95% of online shoppers browse websites anonymously and this number will only continue to grow as browsers such as Google Chrome will phase out 3rd party cookies in 2022. Personify XP is the world’s first anonymous real-time personalization platform. Personify’s AI-powered technology understands online shopper’s interests in real-time and can deliver personalised content, or product images, to consumers without sacrificing their anonymity. Personify XP has experienced a 420% YoY growth since August 2019 and is used by companies such as Farfetch, ellesse, and Canterbury (which has seen a 13.5% revenue increase since adopting Personify XP).
London TechWatch caught up with Ben Mercer to learn more about Personify XP, how its technology drives a 10% increase in revenue on average for brands that are leveraging the technology, and the company’s recent funding round.
Who were your investors and how much did you raise?
We have raised £550K in a pre-seed round. Founders Factory, Touker Suleyman, and other high-profile angels have invested.
Tell us about the product or service Personify XP offers.
Personify XP is the world’s first anonymous real-time personalisation platform. We solve the cookie conundrum that retailers are facing – basically how to personalise their online brand experiences in a world where 95% of people browse the internet anonymously.
We automate the types of content and products that consumers see, thereby letting retailers react in real-time to changes in an anonymous consumer’s digital journey.
What inspired the start of Personify XP?
My cofounder Joshua Scotton and I have worked in ecommerce and technology our entire careers and we could see an impending pinch point emerging for retailers. How do they continue to personalise their content to anyone, anywhere, without asking consumers to sacrifice their personal data?
Then we had a meeting with a national retailer – they had all this customer data with much of it anonymous. They weren’t sure how to use the data to grow sales. On the train back from that meeting, Josh and I came up with the idea of Personify XP.
How is Personify XP different?
No other platform does what we do, both from an automation point of view and the fact our AI-powered technology is able to understand a shopper’s intent in real-time and then deliver personalised content to them irrespective of their anonymity.
What market is Personify XP targeting and how big is it?
E-commerce is a £688B industry. Our technology drives, on average, a 10% increase in revenue for the brands we work with in online retail. That 10% is huge in such a competitive sector.
Our technology can be applied to any online experience or website so while fashion and apparel is our focus at the moment, the potential for growth is infinite.
What’s your business model?
Retailers either pay a simple subscription to use Personify XP or we can operate on a shared success model where we take a percentage of revenue.
How has COVID-19 impacted the business?
While the global pandemic has affected many businesses, e-commerce has seen a surge in demand and so have we. Personify XP has grown 420% YoY since August 2019.
Our own data has tracked a two-times increase in online shopping searches this year alone. Our automation and AI have provided brands new revenue opportunities, increased order values and improved conversions.
What was the funding process like?
Long, but not due to the pandemic, rather just because the process takes time. Other startups have seen their fundraising hampered, but we have been fortunate that our solution underpins the ongoing adoption of online retail.
What are the biggest challenges that you faced while raising capital?
Finding a lead investor. Most people prefer to follow. Differentiation in such a competitive sector is always challenging too.
What factors about your business led your investors to write the check?
Tangibles. Our market is booming, and our technology delivers commercial results. This is what investors look for. Personify XP is something a retailer can use now, immediately.
Tangibles. Our market is booming, and our technology delivers commercial results. This is what investors look for. Personify XP is something a retailer can use now, immediately.
What are the milestones you plan to achieve in the next six months?
Our immediate goal is to accelerate the growth of the platform for our direct business and indirect partners. We will grow into new markets and open up new partnerships to drive channel revenue, boost our marketing and continue to enhance the overall product experience.
What advice can you offer companies in London that do not have a fresh injection of capital in the bank?
Find creative ways to bring in customers. Try to identify those that want to work in partnership with you or those who are willing to take a chance on you. These are hard to find, but they are out there!
Where do you see the company going now over the near term?
Scaling. Lots of scaling. That’s what’s coming. The real fun starts now.
What is your favorite restaurant in London?
Bill’s – friendly staff, nice atmosphere, varied menu. Always has something for someone.
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