Concept: Indian tech startup DaveAI has launched a virtual avatar sales experience platform to assist businesses in developing a digital brand persona that can connect with customers. The avatars, which are powered by patent-pending Empathetic AI technology, can conduct natural-language conversations with customers, understand their preferences, and give personalized recommendations via speech and text.
Nature of Disruption: An avatar interacts with any user in a conversational and integrated manner, employing speech recognition and natural language interaction (NLP) to acquire information. It deduces the customer’s intent and makes the appropriate product recommendation. An avatar is designed to resemble a human being and can be customized for each brand to resemble a brand ambassador. DaveAI can generate predictions with minimal data and learn on the go by leveraging the platform’s online learning genetic algorithms. The platform can be implemented on the DaveAI Cloud, an enterprise VPC (Virtual Private Cloud ), or on-premises, including at the edge. The virtual avatar claims to help companies increase customer engagement by 70%, optimize product mix sold by 30% and increase qualified leads by 18%.
Outlook: As the demand for advanced data-driven analytics and interaction becomes the mainstream, AI-driven retail solutions are gaining traction. With its real-time analytics solutions for tailored recommendations, DaveAl has the potential to help businesses improve their retail KPIs (key performance indicators). Intel, MSIL, Hakuhodo, and SAP are among its partners. In June 2022, DaveAI conducted a strategic round of funding led by Maruti Suzuki. The wealth accumulated would enable the startup to meet the expanding global need for assisted digital sales experiences, as mentioned.