Picking out the perfect gift for a friend or family member can be a daunting task. More often than not, the safest route to go is giving a giftcard, which can sometimes be seen as a cop out.
One company that’s looking to revolutionize the gift-giving process is startup company Token. The company just launched this week and announced its $2.5 million round of funding. It’s planning to use that to further advance its gift recommendation software. Using artificial intelligence and machine learning, Token gathers information about the gift recipient, filters through its database of brands and retail partners and then narrows down options to a few selections.
While the gift recommendations are free, Token makes its money from a percentage of items purchased through its platform and a small commission from retailers and brands post-transaction.
Token’s CEO, Jonathan Jarvis, commented on the technology behind the company’s service and how it will change gift giving: “This type of technology wasn’t there before, and that will help us scale the service to millions of users in a way that’s thoughtful and creative. There is tremendous abandonment all along the funnel of gift-giving. But Token reminds you to send a gift, selects the right item, handles delivery and gift wrapping. No one has done the entire funnel of gift-giving until now.”