Fetch, America’s Rewards App, announced that the company has secured a patent for its BrandChoice Tech, its digital advertising technology that uses artificial intelligence and machine learning to automate campaign testing and optimization. Drawing on Fetch’s unparalleled, real-time view of consumer purchase history, this now-patented technology accelerates and expands the platform’s advertising personalization, recommendation and campaign optimization capabilities.
“For brand marketers, forging strong consumer relationships has always been the goal. And right now, it’s harder than ever to make these connections,” said Wes Schroll, CEO and Founder of Fetch. “This formal recognition reinforces what we already knew, which is that we’re building a platform like none other – a universal rewards app that acts as a full-funnel adtech solution to help brands create lifelong customers.”
Fetch’s BrandChoice Tech improves the performance of advertising campaigns by matching the right ads with the right audiences at the right time, ensuring marketing dollars are spent wisely. Utilizing a multi-armed bandit (MAB) solution – a fundamental ML framework – the BrandChoice Tech uses purchase data and predictive models to automatically adjust traffic toward the best-performing ad variants. This eliminates the need for static segments and provides the highest level of efficiency and effectiveness. This approach improves upon standard A/B testing – a legacy approach that applies learnings from current tests to future campaign iterations more slowly.
With this technology, advertisers can also evaluate several different aspects of an ad including point values, spending requirements, creative assets, and other purchase criteria. In turn, users also benefit from the highest degree of personalization and ad relevance.
The newly patented technology builds on momentum from Fetch’s launch of its proprietary receipt-reading technology last spring, and reflects the company’s heavy investment in AI and ML innovation. The receipt processing technology serves as the foundation for the BrandChoice Tech, reliably scanning and matching SKU-level purchase data from 80 million receipts per week. Collectively, these features allow Fetch to accurately identify items purchased, analyze shopper patterns and preferences, curate hyper relevant ads and adjust those ads in real time to maximize their impact – all at scale to Fetch’s 11 million weekly active users.
“There’s enormous potential for applications of AI and ML in the advertising technology industry,” said Wade Bruce, Chief Technology Officer at Fetch. “Fetch is leading the charge, with solutions that transform how brands connect with their audiences and unleash new levels of efficiency in advertising.”
SOURCE: PRNewsWire