Flytxt, a provider of AI-powered SaaS for Customer Lifetime Value (CLTV) maximisation, has introduced a Generative AI that assists digital product designers.
This first-of-its-kind application of Generative AI will solve a critical pain point faced by digital businesses worldwide — design of well-performing products faster and at scale, a release said.
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Achieving product-market fit in volatile markets is a challenge, as the ease of adoption of digital products also lowers switching costs for customers. Generative AI is well suited to solve this challenge. It can programmatically evaluate several potential product designs to find the best match,” said Vinod Vasudevan, CEO, Flytxt.
Flytxt’s Generative AI can optimise price points, product attributes, bundling options, and associated benefits to meet business objectives like increasing revenue, retention, or margin. Generative AI has been mostly used for creating original multimedia content and enabling intelligent conversations as in tools like ChatGPT.
Flytxt’s innovative application of Generative AI will open up new possibilities for product managers to bring in innovations in product design and ensure higher success rate.
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The company foresees widespread applicability of Generative AI in many customer experience workflows like product and campaign design. “We will continue to integrate powerful AI capabilities like Generative AI into our solutions to help users make accurate decisions that impact long term value creation”, he said.
Flytxt Generative AI also adds the ability to explain the decisions made by the AI. This transparency allows product managers to critically review the reasons behind the AI-recommended design, before they decide to approve and introduce the product in the market.
Published on June 19, 2023
