IRP Commerce develops Artificial Intelligence engine 'DeepAgent'
The technology that helped put Chain Reaction Cycles on the global map is again disrupting the world of e-commerce.
The IRP Commerce platform, which is based in the Northern Ireland Science Park and has transacted more than £1 billion in e-commerce sales for UK and Irish companies, has taken another huge leap forward with the development of an Artificial Intelligence engine DeepAgent.
DeepAgent analyses data in order to learn the actions that lead to more sales and profitability. It works on behalf of the e-commerce business to predict and then guide the moves the company needs to make to maximise its online sales.
Data is collected in the IRP Cloud from e-commerce probabilities and using statistical and Machine Learning algorithms, DeepAgent mines and analyses information to learn which steps to take. This is then fed back to the company so they can identify what to do next, removing speculation associated with e-commerce sales.
IRP Commerce founder, Daniel Loughlin said: "Finding a practical use for AI in business can be a challenge. Our approach directly links Artificial Intelligence to increased online revenues.
"The e-commerce industry is deeply complex and inefficient – this can change with the development of DeepAgent technology. DeepAgent AI gives companies a huge advantage over their competition and informs the actions to grow and take market share."
By suggesting practical decisions and changes to traffic channels and conversion, DeepAgent predictions have already seen significant results and increased year-on-year sales for some businesses – in some instances more than 100 per cent.
Dr Norman Apsley, Chief Executive of the Northern Ireland Science Park, said: "I am delighted to welcome advances such as this coming out of the Park and look forward to seeing how this technology will evolve in the future. I am sure that it will not only help grow IRP itself but that it will help many other companies improve their long term viability in this age of internet sales.
"I understand the DeepAgent AI engine can be used effectively to provide valuable information for online businesses that can be utilised to improve sales and profitability. Many are saying 2016 will be the year of AI; it’s great to see we're playing our part. "