China's Zhiyi Tech raises $100 million to help fashion brands predict bestsellers TechCrunch
Summary
In China, live-streaming advertising is emerging as a popular way for brands and influencers to reach consumers, challenging the traditional e-commerce model where users browse still images, Read reviews and order. One such software provider is Zhiyi Tech, a four-year-old company based in Hangzhou, Alibaba’s backyard, and run by two Carnegie Mellon PhDs specializing in artificial intelligence. In other words, Zhiyi is building a comprehensive solution for brands and influencers to monetize direct commerce. Zhiyi mainly serves brands in China at the moment, but the change in the fashion industry it represents has had a broader global reach. A variety of online fashion startups, such as Cider, have been working to replicate Shein’s success by leveraging big data to forecast consumer behavior around the world and exploit China’s rich supply chain resources.