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.
After the 2021 boom, IPO activity slowed down significantly, in part due to monetary policy – but things are getting moving again with tech-friendly companies like Iboutta and Rubrik making a public debut.
With an increasing demand for mental health services, one person wanted to change the therapy game. In 2017, CEO Alex Katz founded Two Chairs, a company that uses technology to match patients with the right therapist.
Not only is April Financial Literacy Month, it’s also the kickoff of the spring homebuying season. So now is the time to make sure you have a financial plan in place – and why it might not be wise for that to include buying your first home.
While the U.S. may slowly be on the path to lowering inflation (and therefore interest rates), Europe has thoroughly trounced America, putting it on the path to lower rates by this summer.
April's release of the monthly Housing Starts and Building Permits reports by the Census Bureau provides crucial insights into the construction activity in the housing market. These reports are an economic indicator, shedding light on the current state of the housing market and its broader economic impact.
Caitlin Clark is heading to the Indiana Fever, the number one draft pick and the highest-scoring college basketball player of all time. And while she may not be getting millions from the WNBA, there's a few ways she'll net compensation for her generational talents.
Author of 'Clean Meat,' Paul Shapiro joins Cheddar to discuss how the cellular agricultural revolution helps lower rates of foodborne illness and greatly improves environmental sustainability. Plus, how his company The Better Meat Co. is bringing healthier food options to the table.
Recent headlines might make it sound like World War III is imminent, but when it comes to your finances, it's not the time to panic. The market is coming off its longest winning streak since 2011.
You may have noticed fewer new venture capital-backed startups (like Airbnb or Uber) lately. The market slowed to a crawl after 2021, but things are expected to take off again in 2025.
