By 2005, Jeff Lawrence made an exit out of Precision Targeting, an advertising company he founded in 2002.
At the time, the entrepreneur was fascinated by an emerging ability to use massive amounts of data to predict, and then change, the future.
However, he felt that technology wasn’t yet at a point to support the vision for his next venture.
A few years later, the tech appeared ready, and Lawrence was compelled to launch another company: Granify, an e-commerce conversion and revenue optimization technology platform powered by machine learning that promises merchants up to 5% revenue lift.
The Canadian company was founded in Edmonton in 2011. By 2013, the startup had paying customers and a 4,000-square-foot office downtown.
“Granify takes the guesswork out of knowing what to say to your customers, and when to say it, in order to get them to convert items into actual purchases,” the Alberta tech firm states online. “The result is much higher revenue, and far less abandoned shopping carts.”
Over the next couple of years, Granify raised multiple rounds of capital, including $9 million in Series B funding in 2015 from Valar Ventures and others. In 2016, the company expanded to the US with an office in Texas.
This year, the company announced the release of Granify Rapid Personalization, the latest tool from the platform. GRP allows retailers to curate profitable, personalized shopping experiences that can be created, tested, and modified without requiring developers or technical resources.
“It’s clear that developer resource constraints are a constant pain point for retailers,” Lawrence, who serves as CEO, stated last month. “Retail teams have great ideas and understand the need to innovate to move their business forward, but are often slowed significantly—Granify Rapid Personalization completely removes this constraint.”
We know many Canadian consumers enjoy accurately personalized commerce experiences. And Granify is all about that.
GRP integrates with other products from Granify, including Enhanced Shopper Profile and Granify Brain, an AI-powered commerce optimizer that utilizes behavioural data from current and past shopping sessions without the use of third-party cookies.
“I’m excited to provide our retail partners with a new avenue to personalize the shopping experience while also increasing revenue,” Lawrence stated. “This is another step towards Granify enabling our partners to provide a delightfully personalized and optimized experience for every shopper at each moment of the shopping journey.”
This product launch comes on the back of Granify’s recent App Integration and Granify for Search announcements, as the conversion optimization platform continues to expand its services in order to provide fully optimized digital experiences wherever people shop online.
Billions of shoppers touch the Granify platform each month. On average, “We generate over $55 million per month in incremental revenue for our partners,” the company stated in 2022.
Granify is hardly the only Canadian fintech to take advantage of AI. For example, Ottawa-based Shopify is looking to arm merchants with high-tech tools, as the technology sweeps across the broader fintech sector.