AI selects best-selling products for stores

January 31, 2024
News

Enhans, a newly established startup in 2021, is garnering attention for its remarkable revenue growth. While its revenue was only 80 million won in 2021, it surged to 390 million won in 2022 and reached 7.2 billion won last year. The company also surpassed its breakeven point in the third quarter of last year and its operating margin is significantly higher than the industry average.

Enhans integrates artificial intelligence (AI) technology into the e-commerce sector. AI automatically selects products that are most likely to sell well on online shopping platforms such as Naver, 11th Street, and Coupang. Meanwhile, it adjusts the prices of these products in real-time every five minutes to maximize sales.

Lee Seung-hyun, the CEO of Enhans, revealed in an interview with Maeil Business Newspaper(MK) on the 31st that "Currently, various companies including Samsung Electronics, Woongjin Foods, Kwangdong Pharmaceutical, and auto& are using Enhans services" and "Amazon has also been using Enhans services since November last year, and about 30 more companies are scheduled to be added this year."

The CEO emphasized that "Consumer goods companies that have adopted Enhans services have shown an increase in revenue of 2-5% and operating profit of 5-10%" and "If a company with annual sales of 1 trillion won adopts Enhans services, it can increase its revenue by about 70 billion won."

The CEO majored in computer science at KAIST. He was deeply interested in the field of AI interaction, where humans and AI interact, much like in the movie 'Her', and delved into related fields. After graduating, he worked at Samsung Electronics as a data analyst and occasionally sold items like shoe boxes on Amazon.

The CEO emphasized that "While ChatGPT is a 'text-to-text' model that responds to text with text, Enhans services are a 'text-to-action' model that translates text inputs into actions."

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