InMoment®, the leading provider of Experience Improvement (XI)™ solutions, today announced that it has been selected as the winner of the “Best AI-based Solution for Retail” award in the 5th annual AI Breakthrough Awards program conducted by AI Breakthrough, a leading market intelligence organization that recognizes the top companies, technologies, and products in the global Artificial Intelligence (AI) market.
The mission of the AI Breakthrough Awards is to honor excellence and recognize the innovation, hard work, and success in a range of AI and machine learning-related categories, including AI Platforms, Deep Learning, Smart Robotics, Business Intelligence, Natural Language Processing, industry-specific AI applications, and many more. This year’s program attracted more than 2,950 nominations from over 18 countries worldwide.
InMoment has been recognized for its work with one of the world’s largest outdoor clothing, equipment, and services retailers. Using InMoment’s XI Spotlight™, a sophisticated, AI-based natural language processing (NLP) and text analytics application, this retailer can now combine and break down silos to analyze data from different types of text data sources, including surveys, reviews, social media, news articles, forums and communities, chat and IM conversations, phone logs, and email to get an integrated, and holistic view of their customers.
“A positive customer experience is the lifeblood of any company, especially in retail, and the retail landscape has evolved faster than anyone could have imagined, forcing brands to rethink how to serve their customers,” said James Johnson, managing director, AI Breakthrough. “InMoment incorporates breakthrough AI technology to empower this positive customer experience, helping retailers know where customers are and what they need from their experiences while providing them with in-depth customer understanding, so they can drive acquisition, retention, and spending. We extend our sincere congratulations to the InMoment team for their well-deserved 2022 AI Breakthrough Award.”
The ROI that the retailer realized working with InMoment includes significant cost savings over competitive offerings or the cost of developing the solution in-house; optimized data by funneling siloed data into the same system and creating 100+ granular categories for use across business units; and seamless integration with the retailer’s existing BI tools used by the CX team for a truly 360-degree view of the customer.
“Modern shoppers are not only flooded with choices, but they also are savvier than ever – and our technology and services help to tailor their experiences with in-depth customer understanding,” said Mehul Nagrani, General Manager, AI Product & Technology at InMoment. “InMoment’s XI Spotlight integrates and analyzes data from all types of feedback sources via an API with visualization and management tools that ensures a granular and sophisticated insight across touchpoints. We’re proud of our ability to use artificial intelligence to help retailers and businesses of all types improve experiences.”
With InMoment, retailers gain complex intention analysis, identifying whether someone intends to buy, sell, quit, or recommend a product or service. In doing so, InMoment empowers the company or sales team with immediately actionable information on the state of potential customers, customers, and employees. InMoment also allows retailers to access customer and employee feedback to understand their sentiment and what can be done to improve it. This gives retailers the intelligence they need to increase customer retention and loyalty, acquire new customers, and identify areas within their business for cost reduction to ultimately drive better overall business results.