Kleep’s €1.8 Million Funding Boost for Retail Transformation with Generative AI
Paris-based Kleep secures €1.8 million in funding to address size-related retail returns and environmental impact.
One in three online garment purchases are returned, costing retailers €30 billion globally and generating 35 million tons of greenhouse gases.
Kleep’s Generative AI-based product discovery platform aims to cut size-related returns by up to 50% and boost conversion rates by 15-25%.
Strong interest in the fashion and e-commerce sectors, with plans to serve 20 clients and partner with a leading French retailer.
Funding is sourced from industry heavyweights, including David Dayan, co-founder of Showroomprivé.
Kleep aims to invest in enhancing its product discovery platform, replicating in-store assistance through AI.
Main AI News:
Paris-based generative AI start-up, Kleep, has successfully raised €1.8 million in funding to drive its mission of transforming the online shopping landscape. The company is on a mission to tackle the pressing issue of size-related retail returns, which have been plaguing the industry and costing retailers a staggering €30 billion annually worldwide (€800 million in France alone). Moreover, these returns contribute to a significant environmental toll, resulting in 35 million tons of greenhouse gases emitted each year globally.
Kleep’s innovative solution centers around a product discovery platform powered by Generative AI. This technology empowers brands to reduce size-related returns by up to 50 percent while simultaneously boosting conversion rates by 15 percent to 25 percent. The key to this success lies in enhancing customers’ confidence and overall purchase satisfaction.
The response from the fashion and e-commerce sectors has been overwhelmingly positive, with Kleep quickly garnering interest from key industry players. In just one year since its launch, the company is well on its way to serving 20 active clients. Furthermore, it is poised to announce a strategic partnership with one of France’s leading retailers, a platform that draws over 50 million visitors annually.
This recent funding round received support from notable figures in the fashion and retail industries, including David Dayan, co-founder of Showroomprivé. Dayan emphasized Kleep’s distinctive approach to addressing e-commerce’s most pressing challenges. He praised the team’s unique technological strategy, which promises to revolutionize the online shopping experience.
With €1.8 million in fresh capital, Kleep is now gearing up to accelerate its commercial breakthrough. The start-up intends to allocate these funds towards further enhancing its product discovery platform. By harnessing the power of AI, Kleep aims to replicate the interactive and personalized assistance typically provided by in-store sales representatives, ultimately reshaping the digital shopping experience for consumers worldwide.
Kleep’s substantial funding injection signifies a promising move towards addressing the pressing issue of size-related retail returns and their environmental consequences. With notable industry support and innovative AI technology, Kleep is poised to revolutionize the online shopping experience and potentially reshape the retail market by reducing returns and enhancing customer satisfaction.