Artificial intelligence has dominated retailer and marketplace e-commerce news. Retailers and brands are jumping to leverage AI to advance their businesses. For Rithum, AI goes beyond the buzz. “We think about it in a very customer-centric way,” said Chief Product Officer Aarthi Ramamurthy.
It’s less about the buzz around AI and more about helping customers achieve specific objectives, like listing products faster and launching on fast-growing social selling channels like TikTok, Ramamurthy said.
Rithum acquired search and discovery startup Cadeera. This acquisition gives Rithum a multi-modal AI platform. It combines the latest advances in computer vision, language processing, and machine learning. This technology is useful for applications including product onboarding, search, and discovery.
Rithum uses AI insights to build more efficient and profitable businesses
This investment is part of a long-term strategy. The worldwide AI software market will grow from $64 billion in 2022 to nearly $251 billion in 2027 at a compound rate of 31.4%, according to a forecast by the International Data Corporation published in September 2023.
Rithum is continuously learning how the latest technology can drive value for its customers.
“We really want to be able to see how the technology helps drive faster time to market, reduce costs, increase customer revenue, and other important problems our customers face,” Ramamurthy said.
Cadeera’s AI technology has powered product onboarding and discovery capabilities for millions of products across the Americas and Europe, said Dr. Sebastian Spiegler, Cadeera, Founder and CEO.
“We are excited to scale the technology within Rithum’s network to billions of products and tens of thousands of sellers and retailers across the world,” Spiegler said.
AI saves businesses time by automating manual tasks
Rithum is using AI to build out channel mapping capabilities. “We can take a brand or supplier’s product data and map it all internally to get one source of truth,” Ramamurthy said. “Then it feeds that information to any marketplace at the click of a button, getting their products up on these channels much more quickly.”
Rithum’s AI capabilities include automatic channel mapping with inventory compliance and error correction. Cadeera’s technology will also be used toward product content generation and image validation, as well as recommendations of similar and complementary products.
AI also helps Rithum determine inventory personalization by identifying what inventory levels to maintain that align with customer fulfillment centers. The technology indicates how quickly merchandise can be delivered.
“AI helps us determine how we keep the product’s costs within the threshold that retailers want,” Ramamurthy said.
The technology will also be used for network discovery. This is where AI-based supplier and product recommendations allow retailers and brands to increase their virtual inventory with similar products from new suppliers to sell to their customers.
“This investment is just the beginning,” Ramamurthy said. “AI will be a game-changer for e-commerce – and it is happening faster than many realize. We continue to invest in and accelerate our capabilities in this area and look forward to significant expansion of AI across our entire platform.”
Check back for updates to learn how Rithum’s AI tools are driving profitable growth for brands, retailers, and suppliers.