Interview: Discovering the AI Bot Revolutionizing Shopping Experiences
In the ever-evolving world of fashion retail, a new player has entered the scene, promising to enhance the shopping experience for both consumers and retailers. Nibble, an AI-powered negotiation platform, is transforming the way people shop for clothing online by offering personalised price negotiations.
The brainchild of its creators, Nibble was inspired by the dynamic bargaining that occurs in physical stores and markets. It allows shoppers to negotiate prices with a chatbot, providing an engaging and interactive way to secure tailored discounts on fashion items they desire. This approach eliminates the need for generic sales or vouchers, ensuring customers find better deals suited to their preferences.
For retailers, Nibble offers a scalable, low-cost solution that boosts conversion rates, with some clients reporting up to a 50% improvement. The AI chatbot appears only when needed, avoiding negative impacts on full-price sales. It also supports resale markets with a "make an offer" feature similar to eBay. Integration with platforms like Shopify is straightforward via API, making it accessible for many e-commerce stores.
Brands benefit from Nibble as it provides a new promotion option and helps to build relationships with customers. Regular use of Nibble by brands has resulted in higher loyalty and consistent +10% repeat order rates over a two-year period. Notably, Nibble has been nominated as a finalist for the Innovation in AI Award.
Nibble's success in the fashion industry has been positive, despite concerns about its potential to fuel fast fashion. However, the solution to the challenges in the fashion industry, such as over-production and waste, is expected to be complex and different for different brands. Nibble's AI negotiation capabilities are not limited to Direct-to-Consumer (DTC) brands, making it a versatile tool for various retailers.
The retail market's response to supply and demand could help address issues like over-production and waste, and personalisation technologies like Nibble have the potential to be part of the solution. Nibble's goal is to become the most sophisticated AI negotiation platform, grounded in behavioural science and academically proven negotiation techniques.
Currently, Nibble can be accessed on various retailer sites, sometimes in a clearance section or as a reward for loyal customers. The platform is already handling over 1 million AI negotiations and is planned to handle increasingly complex negotiations, including B2B e-commerce contracts with multiple terms. Nibble has partnered with brands such as ASOS, and its AI negotiation platform is used in various industries, including B2B networking equipment, pharmaceuticals, consumer electronics, furniture, and fashion.
In conclusion, Nibble's AI-powered negotiation platform offers a unique solution that balances better margins for retailers and personalized savings for shoppers, enhancing engagement and satisfaction on both sides through AI-driven negotiation.
- The media is abuzz about Nibble, an AI-powered negotiation platform revolutionizing the fashion industry and beyond, by personalizing shopping experiences and offering tailored discounts.
- In the intersection of technology and lifestyle, Nibble's AI capabilities extend beyond fashion retail, having partnered with brands in consumer electronics, pharmaceuticals, and B2B networking equipment sectors.
- As Nibble expands its horizons to encompass various industries, artificial intelligence continues to influence media discourse, with Nibble being nominated as a finalist for the Innovation in AI Award.
- Leveraging AI-driven negotiation techniques grounded in behavioral science, Nibble aims not just to reshape the shopping experience but also to address industry-wide challenges like over-production and waste in fashion, using personalization as a potential solution.
