Madhu Konety, founder, and CEO of IceCream Labs (icecreamlabs.com) provides an informative overview of the consumer experience, and how AI and machine learning platforms are stepping up the game, delivering consumers better options. IceCream Labs is an AI (artificial intelligence) company that uses machine learning, and deep learning to solve business problems. Madhu Konety has over 20 years experience as an entrepreneur and technology professional and has worked with small startups as well as large companies throughout his career. He founded the software business, Musambi, which was later acquired by another company. Konety has served as senior investor, product manager, and software engineer for multiple highly established companies. He received a master’s in business from Stanford University, an M.S. in computer science from Virginia Tech, as well as B.E. degrees in IT from Bangalore University and B.M.S College of Engineering.
IceCream Labs provides an AI-powered platform that delivers advanced intelligent merchandising solutions for sellers, e-commerce retailers, businesses, and brands. Their platform utilizes deep learning that yields results with precision, which could potentially increase revenues by up to 400%. The IceCream Labs platform inputs multiple sources of product data. The data is processed using deep learning models that enrich and optimize the product content, and this process can be easily integrated into most solutions a business or company may already have in place.
The commerce expert states that the biggest, and most important, challenge for many businesses is to have great quality product content for the entire product department. Consumers need to feel confident that their online searches for product information deliver thorough and accurate information about the product or products they are interested in purchasing. He explains how IceCream Labs’ platform uses AI to enrich and organize product content and to create relationships between the data via machine learning to deliver new experiences for consumers. Konety provides examples of how their platform considers literally thousands of data points to bring consumers a more immersive experience. He illustrates the process in detail by providing information on specific shopping experiences. For example, the platform’s analyzation of the collected data in aggregate can bring product options to a consumer even when they are not exactly sure what they are looking for. If the consumer needs to purchase a chair or sofa, etc. but doesn’t necessarily know if the style needed is bohemian, modern, or other, the platform can help guide the consumer to the appropriate purchase by presenting style boards that the consumer would consider to be acceptable.
Konety explains that their platform works with any product line and by utilizing AI it can present suggestions to aid consumers in their purchasing and can be modified for specific interests, needs, etc. Essentially, the platform can function as an intelligent salesperson that understands the interconnections between all the data points. As IceCream Labs moves forward, they hope to incorporate customer buying data, and of course with strict adherence to privacy laws. Konety discusses his team’s work within the home, fashion, and food spaces, and how the importance of complete product data can enhance consumer experience and help to increase retailer profits. And results can be dramatic, with overall sales of a product sometimes leaping from 25% to as much as a whopping 200%.
Konety discusses how their solutions empower the human connection as consumers have greater knowledge and extensive options at their disposal to enable them to make better, more informed decisions.