FRINZA to disrupt Gifting Industry with world’s first AI & ML powered one-stop-gifting-solution
FRINZA – an aggressively growing online gifting startup from India is all set to take the gifting space by storm as it plans to roll out world’s first and one of its kind Artificial Intelligence(AI) and Machine Learning(ML) powered annual-recurring-subscription-model-based one-stop-gifting-solution.
FRINZA provides premium and wide range of gifts. The gifts range from an exquisite collection of souvenirs, cherry-picked flowers, luscious cakes, scrumptious chocolates, range of personalised products and many meaningful gifting categories planned with a befitting sense of elegance for every occasion.
How this AI/ML-powered annual-recurring-subscription system work?
The user making a purchase through FRINZA’s website or app needs to subscribe to an annual-recurring-subscription package depending on their budget and enter the information pertaining to the person they are buying a gift for, in terms of age, gender, interests, profession, personality, occasion, the need of the recipient and their relationship with them. These details to be entered just once.
FRINZA’s AI/ML-powered technology will select the perfect personality-occasion-relation specific gift on behalf of the subscriber, thereby saving them from the pain of spending hours on selecting the perfect gift and then the system will also automatically deliver it to the recipient on the day of the occasion. The best part is FRINZA does all this within the budget of the subscriber.
Story behind FRINZA
Praveen Singh is Founder & CEO and Truptimayee Lenka is Co-founder and COO of FRINZA. The idea of starting FRINZA struck Praveen during his PG days at MBA when he once forgot to wish his girlfriend because of his busy schedule and a forgetting habit. To make up for his mistake he thought of sending her a gift but only ended up spending hours in searching for the perfect gift. What added more to his frustration was that the gift was delivered 2 days late.
That is when Praveen realized that there would be many people facing this issue, and he thought what if he could build a system which would eliminate the pain of spending hours selecting the perfect gift and then delivering it on time.
Overcoming the COVID crises
FRINZA prospered during this pandemic. It works on the concept of cloud kitchens and hence they did not see much disturbance in their business.
FRINZA made sure that in these testing times, all their staff was monetarily compensated and they also got their medical insurance done. As a result, during this lockdown period (Mar-Apr’20) when most businesses were finding it hard to make their ends meet, FRINZA observed the month-on-month (MoM) growth of 103.5%. FRINZA also has recorded a year-on-year growth (YoY) of +137.6% for the year 2019-20.
Considering the current pandemic situation, FRINZA has decided to diversify its Category & product portfolio, it will now have 60% gifts that will be delivered physically and 40% digitally.
They have also expanded product category to include E-greeting cards, kindle books, customized wishes website, personalized- poems, birthday wishes and online performance by favourite celebrities /influencers/artists, adds Trupti.
Also read: Electronics & Gadgets sales surges as lockdown eases