LONDON — It’s an age-old idea: A shopper buys a pair of shoes and then, in a blink of an eye, they’re gone.
But when a pair gets misplaced, and you have to re-sell or refund them, that could be a costly and time-consuming nightmare.
That’s the challenge for a shoe storage startup called Moon Shoes.
The startup, which was founded by two friends, uses artificial intelligence and machine learning to help customers locate and retrieve lost or damaged shoes in a way that could save them money and reduce the time spent re-selling or refunding.
Moon Shoes co-founder and CEO Anjana Singh says the company uses machine learning algorithms to predict the likelihood that a shopper will be interested in the shoes and how much they cost.
Moon is also working with shoe stores to automate the process and reduce lost or stolen shoes, helping customers save money by removing a hassle from their shopping experience.
“In the shoe store, you have the store manager and the cashier and the customer service people,” Singh says.
In the last couple of years, shoe storage companies like Zappos and Overstock have become popular among shoppers because they let customers save a large percentage of their spending, which can be a big saving. “
But the problem is, they don’t know how to help the customer when the shopper doesn’t like it.”
In the last couple of years, shoe storage companies like Zappos and Overstock have become popular among shoppers because they let customers save a large percentage of their spending, which can be a big saving.
But, in many cases, they also offer little in the way of personalization.
So Moon Shoes is a shoe company trying to change that.
The idea behind the startup is that if you don�t like the shoes you bought, you don���t need to buy them anymore.
And if you like them, you can just return them to the store and they will be replaced.
“There are some people who like to be able to have a second chance, and we are trying to do that for them,” Singh said.
The company has already received funding from Google Ventures, and is looking to raise another $1 million from venture capital firms like Benchmark Ventures.
It is also looking to expand into Asia, the Middle East and Africa.