Context & Challenge
As a digital commerce service provider, one of our most important challenges is improving the performance, specifically conversion rate of our partners. Our teams, always researching new methods of digital commerce and consumer interaction discovered Sentient and their Ascend product in 2016. The offering is a powerful new solution that uses an AI technology known as evolutionary algorithms to accelerate conversion optimization 10 to 100 times faster than older approaches, and infinitely faster than humans.
What is the relation between AI and business growth?
“Artificial Intelligence” is an old idea, but AI today includes a variety of technologies and tools that can solve different types of business problems. These AI solutions in turn require expert development & deployment capabilities in order to be integrated into apps and business processes that support human decision-making.
Some of these are time-tested, and others are relatively new, including Deep Learning and Evolutionary Computation, two of the most promising AI technologies.
Deep Learning platforms consist of artificial neural networks with multiple abstraction layers, primarily used in pattern recognition and classification applications supported by very large data sets. Sentient is one of the main actors in the field Deep Learning and its application, and is the leader in applying this technology to consumer purchase optimization.
The whole evolutionary computation platform use types of algorithms (called genetic algorithms or evolutionary algorithms) which are modeled on natural selection, and search for the optimal solution to a problem with incredible efficiency. They are used widely (by Sentient and others) in finance, product design, and now purchase funnel optimization.
By adding the power of Sentient Ascend into Nexway’s platform and combining Nexway’s ecommerce data and merchant of record expertise, we can now help our partners achieve unprecedented conversion growth in just a few weeks. After an initial test phase, the impact we saw from the Nexway/Sentient partnership in terms of increasing revenue, made it easy for us to accelerate the onboarding and make it available immediately to our network.