Walmart Invests in Consumer Insight with Aspectiva
In Walmart’s latest efforts to keep up with the likes of Amazon, the retailer announced its acquisition of Israeli start-up company, Aspectiva. The AI-based technology analyses user-generated content to offer suggestions to customers based on a combination of factors including product reviews and browsing behavior.
Since its founding in 2013, Aspectiva has raised $4 million in funding. Although Walmart did not disclose the specifics of the deal, the retailer did announce that the Aspectiva team will continue operations at its offices in Tel Aviv.
Aspectiva will be joining Store Number 8, Walmart’s in-house incubation arm that develops innovative commerce-related technologies. Aspectiva specifically will work to analyze phone and app searches from customers in store to recommend products. Aspectiva also provides overviews to online browsers based on certain criteria of a product to generate comparison reports between different brands of the same product. All of this data ensures that the right products get into the eyes of the appropriate customer.
“Our team is extremely excited to be joining Store N° 8 and be part of Walmart’s most recent investment in Israel. Store N° 8’s record of innovation and of developing capabilities that will transform retail as we know it makes for the perfect environment to leverage Aspectiva’s technology throughout the shopping funnel” said Ezra Daya, CEO of Aspectiva.
While Aspectiva marks Walmart’s first acquisition in Israel, the company has been increasingly active in the country as of late. In fact, the Principal of Store No 8, Lori Flees called Israel a "hotbed of tech talent and innovation." Among Walmart's other recent Israeli-based investments are Team8, a think tank and tech incubator; Eko, an interactive media and technology company; and The Bridge, a technology accelerator that promotes start-ups in Israel.