FOSHO
Online retailers today lose over 75% of potential orders as shoppers often abandon their carts. Majority of these shoppers leave due to price considerations; so you can imagine the amount of money being left on the table! We help any online retailer that wants to increase customer retention & turn their inventory faster without giving one-size-fits all discounts. We do this by allowing online, automated price negotiation. FOSHO is a machine learning based API that retailers can embed on their site / chatbot and allow shoppers to negotiate. We all know what negotiation means, we have certainly negotiated when we wanted a better salary or a cheaper car but, we have never experienced the ability to negotiate when we have shopped online! That’s the innovation of FOSHO. Users can negotiate on any product / service by making offers and our smart interface responds with instant, personalised counteroffers! A shopper can negotiate by making multiple offers within 2 minutes till FOSHO agrees on the price. Now shoppers don’t need to waste time on promo codes, cash back options or even waiting for sales seasons. And the online retailer is better off with more sales and happier customers. FOSHO is unique as it even gives you discounts to you in lieu of newsletter subscription, product reviews, waiving return rights, helping maintain retailer’s ROI and other customisable options – which has never been done before! Fosho does this though its unique negotiation algorithm, which takes pre-defined rules from vendors and then optimises for various parameters real time. The shopper can thus 'negotiate' for price at point-of-sale. This technology allows vendors to increase their profits without giving the same, flat discount to all. Its a more efficient way of economic optimisation!
FOSHO
Online retailers today lose over 75% of potential orders as shoppers often abandon their carts. Majority of these shoppers leave due to price considerations; so you can imagine the amount of money being left on the table! We help any online retailer that wants to increase customer retention & turn their inventory faster without giving one-size-fits all discounts. We do this by allowing online, automated price negotiation. FOSHO is a machine learning based API that retailers can embed on their site / chatbot and allow shoppers to negotiate. We all know what negotiation means, we have certainly negotiated when we wanted a better salary or a cheaper car but, we have never experienced the ability to negotiate when we have shopped online! That’s the innovation of FOSHO. Users can negotiate on any product / service by making offers and our smart interface responds with instant, personalised counteroffers! A shopper can negotiate by making multiple offers within 2 minutes till FOSHO agrees on the price. Now shoppers don’t need to waste time on promo codes, cash back options or even waiting for sales seasons. And the online retailer is better off with more sales and happier customers. FOSHO is unique as it even gives you discounts to you in lieu of newsletter subscription, product reviews, waiving return rights, helping maintain retailer’s ROI and other customisable options – which has never been done before! Fosho does this though its unique negotiation algorithm, which takes pre-defined rules from vendors and then optimises for various parameters real time. The shopper can thus 'negotiate' for price at point-of-sale. This technology allows vendors to increase their profits without giving the same, flat discount to all. Its a more efficient way of economic optimisation!
TL;DR
Product: ML-based embeddable API for personalised online price negotiation
Founders: Khyati Sundaram; Pratyush Lal
Status: Listed as closed on Crunchbase
Funding: At least one angel/seed round (amounts obfuscated)
Company Overview
Problem Domain
E-commerce conversion and price personalisation; reducing cart abandonment through dynamic negotiation.
Industry
E-commerce / Retail Technology
Funding Track Record
Recorded on Crunchbase; reported as one round with amounts obfuscated.