Latest / The Retail Podcast / NRF 2023 Michelle Bacharach CEO & Co-Founder of FindMine

Transcript

NRF 2023 Michelle Bacharach CEO & Co-Founder of FindMine · The Retail Podcast

• 0:01
  Hello and welcome to another episode of the retail podcast at
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  NRF. And today, I'm with find mine
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  with Michelle, the CEO founder, and just off maternity leave.
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  So, this is how awesome she is. So without any Ado, why don't
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  you tell us a little bit about find?
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  Mine. What you guys do and
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  specifically if I'm coming over to your booth as a retailer,
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  what can I get from coming over to the booth?
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  Yeah. So find mine is a AI.
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  Software application for retailers and Brands and we're
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  specifically focused and fashion home and Beauty at the moment.
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  What we do is we help those retailers and brands do better
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  storytelling around their products.
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  So instead of having to evaluate this lovely Blazer in isolation,
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  we actually can help retailers and Brands, show that Blazer and
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  all the different ways you can wear it.
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  So genes do look great with slacks with a different shirt
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  with a pocket square and kind of help take out that extra work.
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  The consumer has to do around how to make that product come to
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  life. Yeah, in their own everyday
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  lives. Um and typically that's
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  something that a merchandiser a marketer would do and it's very
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  manual and time-consuming. So they don't do it.
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  For every product will find mine allows them to do is Showcase
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  that product in all the different outfits that they
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  could wear it in or in a furniture brands case all the
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  different rooms that they could do a mid-century modern room or
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  all the different styles that they can do Beauty.
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  Looks, it's almost like Tick Tock tutorials, meet online
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  e-commerce product pages. It sounds like a dream because
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  it's one of the challenges in retail how How practical is it
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  in setting up and the learning models and your accuracy?
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  I guess, in terms of, you know, I don't know, providing
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  something that is blue because it's my favorite color rather
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  than giving me a pink. What's your accuracy levels on?
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  That? Is such a good question.
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  And one of the biggest, like, strategic advantages that find
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  mine has is what we like to say is we have quality high quality,
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  High scale. So one of the typical problems a
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  retailer, my face has high quality low scale which is your
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  my marketing team. You're going to do it by hand,
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  it's very time-consuming. So you get, you know, 5% of your
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  product catalog into these beautiful assets.
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  Great, if you use a lot of other kind of like, recommendation
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  engine type technology, you're going to get high scale low
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  quality because then it's just going to be based on wisdom of
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  the crowds, and maybe someone doesn't have a great sense of
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  fashion, and that's what the machine learning is learning off
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  of them. So if I - doing is we're
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  actually training, our machine learning models on the Brand's
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  editor, what we call the editorial point of view.
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  So we're training it to actually behave like a new Merchant, like
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  a new marketer and teaching the engine in the same way.
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  A human And learn. So just like you hired a new
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  market or to your team, you would sit them down.
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  You would say this is the Brand's point of view and
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  they've taken through a two-week onboarding period.
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  Just like you would train a new human and your organization
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  we're training to engine. So that's how we keep that
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  quality high and do you have any metrics on conversion in terms
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  of your, I presume you get basket, conversion, you get site
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  conversion, you get selgeh. So tell me a little bit.
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  Yeah, all of that. And I think it's really
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  interesting. You mentioned conversion first
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  because that's always where your mind goes.
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  Yeah, but actually it's about the entire customer lifetime
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  value. So we're seeing conversion rate.
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  Kris, we're seeing average order value increase through upt or
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  just buying a higher price point individual item.
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  We're also seeing repeat purchase go up.
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  So we're building. Loyalty customers have more
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  faith and trust in the brand, it makes sense.
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  If you think about like buying a face serum and if you don't know
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  how to use that face ERM and you use it with the wrong other
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  products, you might actually counteract the benefit of those
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  ingredients and not get the anti-aging benefit, or you might
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  have a skin reaction because you use too much of the same
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  ingredient, right? Right?
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  So if you actually feel confident that you use that skin
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  serum in the right way as part of a beauty regimen that you
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  feel confident about your going to go back to that brand again
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  and again. And so, overall, we're seeing
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  because of those three factors. And I mentioned overall,
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  customer lifetime value increases by 150 percent, which
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  is huge because they all Compound on each other, these
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  metrics and and does the A model in terms of lifetime value, one
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  of the so some online vendor platforms.
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  Do this really? Well in terms of building a view
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  of the customer over the life? I'm Valley, but there's the
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  model then know, for example, I love blue blazers that.
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  So, how does, how would it work in terms of repeat purchases, or
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  customers coming back? So, we actually will remember
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  the customer like by session ID, or someone Anonymous
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  information. So, let's take them coming back.
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  We don't know anything about them.
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  You don't have a table in our database that says first-name.
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  Alex last name Rosamund, all that information.
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  So we don't actually know you might like, however, so we call
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  ourselves complement to personalization, we help amplify
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  personalization. Uh, yeah.
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  Because we provide like, an endless amount of content that
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  is right for the brand. Yeah.
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  And then they can cherry pick from that with their
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  personalization. Vendor, who does have that table
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  in their database and all that information about you they can
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  pull out the right assets. Whereas all that data about, you
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  doesn't do any good. If they go to the pool of
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  beautiful content available and I only have five assets of
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  marketing has approved. Yeah, everyone's getting the
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  same five thing. Yeah, the thing find my does is
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  just we expand that pool content.
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  So, personalization can actually work.
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  Our for the retailer. That's fantastic.
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  So we're going to obviously, let people come to the booth to
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  learn more, but if I'm online, I'm listening on the podcast.
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  Where can I where you base? Where can I come to learn more
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  about the company and what you guys do?
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  We are based here in New York City, although everyone's pretty
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  much virtual still because of come in and we actually quite an
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  international team now, you know, thanks to the virtual
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  nature but we're based in New York City, you can go to find
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  mine.com to learn more about us. They can also check out our,
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  some of our customer websites. So we have Vineyard Vines Ines
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  we have Perry Ellis Callaway Mitchell Gold Bob Williams in
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  the home space. So there's lots of different
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  places you can go and just kind of see our work in action.
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  That's what Michelle, thank you so much for taking the time and
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  congratulations problem. Thanks.
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  Ines we have Perry Ellis Callaway Mitchell Gold Bob
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  Williams in the home space. So there's lots of different
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  places you can go and just kind of see our work in action.
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  That's what Michelle, thank you so much for taking the time and
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  congratulations problem. Thanks.