BuyMeStuff has raised $450K in angel investment for its next generation e-commerce marketplace and technology platform, which will leverage machine learning to help Australian SMB brick and mortar retailers intelligently connect with online customers.
Online marketplace, BuyMeStuff, created on a custom-built technology platform, says it will leverage machine learning to help Australian SMB brick and mortar retailers intelligently connect with online customers and personalize offers, thereby improving sales and driving growth.
Using BuyMeStuff, customers provide their requirements such as price, bundles or specific services. Retailers can now respond with personalised offers. Currently under development, is the platform’s machine learning algorithms will generate actionable predictive analytics by using a variety of other real-time data such as pricing trends, and customer insights. This will allow retailers to respond more intelligently, helping them to significantly increase their conversion rates.
“In many cases, the best value deals for a consumer is not just based on price, but a unique combination of the price and perhaps a service or a bundled offering that may be tailored specifically for each customer. Local high street retailers excel at this kind of personalised customer service, but they are unable to provide the same value online,” says Mahendra Harish, co-founder and director at BuyMeStuff.
“With the BuyMeStuff platform and marketplace, we want to help retailers to effectively utilise technology to do what they are best at, and help them compete and grow. This is unlike any other marketplace in the industry today.”
BuyMeStuff went live with the MVP (minimum viable product) in January 2017 with conversions on the platform jumping as high as 16% since. This is expected to further improve with the introduction of machine learning driven predictive analytics capability.
“We are building this platform purely to make SME retailers more competitive. That is why we are doing what we are doing. We feel providing a dynamic platform to our SME retailers will ensure they can add value to their customers“ says Abhishek Vohra, co-founder and director at BuyMeStuff.
The platform is built out entirely on Amazon Web Services Cloud, and will utilise Amazon Machine Learning and other services to deliver a truly cutting-edge e-commerce platform. Amazon Machine Learning is based on the same proven, highly scalable, machine learning technology used for years by Amazon’s internal data scientist community – it and uses powerful algorithms to create machine learning models by finding patterns in existing data. Amazon Machine Learning then uses these models to process new data and generate predictions in a highly scalable way, serving those predictions in real-time and at high output.
BuyMeStuff is also a member of AWS Activate, Amazon’s Startup support program.
“We are privileged to be part of the AWS Activate program which has given us access to a rich set of resources as we are growing our business. We are now incorporating a microservices-based architecture to significantly bring down costs on the opex side, thanks to the truly amazing breadth of offerings that AWS cloud services provide. This enables us to focus on exploring other cutting-edge technologies to help deliver more customer value. One such area that we are evaluating is using Block Chain to develop distinctly unique group buying paradigms and provide a win for both consumers and retailers alike,” explains Ashwin Rao, co-founder and chief technology officer at BuyMeStuff.
The vision that the founding team have for BuyMeStuff is to ensure that local retailers get as much benefits from cutting edge e-commerce technology as possible, in delivering value to their end customers.
To this end, the founding team bring to bear more than 40 years of combined of industry experience in technology development and management, finance and business development.
Along with the right mix of capability and commercial pragmatism that the angel investment firm recognised was present in the BuyMeStuff founding team, they also felt that the problem that BuyMeStuff is solving is not just unique to Australian retailers. They realise this is a significant issue for retailers globally and see this solution as having an appeal in many other markets, which made this investment worth pursuing.