Users also have the option of donating all or a portion of their kickback to charity.
"It's our philosophy that one of the most valuable marketing assets a brand can take advantage of is their customers' ability to influence purchasing decisions among friends and social followers. People are much more likely to buy something if their friends say it's awesome than if the brand says it is. Since you and I know each other, there's already an element of trust built in, so personal recommendations tend to carry a lot more weight," said Solebrity CEO and Co-Founder AJ Jaghori.
A highly accurate machine learning algorithm powers Solebrity's ability to personalize shopping recommendations based on each user's unique shopping habits, preferences, and budget. The AI-based technology makes it possible to offer the right products at the right time at the right price and with a 70% relevancy to the individual user's needs. It was first developed by Jaghori while working on MIT's Social Genome Project between 2008 and 2011.
With the release of Solebrity Analytics, the team intends to make their data-gathering technology, previously only available to their fashion and apparel brands, accessible to all businesses.
Bolstering the company's new business-facing model is their recent acquisition of Net Data Direct, a nascent "Data-as-a-Service" platform that provides intelligent web scraping and automation for consumer markets and enterprises.
The release is timely, perfectly aligning with a market that garners a whopping $600 billion per year in millennial shopping spend in the US alone.
Since first launching in January 2015 with just 5 brands on the platform, Solebrity has quickly expanded to offer over 11,000 brands representing 8 million products, including major names like Nike, Forever 21, Ray Ban, Chanel, Urban Outfitters, Michael Kors, Gucci, and more that are widely favored by millennial audiences.
Solebrity now boasts nearly 100,000 users with around 5,000 downloads per week and over 250,000 user product recommendations. Partner brands have reported an average of 25% conversions on product sales.
Among their suite of new B2B products are tools like PredicoRx™, a predictive/prescriptive analytics platform; an AI-driven web scraper that helps businesses better understand their data and feed high-potential lists of accounts and contacts into the top of their funnel; and an AI-based personal shopping assistant chatbot called Bella.
When asked what excited him most about the future, Jaghori said, "Social influencers have already begun changing the way that people, particularly millennials, shop. With Solebrity, we're able to help brands and retailers stay on the forefront of this massive trend with a seamless, powerful solution that instantly connects them with their customers on a fundamentally more personalized level through the power of deep learning."
Solebrity Analytics for businesses was made available as of December 1, 2016. Those interested in learning more can visit the company's website here.
To download the Solebrity mobile app for iOS and Android, visit the App Store, Google Play, or click here.
For more information about this story, contact:
AJ Jaghori, CEO & Co-Founder
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/solebrity-pays-users-cash-to-shop-for--recommend-their-favorite-brands-300371635.html