1 billion daily product recommendations driving 'multiple billions' in sales for RichRelevance clients | VentureBeat | Business | by John Koetsier
Summary
Now the key people behind Amazon’s technology, who founded software-as-a-service personalization engine RichRelevance five years ago, are driving more than a billion product recommendations each and every day for six of the top 10 U.S online retailers. “We’re driving multiple billions in value on an annual basis,” RichRelevance CEO David Selinger told me on the phone yesterday. “Generally, we provide a 3-15 percent increase in revenue for our customers, and one recent client — a top-five Internet retailer property saw over 11 percent revenue lift.” Selinger, who led Amazon’s product personalization engine team, calls RichRelevance’s secret “ensemble learning.” It’s a machine learning engine that observes what people buy over time, as well as what they shop, but don’t buy. Other companies in the space include companies like PredictiveIntent and Barilliance, A billion product recommendations a day is a significant milestone, and with 73 percent revenue growth and 43 percent customer growth in the past year to go with it, the company is hiring a new president to help increase growth. “We started the year with about 150 people, and have already grown 20 percent in head count,” Selinger says.
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