PayPal acquires AI predictive retail startup Jetlore
Jetlore, which was founded in January 2011 by students from Stanford University’s computer science program, leverages machine learning to deliver “personalized” experiences from retail chains like Uniqlo and Nordstrom Rack. The startup’s predictive technology analyzes “billions” of customer data points and product data, including apparel attributes like sizes, color, fit, and style preferences, as well as brands and preferred materials, which inform its customer targeting products.
Jetlore’s Predictive Layouts feature, for example, allows marketing teams to target certain groups of customers with distinct email, homepage, and in-app experiences. It learns customer preferences from their interactions over time and dynamically adapts, populating content where users are most likely to see it. Jetlore claims that Predictive Layouts can generate between 60 and 70 percent more revenue per email or pageview and reduce customer churn by 12 percent.
Jetlore’s other flagship product, Predictive Ranking, uses a patent-pending “learning to rank” engine to tailor product lists and search results to individual customers. It automatically surfaces items based on knowledge of each customer’s preferences and matches those preferences to inventory in real time.
Both will join PayPal Marketing Solutions, a suite of marketing analytics and A/B testing tools aimed at corporate retailers that use PayPal’s payment processing, PayPal Credit, and other PayPal solutions, including those that use ecommerce platforms such as WooCommerce, BigCommerce, or Shopify.
“With Jetlore’s talent and AI-powered technology, we will enhance and accelerate [our products], adding new capabilities that continue to expand PayPal’s value proposition for merchants beyond the online checkout experience,” Harshal Deo, vice president of commerce solutions at PayPal, said in a statement. “We share Jetlore’s passion for creating amazing — and personalized — customer experiences and believe their capabilities will accelerate our ability to help merchants optimize content and communication for their customers.”