Agreed!
You mostly have hectic weeks; so much to do, yet so little time.
It’s affecting your personal life.
Your wife claims you don’t care about her anymore because you forgot about her last birthday until she reminded you.
You bought a gift but you clearly missed the mark – she loathed it.
You want to make amends but you don’t know how yet.
Until now of course, when a friend introduces you to Token.
Token!
What is Token?
Token is an application which uses artificial intelligence to find the perfect gift for your loved ones by taking cognisance of their distinctiveness and your budget to give them the most thoughtful gifts. Now, that is after reminding you that their special day is just around the corner.
Startup: Token
Founded: 2016
Founders
Jonathan Jarvis
Founders’ Inspiration
You can search for a gift tirelessly and still end up with one your loved one still hates. How about having the ability to never miss the target on your gift selections?
Headquarters: New York,New York
Vision: To ensure you never forget to send that gift to your loved one, ever again by owning your own personal gift assistant. (imagined by us).
Website: http://www.token.ai
The Pitch (The idea in 20 words)
Token is an application utilising machine learning to highlight, sell and deliver the most unique gifts to users to give to loved ones.
Industry
Mobile app, Artificial Intelligence, Ecommerce, Gifting
Strategy
- Token’s biggest strategy as an application is its first of its kind artificial intelligence positioning which enables it use machine learning to narrow gift options to get the best for a loved one.
- Users feed in tangible information about the person they wish to give a gift such as their relationship with the person, the reason for the gift, the person’s style and sentiments and also the budget earmarked for the gift.
- The app works with this information by filtering through its over 1000 brands from retail partners and thousands of products to reduce the options to the barest minimum making recommendations the user can easily make a selection from.
- These recommendations are offered for completely free.
- The startup offers end to end service by enabling users purchase the gift right from the app, while handling gift wrapping, shipping and a hand written note.
- Token ideally, reminds users to send the gift to a loved one as at when due.
Revenue Model
Token charges users a percentage based service fee for gift purchases. It also draws a commission from retailers and brands when a product is sold.
Growth and Market prospects
Token garnered a 30 percent conversion average at testing stage, showing great promise for an ecommerce platform.
Funding
Token is funded by investors;
Seed: $2.5 million – April 2017
Total Funding: $2.5 million
Investors
Token has successfully raised seed funding from venture capital firms. Some of these investors include;
- Upfront Ventures
- Slow Ventures
- Human Ventures
Future Strategy
As a new startup, Token still has a lot to prove with its base strategy.
Industry Insights
Consumers spend above $280 billion on gifts each year in the United States according to Itchy Brains Central, which amounts to approximately 10% of the entire $2.8 trillion retail industry. As individuals go out of their way to keep relationships with loved ones, the gift giving industry is one which would not be slowing down any time soon.
Disrupts
Token is disrupting the brand new gift giving market with its end to end services which sees it offering all services from gift sampling, recommendations, brand and retailer hosting to purchase, wrapping and delivering of the gift.
Opportunity for Idea Creators
This is an opportunity idea creators can take advantage of should they choose.
On the look out to create more value within this industry sector way should be;
- Developers
- Event and Party Planners
- And any other crazy head who thinks and can, can make things happen
Token has the power to transform the way we give gifts, no one ever has to forget that special someone with the help of a personalised AI assistant.
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- Please leave us a comment. I will like to share in your thoughts and have a good conversation with you on this startup idea.
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Disclosure: This review, article or report was first posted on http://www.babeonideas.com blog in 2017. The http://www.babeonideas.com blog no longer exists. Some information may be outdated or a startup may no longer exist in the form or all of its form when it was first reviewed.
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