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Blending the physical and the digital, Shoptelligence is a trusted design discovery platform that turns a furniture retailer’s basic product catalog into shoppable and interactive room ensembles. Shoptelligence took its AI-powered platform from idea to commercialization with help from MEDC program Accelerate Michigan.
Founded in 2016 by CEO Laura Khoury, Ann Arbor-based startup Shoptelligence bridges the gap between traditional retail and today’s consumer shopping journey. Thanks to its team of industry, analytics and technology experts, Shoptelligence developed an AI-powered Design Discovery Platform that helps furniture buyers discover more from a retailer’s catalog according to their style and the room they are furnishing. Shoptelligence provides customers the high-tech tools they need to furnish their entire room, while retailers receive a powerful platform that automatically acts on the customer’s buying signal, pairs the item under consideration with coordinating merchandise and delivers it in multiple room configurations.
When the high-tech company Shoptelligence first began, however, it was an unknown startup entering the $114B home furnishings industry. Shoptelligence needed help to establish relationships with key stakeholders and big-name retailers. The only question was how to access the types of opportunities that would allow them to effectively network and grow.
Luckily, the Michigan Economic Development Corporation (MEDC) has cultivated an ecosystem for high-tech start-ups and entrepreneurs to do just that.
“We knew Shoptelligence was a unique platform that had the potential to drastically transform furniture shopping for both customers and retailers, but we were completely new to the industry and needed help getting on the radar of top 100 retailers,” said Khoury. “With the resources provided to us by the MEDC, we had the opportunity to hire a public relations firm and take our startup to the next level.”
With resources and support from MEDC program Accelerate Michigan, Shoptelligence was able to establish a position of authority and thought leadership by securing speaking engagements and placements in major home furnishing magazines like Retail Now, Furniture Today and Home Furnishing Business, while also securing contracts with nationally recognized companies like Gardner White, El Dorado, HOM Furniture and Sam’s Furniture.
Shoptelligence used the funds it received from MEDC to grow its total revenue by over 500% and more than quadrupled its customer count.
Fast forward to early 2020 and the company’s proven AI-powered platform has delivered incremental revenue for its Top-100 furniture retail clients and increased revenue per buyer by more than 32%. In an era where retail traffic is down, Shoptelligence’s ability to blend inspiration and assistive selling has increased its clients’ online revenue by 13%.
The success Shoptelligence has experienced over the past three years has made for a whirlwind of activity and growth. But no matter what the next stage of its business may look like, Shoptelligence knows it has a network of high-tech experts, programs and support to rely on thanks to the MEDC.
To learn more about Shoptelligence please visit www.shoptelligence.com For more information on MEDC and how entrepreneurs and startups can access capital and resources, please visit michiganbusiness.org/services/entrepreneurial-opportunity/.