AI News, Nike buys an AI startup that predicts what consumers want ... artificial intelligence

Nike buys data analytics startup Celect to boost DTC sales

Nike's acquisition of Celect is the latest sign that the sports apparel giant seeks to boost DTC sales among a variety of distribution channels, including its mobile app and website.

Celect's tech can help Nike boost this strategy by optimizing its inventory across channels with hyper-localized demand predictions to ensure customers can find and purchase what they're most interested in.

The company in 2016 bought Virgin Mega, a digital design studio that helped to build Nike's SNKRS mobile app, which this year served as the basis for a pop-up store in Atlanta.

Meanwhile, Nike's direct sales rose 12% on a currency-neutral basis to $11.8 billion in fiscal 2019 to make up 32% of total brand revenue, far outpacing the 2% gain to wholesalers, per its annual report.

Nike buys an AI startup that predicts what consumers want

Nike’s market cap has swollen past $100 billion, but the shoe company still sees potential to learn more about what customers want and how to source and stock products to meet those needs.

The startup’s tech focuses on delivering data insights after being fed a bunch of structured and unstructured retail data.

These insights allow retailers to see cost/benefit analysis of arranging their inventory, something that might interest Nike, which banked $36.4 billion in revenue last year.

The Business Monthly

In addition to codifying the requirement that Community Advantage lenders make at least 60 percent of their loans to borrowers in underserved markets, the bill expands the geographic and demographic reach of SBA loans by broadening the categories of businesses that are able to receive CA loans to include women and business owners who are socially and economically disadvantaged, regardless of business location.

Together, these bills will open up opportunities for entrepreneurs in underserved communities, so they can pursue their dreams, build successful companies, create jobs and ensure SBA is coordinating and meeting the objectives of its diversity initiatives.” Traditional 7(a) loans provide entrepreneurs with up to $5 million in capital at reasonable rates when they are unable to get credit elsewhere, but the program does not have a strong record of reaching underserved communities.

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