Algorithms seem to be dictating just about every facet of life these days, including what you pick out of your closet, and online-shopping platform, PSYKHE, is using a program of psychological profiling to create style recommendations.
When customers sign up, they are instructed to take the big five personality test, assessing personal preferences, which creates the profile.
"So essentially, the big five is the most robust and respected model in psychology. You end up essentially, from 1 to 100 in each of these five scales, resulting in a really specific composite score," Anabel Maldonado, PSYKHE founder and CEO, told cheddar.
Once a customer has completed the test, they can explore their specially curated shopping experience. Over time, the algorithm will improve at making selections that best suit your personality, Maldonado added.
While concerns have grown over the years regarding human bias entering these kinds of algorithms, Maldonado explained that a somewhat diverse staff worked on the initial training set for the artificial intelligence and that the system’s ability to learn shopping tendencies over time can hopefully ensure that a diverse customer base is being served.
She also said that the system’s ability to track dislikes or rejected suggestions is "almost as valuable, if not more," than understanding what a customer does like because a wider variety of options are available.
"Currently the status-quo is that you look at dwell time, and clicks, and purchase history. We don’t really feel that works as well, especially purchase history," Maldonado noted.
PSYKHE looks to avoid repetitive suggestions or similar recommendations that have already been purchased, according to the CEO. And, while PSYKHE is just the latest venture for Maldonado, she plans to expand the brand beyond clothing, using the same artificial intelligence.
"The interesting thing is the relationships between your big five scores and your preferences, health outcomes, behavior, music preference, really a variety of things is what makes the technology so valuable," she said.
Orangetheory Fitness is redefining the future of workouts with smarter tech, strength-based programming, and community-driven studios built for what’s next.
Spain's government has fined Airbnb 64 million euros or $75 million for advertising unlicensed tourist rentals. The consumer rights ministry announced the fine on Monday. The ministry stated that many listings lacked proper license numbers or included incorrect information. The move is part of Spain's ongoing efforts to regulate short-term rental companies amid a housing affordability crisis especially in popular urban areas. The ministry ordered Airbnb in May to remove around 65,000 listings for similar violations. The government's consumer rights minister emphasized the impact on families struggling with housing. Airbnb said it plans to challenge the fine in court.
Roomba maker iRobot has filed for Chapter 11 bankruptcy protection, but says that it doesn’t expect any disruptions to devices as the more than 30-year-old company is taken private under a restructuring process. iRobot said that it is being acquired by Picea through a court-supervised process. Picea is the company's primary contract manufacturer. The Bedford, Massachusetts-based anticipates completing the prepackaged chapter 11 process by February.
Serbia’s prosecutor for organized crime has charged a government minister and three others with abuse of position and falsifying of documents related to a luxury real estate project linked to U.S. President Donald Trump’s son-in-law Jared Kushner. The charges came on Monday. The investigation centers on a controversy over a a bombed-out military complex in central Belgrade that was a protected cultural heritage zone but that is facing redevelopment as a luxury compound by a company linked to Kushner. The $500 million proposal to build a high-rise hotel, offices and shops at the site has met fierce opposition from experts at home and abroad. Selakovic and others allegedly illegally lifted the protection status for the site by falsifying documentation.
Wealthfront’s CFO Alan Iberman talks the $2.05B IPO and the major moment for robo banking as the company bets on AI, automation, and “self-driving money."
A rare magnum of Dom Pérignon Vintage 1961 champagne that was specially produced for the 1981 wedding of Prince Charles and Lady Diana has failed to sell during an auction. Danish auction house Bruun Rasmussen handled the bidding Thursday. The auction's house website lists the bottle as not sold. It was expected to fetch up to around $93,000. It is one of 12 bottles made to celebrate the royal wedding. Little was revealed about the seller. The auction house says the bids did not receive the desired minimum price.
