Upp.ai: AI technology bucks April GDP growth trend for retailers

LONDON, June 13, 2024 /PRNewswire/ -- The UK economy failed to grow in April as unseasonably wet weather dampened spending by shoppers. According to the Office of National Statistics monthly real gross domestic product (GDP) is estimated to have shown no growth in April 2024, following growth of 0.4% in March 2024.

Services output did grow by 0.2% in April 2024, offset by falls in both production output of 0.9% and construction output, which fell by 1.4% in April 2024.

In contrast to the overall economic backdrop retailers deploying AI technology to support their online advertising approach saw a significant uplift in performance from March to April seeing on average an 18% increase in total conversion value for the month.

The Upp.ai platform delivered an aggregate performance increase for customers through its ability to interpret product sales in real time, recognising the impact of external factors, like the weather, to re-prompt advertising spend and ensure appropriate ads are being promoted for maximum return.

Commenting on the recent economic performance, Ian Jindal - Founder & Editor in Chief of InternetRetailing, said, "Plus or minus half a percent still feels like zero growth both to retailers and consumers, and we see each side of the buy button looking carefully for marginal gains.

Behind the numbers and punditry, most consumers feel cautious and under pressure, while behind the positive marketing and promotions - retailers are looking for every edge to manage costs and convert every moment of consumer interest into cash.

With the on-off summer, an election, and a long tail of cost pressures to flow through to consumers we can expect high scrutiny, careful consumption, and ruthless optimisation to be the modus operandi for the rest of the year."

Upp.ai CEO Jonathan Gale added, "Being able to interpret huge volumes of data in an instant and use that to adjust to market conditions and consumer buying patterns in real time is a game changer for retailers. AI enables this to happen and is hugely benefiting those businesses that have adopted the technology."

About Upp.ai

Upp.ai is a London-based startup that uses AI (Artificial Intelligence) and ML (Machine Learning) to automate online product advertising, streamlining multi-channel campaign deployment.

The platform empowers digital marketing professionals with a scientific, data-driven approach to paid activation, enhancing the effectiveness and efficiency of advertising. Resulting in optimised ad spend, improved product discovery and increased sales.

Upp.ai was founded in 2019 by Ben White and Drew Smith and works with brands such as Charles Tyrwhitt, the Safety Supply Company and Roman Originals.

For more information visit www.upp.ai

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