Black Crow AI raises $25M to predict which products ecommerce customers will buy
https://techcrunch.com/2022/03/31/black-crow-ai-raises-25m-to-predict-which-products-ecommerce-customers-will-buy/
In the pandemic era, where digital storefronts have become a matter of course for retailers, data analytics is proving its worth. Tools that analyze customer data can help better maintain stock, build a supply chain, detect fraud, and predict which products might appeal to particular customer segments. Those advantages — as well as their ability to forecast inventory and measure the effectiveness of marketing campaigns — have driven predictive analytics software revenues to record heights. According to Zion Market Research, the predictive analytics industry made $8.12 billion in 2020 and is set to make over quadruple that — $39.1 billion — by 2028.
A number of vendors compete in the data analytics for ecommerce space, including DataHawk, which provides tools for sellers that ostensibly help increase sales by optimizing profit margins. Others include Trsel, which is designed to give small brands access to the same kinds of analytics larger online retailers have, and Varos, which aims to shed light on how companies compare to their peers in terms of customer acquisition costs.