Indent raises $8.1M funding for its AI-powered customer video review tool

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In keeping with a recent report, 92.4% of customers use evaluations when deciding to buy merchandise. It’s comprehensible. They need confidence of their buy selection earlier than shopping for a product on-line.

A Seoul-based startup known as Indent needs to assist these customers via entry to video evaluations and product rankings, whereas additionally serving to to drive gross sales for e-commerce retailers by offering them with this identical treasured customer suggestions. Its video review advertising and marketing tool is known as VREVIEW, and it really works by sending a chatbot to a service provider’s clients to gather their video evaluations and product rankings. The retailers can then add these customer-generated video evaluations and product rankings to their web sites to draw extra potential customers and customers.

Buyers like Indent’s conversion charges, seemingly. The startup simply raised $8.1 million (10.5 billion received) in a Collection A led by SV Funding, with participation from strategic investor LG Uplus (a telco unit of LG), Korea Funding Companions and Crit Ventures, amongst others. The spherical brings the outfit’s whole funding up to now to $13.7 million and it will likely be used to proceed creating its video platform.

In keeping with Indent CEO Morgan Yoon, Indent already has about 40 shoppers within the U.S., China and Japan and intends to enter the U.S. market within the second quarter of this 12 months to draw extra customers abroad. Inside these geographies, it really works with 3,800 on-line retailers, primarily direct-to-consumer manufacturers. As well as, South Korean companies, together with LG Uplus, Korean cosmetics manufacturers maker AmorePacific and MLB Korea use Indent’s companies, Yoon stated.

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Indent claims it has greater than 12 million registered customers, accounting for about 60% of whole internet buyers in South Korea. In keeping with checks carried out by Indent, customers utilizing the video review platform confirmed, on common, a 6x greater order conversion fee.

The corporate has loads of opponents; different advertising and marketing instruments additionally let retailers showcase their evaluations on their web sites. To remain forward of its rivals, Yoon says the corporate is about to launch a brand new service designed for B2C customers known as Spray, which the startup unveiled in beta model final April. Spray is a TikTok-like video review service that permits particular person customers to add their customer-generated video evaluations and share suggestions, Yoon stated, including that spray customers can get monetized if new customers buy merchandise through the Spray service.

As well as, Spray analyzes customers’ purchasing conduct and preferences and recommends to retailers (or influencers) which merchandise match greatest for them to promote, Yoon defined.

Indent, which has been gathering knowledge on the actions of patrons, can advocate about 66 million merchandise, Yoon added.

The corporate presently generates income through VREVIEW subscription charges from its service provider shoppers. It additionally prices licensing charges from D2C model retailers after they purchase user-generated content material (UGC) from their customers.

The corporate employs 27 folks in South Korea.