Big Data Means Big Money for RecoBell
March 31, 2015

Recobell

The slogan at Recobell reads “Big Data? Big Money.”

We’ve heard it before.

RecoBell, a Korean based commerce innovation firm, seems to think they’ve got a solution that makes it easy for companies to leverage their data and turn it into increased efficiency and profit. Founded in February 2013, RecoBell leverages big data algorithms to help commerce companies get personal with their customers with the intent to make money for both themselves and clients.

CEO Dave Park stated that revenue at Recobell “has grown consistently, averaging 300% every year since launch”. He also explained to us that for one client with revenues exceeding 5bn USD, 15% of all users utilized Recobell via web or mobile.

Recobell boasts multiple major clients in Korea including Shinsegae/Emart, Ticketmonster and Coocha. They are a core subsidiary under Yello Mobile, which puts them in a unique position to rapidly acquire clients and iterate on their system.

RecoBell’s services were born out of a frustration CEO Dave Park and CTO Mike Hwang had while obtaining their PhDs and working as consultants. They realized that many large corporations were wasting millions on data consulting only to be left with pricey hypothetical models and little to no real world effect.  They decided that it was possible to build a system that would make it easier to not only build big data algorithms, but integrate them into the unique business models of each client. They understood that in today’s competitive retail world, companies who can use data to tailor more intimate shopping experiences for their customers and, more importantly, translate that into real value, will ultimately succeed and outcompete the competition.

RecoBell’s main services consist of highly personalized on-site recommendation and marketing systems. In addition, with their Jan. 2015 acquisition of Looket, RecoBell has added hybrid app curation and personalized push messaging services to the platform. On the consumer end these services are valuable because sites are curated more to each individual customer. On the business end, items curated specifically to customers are proven to lead to increased PV, click thru rate, and ultimately, profits.

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Mike Hwang (CTO)                     Dave Park (CEO)                      Kay Kim (CSO)

According to CTO Mike Hwang, RecoBell’s technology has yet to be beat. He says, “in a/b tests RecoBell has seen between a 4-8% increase in total revenue compared to competitors”.

Recobell, looking to make success abroad, plans to start by expanding into various South East Asian markets in Q2 of this year. Working closely with Yello Mobile’s recent acquisition, AdPlus, RecoBell hopes to continue riding their wave of success out of Korea.

Will they be able to break through and create success outside of Korea where so many other Korean startups have failed? Signs are positive.

 

 

Leland Creswell
Leland is an avid startupaholic and programmer living and working in Seoul with beSuccess. He's worked as a co-founder before (Pickple Communications) as well as teaching English and marketing to businesses in the past.