In recent years, the e-commerce landscape has been undergoing a transformation, with an emphasis on delivering seamless online experiences. This shift demands retailers to provide intuitive shopping journeys akin to in-store experiences. However, the e-commerce space still grapples with the challenge of offering clear navigation and effective product engagement.
In this scenario, Outfindo, a pioneering company in the realm of AI-driven shopping guides, has successfully raised €900k in a recent seed funding round. The funding will be instrumental in furthering the development and expansion of their groundbreaking product, which is poised to transform the online shopping experience across various complex product segments.
The funding comprises €500k from Presto Ventures, €250k from Patero, and €150k from Longevity Fellows, represented by Bob Dohnal and Mirek Vlasak. Previous notable investors include JARO Capital, led by Jaroslav Beck and Robert Kyncl, esteemed business angels.
At the heart of Outfindo’s innovation lies a revolutionary concept known as ‘Guided Selling.’ Outfindo’s platform enhances the online shopping process by engaging customers in a conversational manner and asking them questions they can readily answer. This approach empowers customers to make informed decisions without the need for exhaustive research and comparison. The company initially focused on the biking and e-biking segment, demonstrating its efficacy, and is now poised to extend its reach to washing machines, with more product segments on the horizon.
One of Outfindo’s remarkable features is its seamless integration with partner websites. Integrating their AI-driven shopping guide into e-commerce platforms is a quick and effortless process, requiring minimal effort and time investment. This integration leads to automatic software and design updates, enhancing the partner’s website functionality. Outfindo’s offering has exhibited exceptional results, driving customer engagement with a reported 40% interaction rate with the guide. Furthermore, conversion rates have seen a remarkable increase of up to three times, while returns have been significantly reduced, reaching as high as 70% in certain cases.
Jan Matějů, the Founder & CEO of Outfindo, brings a wealth of experience to the table. With a background in spearheading mobile data use cases for prominent tech giants like Telefónica O2, along with a successful stint as the CEO of the Czech branch of Delivery Hero, Matějů recognized the need for a customer-centric approach to product guidance in e-commerce. His vision, fortified by insights from these diverse roles, led to the inception of Outfindo.
“After developing a guided-shopping companion for our own marketplace platform, we decided to offer the product as a SaaS tool to enable customer-centric discovery conversations for as many customers as possible.Recent developments have been exciting. We’ve leveraged the latest AI language models, which significantly increased our go-to-market efficiency and launch of a new product vertical. Most importantly, we’re excited to have found the right partners and investors for the next part of our journey,” commented Matějů.
Outfindo’s journey since its founding in 2020 has been marked by remarkable achievements. Transitioning its focus to a SaaS solution in early 2023, the company has managed to secure partnerships with 30 e-commerce entities in just six months. The impact of their product is evident, with a 35% interaction rate on partner websites, a conversion rate increase of up to three times, and notable reductions in return rates, with instances of up to 70% reduction.