Meet recently-launched ORO, an online and physical retail platform aimed at helping people find premium, hemp-based CBD products.
‚ÄúThe company‚Äôs smart, interactive technology integrates advanced machine learning with customer feedback and the latest research, enabling consumers to safely and confidently connect to the wisdom and power of plants,‚ÄĚ a press release explains.
ORO‚Äôs founder, Thoryn Stephens, is a published molecular biologist who‚Äôs spent the first half his career as a scientist in biotechnology, while dedicating the second half of his career to data science and digital systems.
Passionate about optimizing human health through data and plant-based medicines, Stephens and his team have developed an evidence-based, peer-review cannabinoid product recommendation engine. The rollout focuses on CBD but there‚Äôs plans to expand into other cannabinoids, the company told Benzinga.
The ORO proprietary user measurement and feedback ingestion layer helps the company provide ‚Äúunprecedented CBD intelligence,‚ÄĚ melding the latest in machine learning with observational evidence.
ORO took the online experience to the real world, for the consumer to ‚ÄúDiscover, Shop, and Learn‚ÄĚ in-store, at an experiential retail event on Abbot Kinney in Venice, Los Angeles. Select products from ORO are now available at the Coral House through Jan. 1.
Critical analytics systems were included for both channels.
“The results exceeded targets, with advanced analytics used to help validate initial business hypotheses on key reasons why people were looking for CBD. We found that anxiety was the number one customer need followed by pain relief especially from customers looking for non-opioid options, and sleep for those dealing with insomnia. On the product side we partnered with industry experts at HiFi Exchange along with Dr. Dave Rabin, MD, Ph.D., at the Board of Medicine, a team of Physicians that vet every product on the ORO platform, unique to the industry today. ORO collected over 350 surveys and generated nearly $24K in sales – averaging over $1K a day. The data was used to improve the ORO recommendation engine algorithm as well as the user experience, also allowing for insights on CBD market trends,‚ÄĚ said ORO CEO Thoryn Stephens.
¬© 2019 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.