The business of Emotion AI
Entropik Tech is an Emotion AI tech startup which offers an emotion recognition technology platform including brainwave mapping, eye tracking, facial coding, and more. Ranjan Kumar, Founder & CEO, Entropik Tech, speaks about how the company is empowering marketers
Please give a brief background of your company. How you are positioning yourself as an Emotion AI startup?
Established in the year 2016 with a vision towards creating a world that is not just artificially intelligent but also emotionally perceptive, Entropik Tech is India’s only Emotion AI startup. Our online platform, Affect Lab helps brands:
- Measure cognitive and emotional response of consumers towards content or product experiences
- Optimise these experiences to resonate emotionally with the consumer.
How are you using AI to study the emotional perspective of consumer behaviour?
Studies show that people rely on emotions, more than anything else, to make their purchase decisions. Using the power of AI, we tap into the emotional perspective of consumer behaviour by combining emotion recognition tech (EEG brainwave mapping, eye tracking, and facial expression analysis) and AI models.
Emotion Analytics including cognitive and behavioural parameters such as attention, appreciation, attentiveness, happiness, boredom, familiarity, etc, enables brands to conduct consumer behavior research and measure consumer’s response towards media content, ad commercials, product design, UX/UI platforms and other brand communication materials.
Which are the key industry verticals and brand segments you are looking to target?
We work with consumer brands, content creators and broadcasters, market research agencies and user experience design studios.
We help brands optimise their user journey by optimising various consumer touchpoints:
- Make their audio/video/digital/ print advertising emotionally efficient
- Test their products before and after launch
- Improve conversions and user experience on their digital assets via our UI\UX testing module, used for website/app audits and competitive benchmarking
- Our C-SAT tracking suite helps brand keep track of customer satisfaction using facial coding in their retail stores
The losses borne by companies on failed product launches and marketing campaigns varies significantly depending upon the industry and consumer centricity. Approximately, 15 per cent of the launch budgets are currently put to testing consumer experience prior to launch. This has given marketers and product teams with disproportionate returns as high as 4x ROI lift on research spends.
What has been the innovation focus for your Emotion AI platform?
As a company we focus on product which has got IP value. Our EmotionAI platform leverages over 16 million unique human emotion data to be able to predict how users are likely to react to a content. Our keen focus on innovation has led us to earn patent in the field.
What are your plans for the future in terms of new technologies and strategic expansion?
We have been empowering marketers with Emotion AI, helping them understand consumers subconscious reaction to advertisement and communication. Over a period of last couple of years, we have a robust understanding of human emotions as they subconsciously react to ads, communication and content.
With our cutting-edge Emotion AI platform, we are soon launching Affect lab 2.0 which will be predictive in nature allowing marketers to optimise their communication, creative and media plan to optimal emotional resonance. This would be first of its kind Emotion AI application to marketeers in India. The update will also include a online native panel for more robust platform enabling experience testing in a fundamental way at scale in near real-time.
Our revenue has been doubling quarter on quarter, which has been strong validation of the demand in the space. This has been propelled by need to have a fundamental way to track consumer behaviour in a scalable way. We are looking to scale across the three dimensions ; technology, industry applications and geography (especially US, JAPAC ).
What can be the various other applications of Emotion AI?
Avenues for applications of Emotion AI are plentiful including recruitment, medical diagnosis and assistance, loan evaluation, customer service, automobile passenger safety, optimisation of ROI for marketers and many more.
Can you give us more information about the market scenario for Emotion AI?
The global emotion detection and recognition market is estimated to witness a CAGR of 32.7 per cent over the forecast period (2018 – 2023), driving the market to reach 24.74 billion by 2020, according to a Reuters report.
In India, Nielsen is the only other company that has the capability to offer brainwave mapping, facial recognition and eye tracking. However, it has a lab-based service-project model and not a SaaS platform, unlike us. It’s the only company that can measure Emotion Analytics. No other company has the ability to measure Emotion Analytics using Emotion Recognition Technology and nor the ability to convert raw data to marketing metrics which can be used to create and optimise advertising campaigns.
Entropik Tech is dedicated to building Emotion AI.
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