Palo Alto, California – Algopix, a platform that provides product market research data for online sellers, is pleased to announce that it is now supporting over 30,000 online sellers in growing their businesses and increasing their sales volume and margins, while at the same time reducing overstock – an impressive achievement, since the product was launched in 2017.
The eCommerce sales industry is growing at a phenomenal rate the world over, having reached approximately $2.85 trillion in 2018, with anticipated double-digit growth through 2021. There are currently over 15 million online merchants worldwide, and according to Algopix CEO Ori Greenberg, many of these sellers are faced with difficult decisions when it comes to which items they should buy:
“Most inventory buyers decide which items to buy and where to sell them using their gut feeling,” says Greenberg. “And we’re talking about all types of businesses here, big and small. Everyone who sells online has to buy items from their suppliers. By using guesswork, of course, they end up being either lucky or wrong. Obviously this is not the ideal way to conduct a business!”
According to Greenberg, 20% of all inventory ends up as overstock, resulting in a whopping $450 billion in overstock a year. And this is the reason that Algopix was created. A comprehensive product research data company, Algopix empowers sellers with machine learning and AI capabilities, allowing them to make informed business decisions with confidence and ease.
“What we’ve created here is the perfect solution for the eCommerce community. It gives users the data they need to make the most informed sourcing and marketing decisions possible. Not only do users increase sales and reduce overstock, they also save huge amounts of time and reduce all the risks associated with their business.”
Supporting 16 different marketplaces and over 30,000 happy users, the platform provides insights into key data points such as product identifiers, recommended market prices, detailed expenses breakdown, competition analysis and a great deal more. There is also a convenient “Recommended” or “Not Recommended” indicator for each market, to instantly resolve any uncertainties.
The company has a growing number of glowing testimonials and 5-star reviews to its name, some of which can be viewed on the website.
Video Link: http://www.youtube.com/embed/t5kqboNwR5c
About the Company
Launched in 2017 by and by Ori Greenberg and Dani Avitz, who had previously been running an eCommerce agency helping companies both large and small perform market research as a service, and run their eCommerce operations. Recognizing the significance of doing market research, they made the decision to take over this manual process and automate it with sophisticated algorithms, creating Algopix.
Algopix’s achievement comes on the heels of an additional funding round led by the U.S. venture capital fund XSeed Capital, alongside prominent investors that include UpWestLabs, B2B SaaS specialist Eran Gil, early-stage Etsy investor Payman Pouladdej and a variety of other investors from the retail industry.
For more information, visit the website at https://algopix.com/. A free 7-day trial is currently available.