For catering to online buyers, establishing an efficient e-commerce channel has emerged as a necessity for businesses. This has led to a rapid increase in the number of traditional as well as modern businesses setting up an online shop. This introduction of virtual shops, undoubtedly, along with facilitating a wider reach to businesses, has simplified the purchase journey for their customers. However, when certain subliminal touchpoints, like the entries in the search bar, are not intelligently developed it can lead to a surprising portion of revenue loss.
43% of the visitors on the store go directly to the search bar in order to find directly what they are looking for. That means, roughly half of the people visiting the online portal come with a preset mind and head straight to the search bar. Once the search is entered, it is on the website to produce relevant results. 72% of the ecommerce stores completely fail in finding relevant products. This has an impact on their revenue as online stores lose 35% or more of their sales.
Wizzy, founded by Alok and Aenik, is an intelligent ecommerce site search that understands what shoppers are looking for and surfaces the most relevant set of products with 90% accuracy. Ecommerce websites can integrate Wizzy with 0 lines of code, personalise it, and set it up within just 2 hours. Stores can personalise elements from search result pages, advance filter option, autocomplete, mobile experience, and more. Both of them have been serial entrepreneurs and have been working with each other for the past 7 years. Their technical dexterity and a successful exit from their previous startup makes Alok and Aenik a perfect fit as founders of a company like Wizzy.
At present, Wizzy is present on ecommerce sites of 10 stores across India, Brazil and Portugal. They are handling approximately 1.2 million search queries monthly and thus helping stores generate an average of $250,000 worth of revenue through search.
From a larger perspective there are more than twenty million ecommerce sites worldwide. For Wizzy, prime facie, all fit into the category of being their potential customers. However, currently Wizzy is targeting 2.5 million fashion stores which are built on Magento, Shopify and BigCommerce. With an average of $99 monthly subscription, their beachhead revenue opportunity becomes $2.9 billion.
Furthermore, diving deeper into Wizzy, it provides an AI semantic search, smart & adaptive autocomplete, 360° search analytics and a dynamic data mapper. They also equip businesses with efficient product recommendations and merchandising, all of this with a very high speed. These features allow Wizzy to have the potential to help businesses in various sectors. In the future, they plan to expand into other categories like home & decor, beauty and cosmetics, which leads to an overall revenue opportunity of ~$14 billion.
D2C brands and E-commerce marketplaces take into account a number of parameters before making an apt product recommendation to a shopper and the opportunity in India is huge for the same. AI-driven personal recommendations are helping e-commerce marketplaces engage their customers better. 100X believes this opportunity to tap into the large non consumption market and providing discoverability of products will pave the way for the wizzy team. The founders have built the product and with initial POCs, they are projected to grow quickly within the next 90 days.
Wizzy is building something which is highly relevant in today’s retail space. Smart integrations such as Wizzy seem like a very interesting space. We wish all the luck to the team!