Best performing JEREMIE funded companies

Gravity R&D named one of the best performing Hungarian JEREMIE funded companies

Last year’s financial results of Hungarian companies that received funding through the JEREMIE (Joint European Resources for Micro to Medium Enterprises) program were recently made public. Gravity R&D received JEREMIE funding in 2011, from domestic investor, Portfolion Zrt.

We’re proud to announce that there were only 3 firms on the list that generated more revenue through the export of their products and services than Gravity. This establishes the company as one of the most globally-aimed firms of the country’s JEREMIE portfolio.

In fact, of the approx. €1.9M total revenue we’ve realized in 2015, more than €1.5M came from abroad, which is an outstandingly high percentage amongst Hungarian JEREMIE-funded companies.

Gravity was also the 7th best-performing company in terms of total revenues in 2015 of all the nearly 300 Hungarian companies that received JEREMIE funding since 2011.

Gravity’s current focus on the rapidly developing Southeast Asian and Middle Eastern markets is more than likely to amplify the company’s global focus in the years to come. These regions are home to an increasing number of high-growth eCommerce companies and other sorts of online businesses and services that can benefit from our sophisticated Big Data solutions and recommendation services. Recently closed deals with Gittigidiyor (eBay Turkey) and Vietnamese eCommerce company Tiki.vn had proven that these regions, in fact, hold tremendous potential for growth for Gravity. As part of our efforts to expand in these regions, we’ve recently hired dedicated technical and account management personnel in Turkey, Indonesia, Thailand, and Vietnam.

What is the JEREMIE fund?

JEREMIE is a joint initiative established to grant EU Member States the opportunity to use part of their EU Structural Funds to finance SMEs in a more efficient and sustainable way. JEREMIE’s financial resources have been deployed through selected financial intermediaries across the EU, which have provided loans, equity, and guarantees to SMEs.

Portfolion Zrt. is one of such organizations that are trusted with the allocation of JEREMIE funds in Hungary. Portfolion is currently managing three separate investment funds – on top of JEREMIE investments, they provide venture capital funding through their Regional Private Equity Fund, as well as seed investment through the DayOne Seed Investment Fund. Other than Gravity, they hold stakes in numerous innovative technology companies, such as Cellum (Mobile wallet provider), Szallas.hu (Online travel agency), and Adasworks (self-driving cars).

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In-store personalization

Gravity B&M partners with Deloitte to bring personalization to offline retail

The recent advances in related technologies created the opportunity for retailers to take what already works online, namely personalization and product recommendations, and use them to enhance their traditional, brick-and-mortar businesses.

That’s the kind of service that Gravity B&M, subsidiary of Gravity R&D provides for its clients. In order to introduce the technology and its capabilities to the broadest possible audience of traditional retailers, we’re proud to announce that Gravity B&M engaged in a strategic partnership with leading global consultancy firm Deloitte.

“With this new service, we provide our clients with an end-to-end solution that enables all kinds of brick-and-mortar businesses, electronic retailers, DIY stores, hyper and supermarkets to serve personalized product recommendations in their physical stores, on top of their web and mobile platforms. Simply put, it’s like if the store assistants knew every shopper really well.” – described the solution briefly Ákos Demeter, Advisory Partner at Deloitte Hungary.

The reason why this new service is revolutionary in the retail sector is that it creates the kind of smooth and personal shopping experience in traditional stores that today’s customers get more and more used to online – up to the point of actually greeting shoppers by their name when they enter a hypermarket. This enables brick-and-mortar retailers to help their customers find the products they’re looking for quickly and easily, much as most online shops do. Also, such a system creates the possibility to provide shoppers with personalized offers and discounts that can further help them with product discovery and purchase decisions. For the retailer, this obviously means increased cross-sell and upsell potential.

The solution collects, handles, and analyzes all the data that is used to calculate recommendations and then provides product suggestions in real time, based on information such as online and offline purchase histories, time spent in store and even the specific sections of the shop where the customer has shown elevated interest and engagement levels (i.e. spent time looking at certain selves or products).

“From the retailer’s perspective, this recommender system is an excellent tool to significantly boost revenues by increasing average basket values and the total number of purchases. On the other hand, it is also convenient and useful for the customer if he receives perfectly timed and personalized offers. According to market statistics, systems like this can result in up to 10-20% growth in yearly revenues.” – added Ákos Demeter, summing up the merits of the system.

 

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tiki_blog

Tiki Boosts Revenues and Increases Customer Engagement by Partnering With Gravity

We have recently partnered with Tiki.vn, one of the most prominent players of Vietnam’s booming eCommerce sector. During the initial testing period, our solution significantly outperformed competitors.

Today’s well-informed consumers tend to favor sites with the lowest prices and are rarely loyal to any particular eCommerce brand. Vietnam has a vibrant marketing scene, but most companies are focusing their marketing efforts on new customer acquisition. When Tiki decided to look for a recommendation solution provider, their goal was to prioritize user engagement and generate more revenues by providing a personalized experience. Gravity’s solution has proven to be highly effective in facilitating the upselling and cross-selling of Tiki products and improving customer retention.

During the pilot period, Gravity’s recommendations resulted in an additional $13.15 GMV per 1000 recommendations and a 6% average conversion rate.

“Our cooperation with Tiki is a major milestone in the company’s expansion in the SEA region. We’ve recently opened our office in Vietnam and hired Ngô Kỳ Lam, an experienced e-commerce specialist as our Country Manager in order to establish fruitful partnerships, and provide maximum support to our present and future clients in the region.” – Marton Vertes – Business Development Manager, Gravity R&D

“Gravity has been outperforming other similar solutions in every important aspect and KPI: Revenue, AOV, CTR and response time. This is why, after evaluating the results, we have decided to move forward with Gravity as our chosen recommender system provider.” – Hung Tran Viet – Product Manager, Tiki

Tiki.vn is one of the largest eCommerce sites in Vietnam, a country that is showing enormous growth in the online retail, and IT sectors in general. Similar to Amazon, Tiki started out by selling books online. Through the years, they’ve significantly expanded the scope of their operations. Currently, there are over 300,000 listings on the site in over twelve product categories and their traffic is growing substantially month over month.

