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Monday, Feb 6, 2023
Mugglehead Magazine
Alternative investment news based in Vancouver, B.C.

Technology

Uber and AMC bring machine learning company Rokt onboard to drive revenue

Rokt’s deal is ecommerce technology that helps customers find the full potential of every transaction to grow revenue

Rokt
Photo by Markus Winkler on Unsplash

Rokt has partnered with Uber Technologies (NYSE:UBER) and AMC Theatres (NYSE:AMC) to help both companies make more money on their websites and mobile apps.

Rokt is an ecommerce tech company using machine learning to help tailor transactions to each shopper. The idea behind the technology is to give companies the chance to get additional revenue, find customers at scale and give extra options to existing customers by using machine learning to present offers to each shopper as they’re entering into the final stages of a transaction. The analog here would be the impulse buying section prior to a checkout line, except specifically tailored due to each consumer due to collected data.

“Uber and AMC Theatres are two of the most recognized brands in the world and we’re extremely pleased to partner with both of them as we accelerate our growth globally. Our global partnership with Uber will support the Uber Eats internal ad network and unlock additional profitability for the company. Our partnership with AMC has already begun generating outstanding results for the company. We look forward to expanding our relationships with both of these companies in the future,” said Elizabeth Buchanan, chief commercial officer of Rokt.

Rokt’s deal is ecommerce technology that helps customers find the full potential of every transaction to grow revenue. Existing customers include Live Nation, Groupon, Staples, Lands’ End, Fanatics, GoDaddy, Vistaprint and HelloFresh, but also extend out to include 2,500 other global businesses and advertisers. The company is originally from Australia, but its moved its headquarters to New York City in the United States, and has expanded out to include 19 countries across three continents.

Rokt’s partnership with Uber will initially launch with Uber Eats in the US, Canada, Australia and Japan, with Rokt’s machine learning technology driving additional revenue for Uber during the checkout experience. AMC has partnered with Rokt to drive revenue and customer lifetime value across the company’s online and mobile channels.

“As millions of moviegoers come to AMC each week to enjoy the unmatched entertainment of the big screen, it’s important that we are offering a guest experience that’s personally relevant across the entire moviegoing journey. Our partnership with Rokt enables us to better personally engage our consumers and drive higher value per transaction by optimizing each online touchpoint without adding additional cost to the moviegoer,” said Mark Pearson, chief strategy officer for AMC Theatres.

Rokt uses intelligence taken from five billion transactions across hundreds of ecommerce businesses to allow brands to create a tailored customer experience wherein they can control the types of offers on display to their customers. Businesses that partner with Rokt can unlock profit upwards to $0.30 per transaction through high performance techniques relevant to each individual from the moment where the customer puts the item in their digital cart to the time their payment goes through.

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