With the advancement of mobile technology, the wave of new mobile phones appearing in the Indian market every month is quite staggering. The market is flooded with dizzying array of mobile phones in myriad shapes and sizes for all budgets from manufacturers such as Apple, Samsung, Karbon, Nokia, Motorola, HTC, Mi, Micromax, Lenovo, Asus, LG, Huawei, Karbonn, Haier, Micromax, Philips, Sony Ericsson and many more other.
For instance, Samsung alone released 52 unique smartphones in 2014, while Nokia, Motorola and HTC released 20, 10 and 23 smartphones respectively. By contrast, Apple released just two smartphones.
However, with so many options to choose from, consumers are getting confused to dig the best from the lot that suits their needs. To solve this problem, Hyderabad based artificial intelligence startup ENIXTA Innovations Pvt. Ltd. launched BuySmaart.com – an innovative product discovery platform that uses the power of AI to help consumers find the best mobile phone based on their needs and requirements.
Started in June 2014 in Hyderabad, ENIXTA is founded by Giri Devanathan, who has 16 years of experience in IT industry. He has done MBA from Anna University and worked with popular companies like Yahoo!, PayPal, Nokia, and Ebay before starting ENIXTA.
Speaking at the launch of BuySmaart, Giri said, “I am a techie guy and I was working with big companies like Ebay and Paypal. I have the urge to start something of my own and I wanted to do e-tailing. But when I saw challenges in that field, I switched to technical.”
BuySmaart, which is a user-friendly and interactive web-based application, utilizes artificial intelligence to extract the required information from 1000+ mobile phones, 50,000+ technical specification and 1 million+ user reviews. Giri says, “This product is all about helping people take right decisions. We want to help them in two cases – What to buy and where to buy?”
BuySmaart allows the users to customize or personalize their search based on the four important components –Camera, Display, Battery and Performance. Users can also select their preferred operating system and manufacturer. Then, the system will show the mobiles phone based on the criteria entered or selected accordingly using artificial intelligence.
Dr. M Vidyasagar, who is the Chief Scientific Advisor of ENIXTA is a distinguished professor of IITH and University of Texas, Dallas. He says, “The heart of this product is artificial intelligence algorithm. It is completely domain-independent and took nine months to develop the version for mobile phones.”
He even adds, “This product is quite unique. It aggregates available reviews, strong points, and weak points of the products. Then, it mines the data and recommends the right product for you. Our unique feature – Sentiment analysis, weed outs all the ambiguities and contradictions and come out with a clear understanding of what the customer really meant?”
As of now, the application is only providing information about mobile phones, but in future, they are planning to provide information about cars, tablets, laptops, cameras, tourism, etc. They are planning to grow aggressively and add new features bi-weekly so that they stay dominant in this industry. Fortunately, they have no competitors in the market that uses AI to help their users in selecting products.
Their revenue model is an affiliate based i.e. whenever any user buys any product through their website, they will get slight commissions from the ecommerce websites like Amazon, FlipKart, SnapDeal, Ebay, Naaptol, etc.
Giri says, “E-commerce affiliates in developed countries like USA contribute 20% of total sales. In India e-commerce is expected to reach $10 bn in 2016. Assuming a similar ratio of 20% for India, we are looking at about $2 bn in e-commerce revenues being driven by affiliates.”
In future, they have plans for developing mobile-based application and add location-specific feature so that consumers can buy the product from their nearest location, after taking informed decisions about the products from their website.