Source: VentureBeat, Oct 2012
A startup called LEAP Commerce is launching its Best Decision engine to make the experience of mobile shopping less fragmented and more personalized.
The first step in this simplification process is the “virtual mall.” LEAP has partnered with major retailers like Svpply, Amazon, and Walmart to make their merchandize searchable on LEAP’s platform, and there are between 78 and 110 million available products.
When downloading the app, users identify the type of shopper they are. An algorithm processes this information to suggest relevant products, based on personal style, price points, brand preferences, and location. There is a prominent social layer, so brands and products liked by people in your social network go to the top, and sharing is built into the app to make it easy to consult with your friends.
Chatterjee identified four stages in the shopping process: awareness, consideration, purchase, reflection. He said there are many companies that succeed in one or two of these phases but none that connect them all. Furthermore, there are few mobile platforms where payment processing is user-friendly, and many consumers remain skeptical about the security of mobile transactions.
As a result, “shopping cart abandonment” happens over 10% of the time.
“LEAP stands for Loyalty, Engagement, Analytics, and Payment,” Chatterjee said. “We are trying to grab that entire story. We believe we can create conversations with consumers that will allow people to procure what they want to procure in the most effective way and have relationships with the brands.”