Crowd Media is working to transform e-commerce as we know it by advancing personalised two-way conversations across the consumer pre-purchase, purchase, and post-purchase journey.

Imagine trying to work out what shade of foundation you want for your fair complexion while shopping online. Are you extremely fair, fair, or more a medium fair?

What if you searched ‘best foundation for fair complexion’ and a bunch of websites came up, which added to your confusion, and you felt like you’d be better going in person to a store.

Imagine though if your search also generated a digital avatar that could talk you through with audio-visual in live time? What if you could sync with a webcam to even identify the exact pigment of skin tone to avoid any pesky foundation lines.

Think about when you go into a department store, if you’re on your own, you may just browse. But a personal shopper will answer your questions, suggest the right products, and maybe upsell you too.

Artificial intelligence company Crowd Media (ASX:CM8) believes the idea of a personal shopper online could become mainstream in time and is looking to be a leader in the field.

 

SourceFlare deal to advance conversational e-commerce

CM8 recently entered made a deal with Israeli tech pioneers SourceFlare to leverage its Talking Head platform.

Founded in 2018, the SourceFlare platform applies machine learning and data insights to generate customer leads for its clients through online mediums from search engines to social media.

CM8 is developing a Proof of Concept (POC) focusing on using CM8’s Talking Head platform to apply “conversational AI” to the media search sector.

According to Meta research:

  • 40% of conversational commerce buyers around the globe started their first shopping journey via chat.
  • 45 % of conversational commerce buyers have messaged a brand for product information.
  • 35% say they do so to receive an instant response, anytime.
  • Typical Instagram ad call-to-actions include shop now or ‘fill a form’.
  • Businesses can now add new and smarter call-to-actions that enable ‘Click to Chat behaviours directly to ads.
  • Businesses can in turn generate ‘conversation qualified leads’.

CM8 CEO Idan Schmorak said it has the underlying tech to address the consumer trends and the media search deal with SourceFlare is the beginning of what could be integrations into all major social media platforms.

“Throughout the pandemic, we saw a large shift in advertising budgets where traditional businesses redeployed their legacy media advertising budget towards new media. This had a subsequent effect which has lingered for many advertisers, where online advertising saturation resulted in higher lead generation and conversion expenses. Conversational commerce addresses many of those problems,” said Schmorak.

“So rather than just being one of a dozen static ads on a search, Crowd’s partnership with SourceFlare will advance a static advertisement into an interactive one that will be powered by conversational AI, offering even further opportunities for advertisers to optimise their lead generation via the SourceFlare platform, effectively to reduce their cost-per-lead.”

CM8’s POC is expected to be with SourceFlare in the September quarter.

“The plan is to advance it through a scale up phase where digital avatars will generate highly engaging content to push and promote customer acquisition through a funnel process which effectively optimises lead generation for SourceFlare clients,” Schmorak said.

 

Primed for Growth

In addition to the POC being developed for SourceFlare, Crowd Media has other partnerships with tech in development including their telehealth solution for PangeaMed and interactive NFT project with IMPSSBL.          With these deals offering prospective clients a tangible application of Crowd’s conversational AI capabilities in real world use cases, Schmorak is set to upscale the Company’s commercial resources after two years of cost-cutting to reach the montisation phase for their Talking Head platform on a shoe-string budget.

“We’ve had a few job ads up over the past month for developers and commercial sales positions. It has always been our plan to upscale responsibly so now that we have the tech to showcase, we can progress discussions around utilising conversational commerce to solve more client needs.”

This article was developed in collaboration with Crowd Media, a Stockhead advertiser at the time of publishing.

This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.

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