Fridays Lab Inc. is the South Korean artificial intelligence-powered data analysis startup behind Retentics, an easy-to-use subscription-based analytics platform designed to help e-commerce operators boost revenue by improving customer loyalty and retention rates with various deep learning technologies, ranging from segmentation to recommendation. After recently completing a bridge funding round, the two-year-old company is actively seeking to make inroads in the US through Retentics.
Retentics poised to disrupt growth marketing
Fridays Lab has pioneered a new data analytics platform in a sector still in need of hyper-personalized marketing
Following the digital revolution, data analysis has become indispensable in running a business, but the sheer amount of analytics tools out there makes it hard to pick the right one.
But with Retentics, an artificial intelligence-powered analytics platform run on a Software-as-a-Service (SaaS) basis, businesses are in good hands as the platform can help them retain customers and improve revenue through specialized marketing services, according to Fridays Lab Inc., the developer of Retentics.
“Retentics finds loyal customers for its users but also identifies their prospective patrons and recommends tailored marketing campaigns and products that create true loyalty,” said Yeongjae Lim, the founder and chief executive officer of Fridays Lab.
The South Korean startup with two main global offices, in the US and Seoul, wowed the startup industry by securing funds with a Retentics prototype immediately after the company’s inception in December 2021.
Since that 600 million won ($467,000) in seed investment from Kakao Ventures Corp., the early-stage startup venture capital subsidiary of Korean information technology giant Kakao Corp., Fridays Lab has succeeded in two more rounds of capital fundraising, which have fattened its total investment to $3 million.
With the proceeds, Fridays Lab will continue to advance Retentics’ services and technologies to find the perfect product market fit and make inroads into the global SaaS market, said Lim.
Retentics has so far won over 20 clients, including three in the US, since its official launch in February 2022.
Retentics is a versatile data analytics tool that enables any company to manage customer journeys and retention without professional data analysis personnel thanks to its machine learning technologies.
It needs only transactional data for its AI to identify customer properties, produce effective indicators for target selection, forecast demand and foster repurchases.
This SaaS-based analytics tool aims to help its clients – mainly e-commerce platform operators – boost customer loyalty with its AI-backed customer retention management solution and hyper-personalized recommendation service.
According to Fridays Lab, about 87% of e-commerce operators neglect retention management due to a lack of data scientists, engineers and analysts or the absence of analytics programs dedicated to loyal customer retention.
Retentics fills the void, arming its users with an effective growth marketing solution that does not require complex data analysis, the Korean startup says.
Retentics has so far increased its business clients’ customer retention rate 12%, boosted its loyal customers threefold and upped revenue 1.5 times since its use.
“Retentics simplifies the customer retention strategy, which can be very complex. This is the biggest advantage of using Retentics,” said Lim.
Compared to its bigger global peer Amplitude Inc., an American digital analytics platform and experimentation tool provider that aims to help its users get the information they need to take action and drive growth, Retentics offers its clients simpler and quicker solutions to help them meet narrower goals at much cheaper prices, added Lim.
While Amplitude allows its users to gain insights not only to improve customer retention but also to build better products, Retentics focuses on actions needed to boost retention.
The bigger US rival requires massive log data to analyze but Retentics requires only transactional data, the reason why the Korean analytics tool is much faster and cheaper in analyzing user behavior.
Transactional data is information captured at the point of sale, which is much smaller than log data and is a valuable source of business intelligence.
“This is like the choice between buying a car or a bicycle for commuting to work,” said Lim. “If you buy a car, you can use it for more than commuting to work. But if you only need a way to get to work, a bicycle or scooter should be enough.”
“Retentics is like a scooter optimized for commuting to work.”
The smaller Korean analytics platform analyzes transactional data to help its users come up with dashboards of various insights necessary to improve customer retention rates and produce tailored recommendation messages.
By Sookyung Seo; Edited by Jennifer Nicholson-Breen ([email protected])
The Mobile Performance Standard
Founder & CEO
2021.12-Present: Fridays Lab
2020.10-2021.12: Miso in Korea, Data scientist
2019.05-2020.07: Petram Analytics in Detroit, MI, Data scientist
Head of Operation
Present: Fridays Lab
2019-2022: Lotte e-commerce, MKT manager
2017-2018: Balance Hero, Strategy manager
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