Lily AI (“Lily” or the “Company”), a retail technology platform specializing in visual AI and ML solutions for retailers and brands, has been named to the CB Insights Top Retail Tech 100 list for 2023, which recognizes the most innovative companies transforming the retail industry with technology.
This recognition is particularly significant in light of the current economic climate, with brands and retailers facing the challenges posed by inflation-driven consumer behavior. According to a recent survey by PwC, nearly 70% of consumers plan to reduce their non-essential spending in the next six months. However, despite this trend, there is still a segment of active consumers, with 26% planning to maintain their spending on luxury and designer goods. Additionally, 21% of people plan to increase their spending on luxury goods in the coming months.
These insights demonstrate a critical need for innovative solutions like Lily AI, which can help brands and retailers optimize their e-commerce experience to amplify their reach and engagement with consumers actively seeking their products.
With Lily AI’s cutting-edge technology, brands are empowered to enhance the customer shopping experience by improving on-site search conversion, personalized product discovery, and demand forecasting by seamlessly integrating the language of customers throughout the entire retail e-commerce value chain. By moving away from traditional methods of categorizing and presenting products based on outdated attributes, Lily AI provides a powerful platform that boosts site conversion, order size, and full-margin sales for retailers and brands.
Lily AI has quickly become one of Silicon Valley’s most innovative companies and has achieved this by establishing a successful female-led organization that prioritizes its employees, brands and consumers. Originally rooted in fashion retail, the company has broadened its horizons into new industry verticals to include home and beauty and has expanded into different international markets, including the U.K. and Europe.
“We are grateful to CB Insights for recognizing Lily AI as a Top 100 Retail Tech Company. This accolade highlights our unwavering commitment to providing solutions that empower our clients to enhance customer experience and drive overall growth,” said Purva Gupta, Founder and CEO of Lily. ” Additionally, we extend our appreciation to our customers – the early adopters who embraced our vision and implemented our technology, allowing them to stay ahead of the curve and drive remarkable results.”
By utilizing a brand or retailer’s current technology investments, Lily AI helps companies drive up to 60X ROI by optimizing the discovery experience and improving product descriptions that yield more relevant searches and translate to increased customer conversions. Today, Lily AI is trusted by some of the world’s most esteemed retailers, including Bloomingdale’s, Macy’s, Gap, thredUP, Marks & Spencer, and many others. Lily is proud to help deepen customer loyalty by bringing inspiration and joy back to the experience of shopping.