LOS ANGELES, March 03, 2021 (GLOBE NEWSWIRE) — via InvestorWire — InvestorBrandNetwork (“IBN”), a multifaceted financial news and publishing company for private and public entities, today announces that Yaniv Sarig, co-founder and CEO of Mohawk Group Holdings Inc. (NASDAQ: MWK), a technology-enabled consumer products company, recently appeared on DojoLIVE!, a lively podcast and interview forum that brings together a broad roster of technology, business and thought leaders from a wide range of software companies and startups.
The broadcast, titled “AI and Machine Learning Revolutionize Consumer Packaged Goods,” is available for on-demand viewing on the DojoLIVE! website.
During the interview, Sarig briefly detailed his professional experience, noting his background as a software engineer and his time leading various tech-focused startups. He then turned his attention to the ways that AI and machine learning are being used to change consumer packaged goods, particularly in the e-commerce space.
“The way consumers shop is dramatically changed online. In traditional brick-and-mortar retail … we had to rely very heavily on what brands told us,” Sarig stated during the episode. “What we’re seeing today, if you look at how consumers are shopping in the online retail platforms, they’re actually using data in a very heavy way. They’re doing their own due diligence on products. … A lot of what Mohawk is doing is building a data engine that is trying to understand trends in how consumers are searching for products. … With that data, we can come back and compile a better product that could iteratively grab more market share and, more importantly, better answer customer demand.”
“Whether you decide to shop online or in the store … consumers are using the data that’s out there in the vast public space to figure out the best decisions they can make around the products they want. What we are doing first and foremost is trying to analyze that,” he continued. “We capture around a terabyte of data every day … and we analyze the way consumers interact with a product and search for it based on that data (to find) what that tells us about what they’re looking for.”
“The power of machine learning algorithms is that they can, with vast amounts of data, be trained to make the right decisions without necessarily having to rewrite all the code. … It’s not necessarily about being better (than humans); it’s about being able to make a lot of decisions at a very large scale while reducing the need for human input,” he said. “(Mohawk) uses its software to analyze a lot of data. We identify certain opportunities for making products slightly better. … Then, what’s unique about our business, we turn that data into a real product. … Once the products arrive to the market, our software allows us to automate things like forecasts, pricing (and) advertising.”
Throughout the interview, Sarig provided an in-depth explanation of the ways that machine learning software is currently being used across the e-commerce sector and detailed the unique approach that Mohawk is taking to enhance the effectiveness of AI in identifying and addressing consumer trends.
About Mohawk Group Holdings Inc.
Mohawk Group Holdings Inc., together with its subsidiaries (“Mohawk”), is a rapidly growing technology-enabled consumer products company that uses machine learning, natural language processing and data analytics to design, develop, market and sell products. Mohawk predominantly operates through online retail channels such as Amazon and Walmart. Mohawk has 12 owned and operated brands and sells products in multiple categories, including home and kitchen appliances, kitchenware, environmental appliances (i.e., dehumidifiers and air conditioners), beauty-related products and, to a lesser extent, consumer electronics. Mohawk was founded on the premise that if a company selling consumer packaged goods was founded today, it would apply artificial intelligence and machine learning, the synthesis of massive quantities of data and the use of social proof to validate high-caliber product offerings as opposed to over-reliance on brand value and other traditional marketing tactics. For more information, visit the company’s website at www.mohawkgp.com.
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This release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All forward-looking statements are inherently uncertain as they are based on current expectations and assumptions concerning future events or future performance of the company. Readers are cautioned not to place undue reliance on these forward-looking statements, which are only predictions and speak only as of the date hereof. In evaluating such statements, prospective investors should review carefully various risks and uncertainties identified in this release and matters set in the company’s SEC filings. These risks and uncertainties could cause the company’s actual results to differ materially from those indicated in the forward-looking statements.