Shopit signs an agreement with the Nordic region’s largest marketplace CDON on systems to automatically categorize and enrich their range of millions of products, along with CDON acquiruing 30% of the shares in Shopit.
CDON sells products from over 1,500 merchants across the Nordic region on it’s marketplace, and had over 120 million visits during 2020. Shopit’s unique technologies within AI and machine learning for Big Product Data, including one of the most extensive and detailed product taxonomies in the world, will be used to help CDON to improve the quality of their product data.
Before the summer, CDON and Shopit completed a pilot project in which a small part of CDON’s range was categorized and enriched with product data from Shopit which resulted in a substantial improvement when used on their website.
The collaboration is expected to springboard CDON’s product data quality 1-2 years forward and will take their customer experience within product data to a new level.
– “Improving our customer experience is a key focus for CDON. Product data is a key enabler to this. Together with Shopit we see great potential to further enhance our offering to both consumers and merchants.”, says Josephine Salenstedt, chairperson of the board at CDON.
Mathias Axlén, CEO of Shopit Online Europe AB comments: – “With Shopit’s unique technology and CDON’s market position, we complement each other incredibly well. Together, we will be able to both strengthen each other’s offers and create new business opportunities.”
For more information:
CEO, Mathias Axlén
Shopit Online Europe AB is a swedish tech company focusing on Big Product Data and Shopping Search Engine technologies. With AI and machine learning technologies Shopit automatically categorizes products into over 88.000 structured Product Categories. The Shopit product taxonomy is thus multiple times more detailed than for instance compared to Google Shopping (~6.000), or Amazon (~20.000). The systems can also automatically detect over 5.000 unique types of normalized Product Attributes from unstructured multilingual texts. And Shopit Product Search Engine technology can deliver search-as-you-type / search results and filtered product lists from tens of millions of products in less than 50-100 milliseconds average. www.shopit.com.
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