LOS ANGELES, March 30, 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 The Dealmaker Show, a fast-paced and high-energy forum hosted by bestselling author Oren Klaff.
Klaff kicked off the interview by briefly detailing Mohawk Group’s business model, which leverages the company’s proprietary AIMEE(R) platform to automate the design, development and launch of best-selling consumer products. Sarig provided more insight into what Mohawk’s platform does and how the company is leveraging it to expand its foothold in the ecommerce industry.
“A lot of the traditional consumer brands that have created the products that we’ve consumed over the last 40-50 years in traditional brick-and-mortar retail… they were very unequipped to be successful in ecommerce. Their entire approach to the cycles of retail and the speed at which they were moving… they just didn’t meet the needs of consumers of today,” Sarig stated. “We wanted to build a consumer product company that was designed from the ground up to be a leading company in the ecommerce platforms that we shop on today (Amazon, etc.). One of the most fundamental realizations was that technology was going to be a key factor in the success of such a futuristic consumer platform.”
“What we’ve done with Mohawk is we’ve built a hybrid of a technology company and a consumer company. Our business is to sell consumer products to the end consumers. We actually have built, on our own, five different brands; we recently acquired our number seven brand, so we manage 12 different consumer brands that we own,” he continued. “Instead of doing everything by hand, instead of having to constantly manage all the forecasting and all the media buying and figuring out the next product we need to make… we went and built a very, very powerful technology platform that allows us to just build consumer product brands and products in a more efficient way. In a nutshell, what that platform does is it gathers a lot of data on what consumers want and tells us what products to make. It automates all the day-to-day management of those products.”
“To be a good consumer company in today’s world, you have to understand the customer, predict what they want, bring that product to market fast enough and be able to manage marketing at a very high level at a high scale,” Sarig added. “The reason Mohawk exists (and the reason Amazon is doing what they’re doing with private label business) is because consumers have been empowered by ecommerce to use data over brand… Take Amazon for example, 75% of all product searches on Amazon don’t have a brand in them… Consumers are feeling empowered by this technology… What Mohawk does… is we reverse that data… It tells us what consumers are searching for, what they like and don’t like about the products that are out there, and how we can find opportunities to make something better for those customers.”
Throughout the interview, Sarig provided an extensive overview of the benefits of Mohawk’s data-driven approach to ecommerce and the strategies associated with identifying market demand and launching products to address these opportunities.
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.