Gravity offers scalable solutions for Enterprise clients with unique needs and larger traffic, as well as for small and medium-sized businesses through its turnkey SaaS recommendation engine, Yusp (www.yusp.com).

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The logo of Yusp, the SME Recommendation as a Service product of Gravity R&D.

The Yusp Open Beta kicks off!

We recently launched our brand new SME solution called Yusp which is an easy to administer, SaaS based, out-of-the-box recommendation engine.

By installing Yusp, you opt in to harness the analytic power of Gravity’s proprietary, patented recommender algorithms matching in sophistication to those used by Amazon and other industry top players.

As a part of our Open Beta program, we provide free installation and configuration support to all new registrants, in addition to the 30-day free trial!

What does Yusp do?

Recommendations served by Yusp run through the same servers and are generated by the exact same algorithms as our enterprise clients’. Our algorithms have proven, immense capabilities to drive sales, increase conversions and significantly boost customer satisfaction and engagement on your site.

Even better, to get Yusp to work you need not perform any technical tour de force. Simply paste a code snippet in the header section of your site, alongside your Google Analytics tracking code and everything else is done over our super-user-friendly graphic interface.

Import your stock automatically

Simply paste the URL of one of your product pages in the appropriate field and Yusp automatically scans and imports the items in your stock.

A screenshot from the Dashboard interface of the Yusp recommendation engine.
Importing your product catalog into Yusp is fast and intuitive.

Tracking users

Our system tracks and records every detail of how users interact with your site and enriches this data with contextual parameters such as location, time, device, and referrer.

Personalized product recommendations

Building on these insights, our system fills the multi-device-friendly recommender boxes on your site with the items most relevant to each user in each context.

Drive sales and improve user experience

By showing the right product at the right time to the right users, Yusp can significantly improve your sales metrics and conversion rates by creating personalized user journeys for each and every one of your visitors to maximize customer engagement. Moreover, you can track the performance of the recommendations through our analytics dashboard.

A screenshot from the Dashboard interface of the Yusp recommendation engine.
You can easily track the performance of your recommendations through our analytics Dashboard.

 

Still skeptical? Don’t take our word for it, sign up for the Yusp Open Beta program and see for yourself. On top of the 30-day free trial, you get free, dedicated installation and configuration support so you can maximize the benefits Yusp brings to your business!

Yusp free trial banner.

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The logo of eMAG.

Gravity R&D: first year of collaboration with eMAG, a major success

Gravity R&D, one of the leading international technology experts serving omnichannel recommendations completed the first year of collaboration with eMAG with positive results, such as a 30% increase in conversion rates and additional revenues of 9 EUR / 1000 recommendations.

“We have great confidence in the effectiveness of our technology and our commitment to delivering results according to expectations. When we decided to enter the Romanian market, the most logical step was to test our solution with the biggest local eCommerce player. Our cooperation with eMAG confirms our ambitions and we are planning to expand further on the local market” says Serban Manea, Business Development Manager, Gravity R&D Romania.

Gravity R&D is currently an extension of eMAG’s in-house web development team. Also, it is the only provider active in Romania that offers a complete range of recommendation services to its partners, from on-site recommendation boxes with relevant products for each user, personalized retargeting (conversion and retention of users based on ad displays) and newsletter personalization to smart search features.

eMAG uses Gravity R&D’s technology for personalized recommendations both for desktop and mobile users. After the testing period, the integration has been extended across all countries where eMAG is currently active: Bulgaria, Hungary, and Poland.

Gravity R&D has extensive international experience, working with companies such as Dailymotion.com, Allegro Group (allegro.pl), Schibsted Group (mudah.my – Malaysia, jofogas.hu – Hungary, avito.ma – Morocco), OLX Brazil and Jora.com.


The logo of Gravity R&D.

Gravity R&D is one of the world leaders in machine learning and recommendation engines. In 2009, they tied for first place in the Netflix Prize competition out of 18,000 competing teams from over 150 countries. This was the largest and most comprehensive machine learning competition ever held. Their team represents a collective of some of the best data mining and machine-learning scientists in the world.

The company offers scalable solutions both for big e-commerce sites with complex integration needs, as well as for medium and small businesses through its automated RECOplatform solution.

Gravity R&D delivers 5 billion monthly recommendations, generating additional revenues of over EUR 40 million for its partners. Recently, Gravity R&D has been part of 5 major A/B testing projects, outperforming their competitors on tenders with companies such as Dailymotion, Allegro (Naspers Group) or OLX Brazil.

The logo of eMag.

Founded in 2001 by Romanian entrepreneurs, eMAG is a pioneer of Romania’s e-commerce landscape and has become a regional leader, being present in Bulgaria, Hungary and Poland. eMAG has constant investments in services that help people save time and money, relying mostly on Romanian tech intelligence.

With an ever-increasing offer, both through their own portfolio of products and Marketplace partners, eMAG is the place where anyone can search and order anything from anywhere. The clients are welcomed with value-added services, as 30 days return period, package opening at delivery, 24/7 call center, Service Pick Up and Return, installments financing through eCredit, mobile app and „One-click pay” instant ordering service through a swipe on the phone.

Currently eMAG features over 500.000 listings, from consumer electronics, mobile phones, and books to children’s toys, home appliances, garden tools, automotive parts and sports equipment.

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