E-Commerce Gets A Boost from Image Recognition Startups
E-commerce generates billions of dollars for online retailers. With figures of this magnitude, it would be believed nothing is necessary to improve the process of searching for and selecting merchandise. As anyone who follows the history of technology knows, improvements and advancements are always necessary in order for retailers to stay competitive. This is why so much effort is being done to develop visual search technology.
The retailers, however, are not the ones who are devising visual (image) search technology. Rather, unique startup companies are coming up with these outstanding new ideas in software for retail websites.
One such startup is Slyce, and the Toronto company is the perfect example of brilliance, innovation, and success. Slyce developed an app that works with a smartphone camera. After taking a photo of merchandise or an item that looks like particular merchandise, a search can be performed through a retailer’s website. As is obvious, the visual search process eliminates the need for typing any text when performing a search.
E-commerce retailers realize that making things easier for customers almost always leads to increased sales. One major company that signed a contract with Slyce discovered visual search technology definitely helped boost profits and revenue. In fact, the company was surprised to see the deal with Slyce generated revenues far beyond even highly-optimistic expectations.
One massive benefit to integrating image recognition software into a website is customers are able to look at a variety of choices. One image can be matched to untold scores of other similar images. Text, on the other hand, can be very limiting. When a large array of selections are presented thanks to the image search, customers may opt to go with an alternative choice. With text and limited results, the customers might not choose to make a purchase at all.
Empty shopping carts cannot generate revenue. With visual search software, shopping carts may remain less empty for buyers and sellers.
Retailers also have another positive trait to tap into when relying on image recognition programs. Image recognition programs are extremely helpful in providing retailers with consumer research data. Being awarded such data definitely helps businesses know what is hot, what is not, and what should be kept in stock.
Successful startup companies were able to come up with the incredible concept of image recognition programs.