Narvar, a leader in the field of intelligent personalization, has announced the launch of its latest innovation, the Intelligent Retail Insights Service (IRIS), alongside its inaugural application, Narvar Assist. The unveiling took place as part of Narvar's ongoing commitment to transforming post-purchase experiences for retailers and their customers.
IRIS employs advanced technologies such as machine learning, data intelligence, and analytics, coupled with extensive industry experience. It harnesses insights from over 42 billion consumer interactions processed annually across the Narvar customer base. This dataset positions Narvar as a foremost authority in delivering intelligent, personalized post-purchase experiences, second only to Amazon. With the introduction of IRIS, Narvar aims to redefine the post-purchase landscape.
Narvar Assist, powered by IRIS, specifically addresses a significant concern within the retail sector: fraud. It provides retailers with scalable tools designed to prevent delivery claims fraud, a problem that costs the industry approximately $101 billion annually. This service is described as the first of its kind at this scale and is considered a significant technological advancement not just for Narvar, but for the entire industry.
In outlining the functionalities of IRIS, Ram Ravichandran, the Chief Technical Officer of Narvar, remarked, “IRIS is a transformative leap for Narvar, combining advanced machine learning and multi-model AI to deliver insights at unmatched scale.” He emphasized that the platform's ability to process billions of interactions facilitates an unprecedented level of personalization and assists retailers in resolving operational challenges, including those related to fraud mitigation.
The implications of these tools for retailers are substantial. Retailers using Narvar Assist have reported notable outcomes, such as a 25% decrease in appeasement payouts for fraud and an 80% reduction in customer service inquiries concerning claims within a span of six months. The functionalities include the ability to reduce appeasement payouts by accurately assessing when a compensation is justified, streamline customer support through a self-service portal, and enforce delivery claim policies by utilising comprehensive historical and real-time data.
Narvar's longstanding partnership with prominent retailers like Levi’s has reinforced the effectiveness of these innovations. Priya Buening, Vice President of Ecommerce at Levi’s, stated, “Narvar has been a trusted partner for nearly a decade... their IRIS and Assist solutions allow us to tap into new levels of personalization and efficiencies in the post-purchase experience.” This sentiment was echoed by Braeden Conroy, Senior Customer Experience Manager at Dr. Martens, who noted a significant reduction in customer contacts, enabling the company to resolve claims more efficiently and enhance overall customer experience.
Under the leadership of CEO Anisa Kumar and President and Chief Revenue Officer Harish Mohan, Narvar’s strategy seeks to position post-purchase experiences as crucial drivers of customer loyalty and business growth. Anisa Kumar commented, “Assist is just the beginning... helping retailers unlock their full potential by turning every interaction into an opportunity to build trust.” Harish Mohan added, "IRIS and Assist together deliver measurable impact today while laying the groundwork for long-term growth.”
The IRIS platform and Narvar Assist will be widely accessible from January 15, 2025, with live demonstrations scheduled to occur during NRF 2025: Retail’s Big Show at the Javits Center in New York City, offering an opportunity for attendees to witness the innovative solutions first-hand.
Source: Noah Wire Services