Thursday October 1, 2020…London,UK Ecommerce search, personalisation and merchandising technology provider, Attraqt, (LON: ATQT) has today announced it has entered into an agreement to acquire Artificial Intelligence (AI) Search IP assets from Aleph One GmbH.
This acquisition transforms Attraqt’s ability to deliver proprietary AI-driven search capabilities to over 300 global brands across its customer base. The acquisition follows a five-month partnership with Aleph, which on-boarded a select group of customers including global beauty and fashion brand, PrettyLittleThing and a major UK supermarket to incorporate the Aleph self-learning product search algorithms for complex search queries – achieving immediate impact on KPIs and incremental revenue*
“Brands need to step-up and respond to commercial pressures and complex shopper expectations. Our investment in search engine artificial intelligence is a direct response to heightened expectations from consumers who are used to sophisticated search experiences on Google or Amazon. This acquisition immediately empowers our customers with a new, AI-powered ecommerce search engine and a proven ability to deliver contextually accurate product relevancy. This allows us to serve our customers with advanced, ‘Google-like’ search experiences across their digital channels, whilst unlocking previously dormant revenue opportunities, said Mark Adams, CEO Attraqt.
I’m thrilled it also means that following our 2019 acquisition of the Early Birds personalisation platform, Attraqt remains steadfastly committed to fast-tracking our transformation into an AI business, alongside the Aleph-One R&D team.”
Traditional search engines rely on concepts that are not capable of making a complex match between consumer context and product information. This requires a rich understanding of the shopper, as well as of the product – including image, attributes, or text-based information. While AI is often used to solve the issue by improving the ranking of a product, its value is compromised if the core search engine delivers only limited or zero results*.
The algorithms are based on a foundational technology developed at Aleph-One: the‘ product fingerprint’; this technology scans and comprehends all available data about a product: all images, textual descriptions, categories, labels, textual attributes, prices and other meta data. Based on combining natural language processing, deep learning and computer vision the algorithms build a comprehensive semantic representation of products and search queries. This allows the AI to understand and continuously learn underlying customer intent based on search requests, and match relevant products, even for products whose attributes are not explicitly mentioned by the customer in the search query. The search engine also caters to the growing demand for natural language or voice search requests.