COPENHAGEN, Denmark, Sept. 15, 2020 /PRNewswire/ -- Miinto, a leading Scandinavian fashion marketplace operating across Europe, has tripled its business in the last three years and has experienced a surge of +500% in inquiries from independent retail stores offering high quality fashion brands since March. With a sharp decline in store footfalls, and consumers turning to online shopping for fashion needs, regional retailers are finding online marketplaces like Miinto to be a real saviour.
Miinto partners with over 2000 retailers to showcase more than 5000 brands and over 500,000 active products, and offers superior customer experience to shoppers. A big reason for Miinto's digital success has been their investment in digital personalization, AI, and their ability to seamlessly tune digital strategy, test and experiment winning experiences at great speed.
Having a vast and constantly changing product catalog, Miinto has a unique set of challenges. They rely on RichRelevance personalization platform to help consumers find relevant products from thousands of pages of products.
"RichRelevance has been a gamechanger for Miinto by allowing us to significantly improve our customer experience, making it personal and relevant to every single user that visits our website. We're working hand-in-hand with RichRelevance on a daily basis to use all available technologies, and even develop new ones, to constantly optimize our onsite experience and make sure that we present the right products to the right customers at the right time," said Paloma Truong, Head of Customer Experience at Miinto.
Malthe Cederborg, Group CMO at Miinto believes strongly in a significant market opportunity for brand-led independent retailers worldwide. "Miinto's business model offers retail store partners that meet high standards in product, availability, and logistics, a simple yet compelling model to take their business online to an international market that spans Scandinavia and the rest of Europe. To get started, all they need is a product catalogue and an integration with the Miinto platform that we can help with. We welcome regional fashion specialists to tap a large international consumer base by partnering with Miinto," said Malthe.
Miinto, with its sales during last year of almost EUR 100M, is a digital-first business and a role model for other industries to follow. Agility, scale and customer experience are all being shaped and managed by technology, even as business environments have remained dynamic and evolving. Miinto realized a 19.4% higher revenue with RichRelevance personalization, compared to our previous technology.
Commenting on the role of personalization technology in Miinto's success, Thomas Hakansson, Director of Customer Success at RichRelevance Europe said, "Miinto is an innovator - be it their business model, or their definition of customer experience. They have passionately developed a world-class digital marketplace for fashion. Their use of RichRelevance Personalization has evolved from basic site search and recommendations, to include Xen AI powered real-time decisions with customer context and dynamic inventory, and is a strategic weapon to drive revenue growth. We are delighted to work with marketplaces with such unique needs."
RichRelevance recently announced the next generation of product recommendations as part of their personalization cloud, DeepRecs.
RichRelevance is the global leader in Digital Customer Experience Personalization, driving digital growth and brand loyalty for 200 of the world's largest B2C and B2B brands and retailers including REI, Walmart, Burberry, CDW, ShopDirect, ATEA, Komplett and Coop.SE. The company leverages advanced AI technologies to bridge the experience gap between marketing and commerce to help digital marketing leaders stage memorable experiences that speak to individuals – at scale, in real-time, and across the customer lifecycle. Headquartered in San Francisco, RichRelevance serves clients in 44 countries from 9 offices around the globe.
SOURCE Miinto and RichRelevance