London Business School’s Institute of Entrepreneurship and Private Capital (IEPC) is proud to announce that the Nibble team has picked up the Innovation Award at the UK eCommerce Awards.
Nibble co-founder and LBS alumna (Solan Masters, Leadership & Strategy 2019) Rosie Bailey said that she was proud of her team, quoting the judges’ comments: "The innovation demonstrated is truly impressive. The integration really showcases the team's ability to understand user messages in the context of e-commerce, negotiation, and customer behaviour. This contextual understanding, coupled with negotiation science and generative AI text ensures that the chatbot can engage in meaningful and value-driven conversations."
Nibble is a multi-award-winning AI negotiation for e-commerce, helping companies to improve margins, engagement, and conversion.
A recent article in Forbes, Retailers Are Testing An AI Bot That Haggles With Customers Over Price, 28th September 2023, noted that “some retailers are trying Nibble to see if it offers an off-ramp from the rampant discounting popular across the industry.”
Nibble was started in 2020 by Bailey and her cofounder Jamie Ettedgui, who visited a market in Istanbul and haggled with a seller over a pair of sneakers. They enjoyed the experience, but realized it just didn’t often happen at home in the U.K., where most people viewed negotiating as impolite. The last bastion of acceptable back-and-forth over price is probably the car dealership.
Nibble enables customers to negotiate a personalised price in eCommerce. For the retailer, this is a much better alternative to voucher codes and blanket mark-downs. For the customer, it is a fun, engaging way to secure a great discount on a desired product or service.
Nibble founders, Rosie Bailey (SLN2019) and Jamie Ettedgui (SLN2019), were part of the 2020 cohort of the School’s Incubator programme.