company has grown over 800% in the past year. He also emphasized one of the beliefs we share as a team:
“We believe that a brand must first prove success on its territory because there is much easier access to clients and better communication. Bulgarians want to work with other local companies.”
The full interview can be found here.
If you want to join the list of the successful brands that have achieved results using our product, Releva can offer:
- Help with integrating your business in less than two weeks
- Increase your revenue by having:
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- 22% of your income to go through Releva banners;
- 10% coming from recommendations;
- 12% coming from personalized email communications.
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- Achieve 55% email open rate and 17% click rate
- Achieve more than 30% conversion rate.
- Achieve more than 270% return on investment.
Contact us, book a meeting and start your 14-day free trial now.