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Edenred China Enters Top 10 of L'Oréal Beauty Tech Startup Challenge

2020-09-15 Shanghai

Edenred China has participated in the first "Big Bang Beauty Tech Startup Challenge" of L'Oréal China. With the cutting-edge technology driven "Edenred AI Reco-engine", a black technology for real-time personalized marketing, Edenred China helps brands market flexibly and leads the intelligent omni-channel precise marketing for new retailers in the Asia Pacific region.

 

On June 5, 2020, the first "Big Bang Beauty Tech Startup Challenge" of L'Oréal China was launched. Edenred China was invited to participate in the "Phygital Consumer Experience Track". After more than two months of competition, Edenred China, with its cutting-edge technology driven "Edenred AI Reco-engine" for marketing, became one of top 10 finalists out of 160+ participants.

 

With the new retail consumption upgrade led by the beauty field, customers are not satisfied with single products, but long for personalized, diverse, convenient and integrated experiential shopping. An era with ever-changing consumer behaviors requiring innovative development, marketing operation and consumption experience is coming.

 

In such marketing context, after 5 years of productization and by refining hundreds of solutions, Edenred China launched "Edenred AI Reco-engine", a cutting-edge technology driven engine for more real-time and personalized marketing that suits the ever-changing consumer behaviors.

 

Following the working principle from data + algorithm to recommendation, "Edenred AI Reco-engine" helps brands to outline a member's 360° profile utilizing omni-channel mass member data by means of AI + Fixed models. According to the analysts of IDC, the global data size will grow to 163 ZB (ZB: 1 trillion gigabytes) by 2025, a 10-year increase of 1000% compared with 16.1 ZB in 2016. AI is necessary for a brand to work with such mass data.

 

With an industry-leading multi-level algorithm, in addition to transaction data, "Edenred AI Reco-engine" incorporates real-time online behavior data to modify parameters and ranking in real time. "Edenred AI Reco-engine" recommends the most appropriate products to each member in real time through the official website, APP, mini program, store or EDM across the whole brand ecosystem, and even predicts new products that members may be interested in purchasing. Compared with conventional data engines designed with manual algorithms, "Edenred AI Reco-engine" is powered by machine learning capabilities to dynamically update user tags, resulting in more than 5x accuracy rate*. (*based on the data of Edenred China's brand clients)

 

The combination of data and AI gives "Edenred AI Reco-engine" outstanding model and technological advantages. For brands, it is undoubtedly a refined private traffic management tool that can not only quickly create potential sales opportunities, but also enhance member loyalty and realize marketing flexibility. For consumers, the intelligent customer-oriented marketing makes shopping a time-saving and enjoyable personalized experience.

 

Ms. Delphine LI, Vice President Key Account and Operation of Edenred China and team leader for this competition, said that "Edenred AI Reco-engine" "is capable of real-time contact and interaction with right users at the right time and in the right way and continuously optimizing results through machine learning. We are improving customer experience and repurchase and retaining customers for more and more brands, and making the data-driven marketing freedom a reality."

 

In the post-epidemic era, boosting consumption is an important prerequisite for economic recovery and livelihood improvement, where SciTech innovation is a catalyst to promote consumption upgrading and release consumption potential. As the major source of new technologies, technology startups have been playing an important role. Fabrice, President and CEO of L'Oréal China, said, "we're looking forward to the transformation with technology startups to develop more high-tech solutions for consumers, create new growth points for a booming beauty industry and to contribute to the prosperity of consumer market in China and even the world in the post-epidemic era." (translation from Loreal China Press Release CN)

 

Edenred China, as a global private traffic CRM & loyalty marketing expert, has always been in the field of advanced marketing technology, accelerating the digital transition of brands and promoting the digitalization process of the industry.