2023 was the breakout year for AI and we at Lily AI have kept pace with its momentum.
As we look toward 2024, it’s predicted that AI will only continue to grow in relevance. Its capabilities are rapidly advancing, as we observe increased adoption of AI technologies across several industries, from finance to fashion.
Specifically, the retail sector is seeing a huge impact from AI. In fact, McKinsey says that over the next three years, up to 74% of retail and e-commerce companies plan to increase their spending on generative AI products.
Solutions like Lily AI help these retailers communicate and deliver better customer experiences by inserting customer-centric language throughout their entire retail ecosystems. Lily fuels e-commerce businesses by connecting shoppers with products, based on the real-world language they use, delivering upwards of 9-figure revenue for our customers.
As we follow AI’s continual growth, let’s take a moment to look at how Lily AI kept pace with 2023’s AI boom . . . and how it will continue to be a top choice for retailers in 2024.
Lily AI’s 2023 Year In Review
Introduced Retail Trend Reports
Throughout 2023, the team at Lily AI collaborated to publish seasonal trend reports that showed retailers how to capitalize on the hottest, most recent trends of each season. From Millennial Minimalism to Gen Z Goth Glam, our trend reports took a deep dive into several of-the-moment fashion statements . . . and showed retailers how to connect with customers via the language they used to describe those trends.
Recognized as a 2023 Top 100 Retail Tech Company by CB Insights
CB Insights Top Retail recognized Lily as one of the 100 most innovative companies transforming the retail industry with technology. This honor came at a time when 70% of consumers reported plans to reduce their nonessential planning, meaning that retailers needed an AI solution like Lily to amplify their reach and engagement.
Launched Our Self-Serve Product Attributes Platform
Building upon Lily’s first-of-a-kind visual AI product attribution, our self-serve product attribution model was launched. This empowered customers with the direct ability to apply enhanced product attribution throughout their product catalog.
Named a 2023 CommerceTech Rising Star Winner
Lily racked up another award! The inaugural Power List award was created by Bain & Company, Bain Capital Ventures, and Coresight Research. It recognizes today’s most innovative commerce and marketing-tech venture-backed companies.
Recognized With Best Company Outlook and as a Best Place to Work
As the team grew, Lily scored two of the 2023 Comparably Awards—Best Company Outlook and Best Places to Work in the Bay Area.
Customer Conversation: How J.Crew Uses AI To Delight Customers and Power Sales Growth
At CommerceNext 2023, Lily AI’s Co-Founder and CEO Purva Gupta talked with J.Crew’s CTO, Danielle Schmelkin. In this chat, they discussed the practical applications of AI that the J.Crew team uses to transform their e-commerce, merchandising, and marketing.
Bridge Furniture & Props Announces New Technology Partnership with Lily AI
In the Fall, we partnered with Bridge Furniture & Props, the go-to trade resource for trending, high-quality furniture, accessories, and decorative items for entertainment industry, commercial, photography, and events professionals. With this partnership, entertainment and commercial industry professionals will be more empowered to easily create on-trend sets, thanks to AI.
Lily AI Featured in The New York Times
Needless to say, our feature in The New York Times was such an honor. In it, Co-Founders Purva Gupta and Sowmiya Chocka Narayanan shared the story of how Lily AI is truly revolutionizing retail experiences through embracing customer language.
Lily AI Wins The Estée Lauder Companies’ Open Innovation Challenge
With over 100 submissions from 22 countries, it was a thrill to win in the Optimizing Product Discovery Experience category. Lily AI will continue to transform the beauty industry by delivering consumers seamless and enjoyable shopping experiences.
Bloomberg TV Appearance: How AI Brings Humanity to Shopping
Co-Founder and CEO Purva Gupta was featured on Bloomberg’s The Close. Throughout her segment, she spoke on the unique, critical value Lily AI brings to today’s dynamic retail market.
Lily AI Joins NVIDIA Inception
NVIDIA’s Inception program nurtures startups revolutionizing industries with technological advancements. The program provides members opportunities to work with and learn from, while also contributing their expertise back to the NVIDIA community.
Featured in Women’s Wear Daily
Co-Founder and CEO Purva Gupta discussed with Women’s Wear Daily how Lily AI leverages machine learning and consumer-centric taxonomies to enhance online shopping experiences. In her interview, Gupta describes how AI is the ultimate tool to help retailers better serve their customers and bring humanity to shopping.
