Indent raises $8.1 million for AI-powered customer video review tool

In keeping with this a recent report, 92.4% of customers use opinions when deciding to buy a product. Comprehensible. They need confidence of their buying decisions earlier than buying a product on-line.

A Seoul-based startup, Recess it desires to assist e-commerce retailers enhance their gross sales by offering precious buyer suggestions whereas serving to these buyers with entry to video opinions and product rankings. Title of video evaluation advertising device EXAMINATION, and works by sending a chatbot to a product owner’s prospects to gather video opinions and product rankings. Sellers can then add these customer-generated video opinions and product rankings to their web sites to draw extra leads and customers.

Traders appear to love Indent’s conversion charges. The startup has raised $8.1 million (10.5 billion gained) in a Collection A led by SV Funding, with participation from strategic investor LG Uplus (a telecommunications unit of LG), Korea Funding Companions and Crit Ventures, amongst others. The spherical brings the workforce’s whole funding up to now to $13.7 million and maintain enhancing the video platform.

In keeping with Indent CEO Morgan Yoon, Indent presently has about 40 prospects within the US, China and Japan and plans to enter the US market within the second quarter of this 12 months to draw extra customers overseas. In these geographies, 3,800 on-line retailers, largely direct-to-consumer manufacturers. As well as, South Korean firms, together with the producer of Korean beauty manufacturers LG Uplus AmorePacific And MLB Korea Yoon stated, use Indent’s companies.

Indent claims to have over 12 million registered customers, accounts for practically 60% of whole internet buyers in South Korea. In keeping with checks performed by Indent, customers utilizing the video evaluation platform confirmed a median of 6x greater order conversion price.

Picture Sources: Indent

The corporate has numerous rivals; different advertising instruments additionally enable sellers to showcase their opinions on their web sites. Yoon says that as a way to keep forward of its rivals, the corporate is about to launch a brand new service designed for B2C customers. spray, that the initiative introduced in beta final April. Yoon added that Spray is a TikTok-like video evaluation service that enables particular person customers to add customer-generated video opinions and share suggestions, including that spray customers can earn cash if new prospects buy merchandise by the Spray service.

Yoon additionally defined that Spray analyzes customers’ purchasing conduct and preferences and recommends essentially the most appropriate merchandise for sellers (or influencers) to promote.

Indentation that collects knowledge about consumers’ actions“It could provide about 66 million merchandise,” Yoon added.

The corporate presently generates income from its service provider prospects by VREVIEW subscription charges. It additionally prices license charges from D2C model retailers after they buy user-generated content material (UGC) from its customers.

The corporate employs 27 folks in South Korea.

Picture Sources: recess