The Eureka Moment
It all started with a visit to a retail store of a top apparel brand to buy a grey t-shirt. After spending 30 minutes in finding what to buy, Tanay was told that his size was not in stock. Disappointed, he walked off and bought something online, which he ended up returning. This experience got him thinking about a real problem that existed at such stores- Brands spend millions in getting customers to stores but there is no proper hand holding process at the store and the experience is not consistent. This gave birth to Talespin.
That is when they got together and thought that the shopping experience inside stores hasn’t changed for decades. All the technology has been on production or marketing but nothing to improve the buyer’s experience.
Talespin solves all these issues with an application which can be used by the customer or by the store Salesperson.
The Technology Stack
The technology stack of the product uses deep learning libraries to classify images and helps to answer the three core questions for end customers – “what to buy?”, “is there anything similar to this?” and “is this available in my size?” It makes product discovery fairly easy and an interactive task. Talespin’s mantra is – more sales with less hassles and no capital costs. For the brands it helps in multile ways such as Image classification, Customer Retention, Inventory Management, Catalog, Remarketing, Reporting and Conversational Commerce.
Talespin helps the customers /buyers in the following way
- An easy shopping experience inside a store
- Making discovery easy and enabling conversational commerce (through chat bots)
- Remarketing and best of online for an offline store
A downtick in the economy & more so in retail, hence the opportunity
There certainly is a downtick in the economy and more so in retail. Moreover, with the crackdown on black money we expect retails stores to see lesser walk-ins and more people will prefer online buying. In such a scenario a product like Talespin becomes a must have as it helps increase conversion. From their products point of view, this falls under the innovation and new technologies segment. So adoption by brand involves a slight ice breaking. So client conversion periods would be higher.
Everyone wants to adapt new tech. Talespin comes at no capital cost. It’s a big plus for brands. They are talking of Bots and Image classification as a service. Omni channel is not a buzzword anymore – it is now an essential strategy for Brands to have. Their product plugs in to the current IT infra of the organization seamlessly.
They are in a private beta mode, having 8 stores with the monetization model of per device per month subscription. Talespin is Self-funded, but has plans to raise investments by February 2017 to fund their aggressive expansion plan. Apart from the Indian market, they are planning to enter the Middle East market. The venture has a reseller agreement with a company in Middle East, which will market the product . The idea is to add multiple countries starting March 2017.
Tanay Dixit – The product guy at Talespin. Has helped launched multiple online properties in the past 5 years. The ideas man for the company with a design bent. Has worked with Harshal on NLP and deep learning projects. Prior to Talespin used to run a development agency with Atul.
Tapan Dixit – Sales and Marketing professional with over 6 Years of experience with top brands in Telecom and FMCG sectors. Having worked in different geographies across India has excellent understanding of consumer behaviors. Big fan of processes and structure. Prefers PPT and excels over real life interactions.
Atul Kadmiya – Chartered Accountant by profession but now a software project manager. Makes sure the wireframe reaches the final stage. Easier to talk to him JIRA than in real life. Prior to Talespin has successfully run a development agency and managed a team of 14 people.
Harshal Trivedi – Over 6 years of Experience in Software development & integration, code verification and cloud computing. Author of 5 Research publications in IEEE. Has expertise with Amazon web services. Recently worked on multiple machine and deep learning projects. Quite psyched about chat bots!
Tanay is yet to find his perfect grey T-shirt:)