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LONDON, U.K. - 11 Aug 2011: IBM (NYSE: IBM) today announced that Technovated is using IBM business analytics software to analyse consumer sentiment and online shopping trends based on the latest product searches, blog posts and tweets about recent customer purchases. The e-commerce startup uses this information to create personalised shopping experiences, and as a result, can better compete with top online retailers.
Technovated applies IBM business analytics software to terabytes of publically available data on the Web, such as search engines and social networks, to understand how consumers feel about products ranging from office furniture to running shoes. The company uses this information to automatically set up individual Web stores that are highly targeted to customer preferences and competitively priced.
Using the new software, new sites are created in a matter of days. Previously, the process would take six weeks or longer.
“The level of product and customer insight that we are able to achieve from customer interaction on new media and social networks allows us to compete with larger e-commerce brands and gain market share,” said Gareth Knight, CEO of Technovated, a UK-based start-up company. “We are able to vastly improve the online shopping experience by responding almost instantly to customers and delivering the products they want to purchase at a very attractive price.”
As online shopping continues to grow, consumers are increasingly turning to the Web for research and to check price comparisons and product reviews before they buy. Working with IBM’s jStart™ team, Technovated developed custom analytics algorithms to use with IBM BigSheets software that allows the company to test product pricing against current prices online to ensure they are providing customers with the best pricing options.
Recently, IBM announced a $100 million investment for continued research on technologies and services that will enable clients to manage and exploit data as it continues to grow in diversity, speed and volume. The initiative will focus on research that aims to deliver Watson-like technology into the marketplace by driving the future of massive scale analytics, through advancing software, systems and services capabilities.
"The amount of information being generated by social media sites alone is mind-boggling,” said Rod Smith, vice president of emerging technology at IBM. “Businesses that use IBM business analytics software to capture and analyse this information can uncover new trends that just weren't possible before, and use this information to drive growth."
IBM jStart is the company’s emerging technologies client engagement team. Focused on creating new business technologies, the team works with companies to address their industry-specific challenges while providing business value. jStart’s latest initiative is the commercialization of IBM’s Watson system.
Technovated recently announced that it has secured angel funding from investors in London and South Africa, including the early stage fund Passion Capital, to start the rollout of technology and retail stores.
Notes to Editor
For more information on IBM Big Data solutions, visit: http://www.ibm.com/bigsheets
For more information about Technovated, visit: http://www.technovated.com
For more information about IBM's jStart team, visit http://www.ibm.com/jstart
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