In recent times, Visual Search is emerging as an important tool for customers to buy products when they might don’t know the product name. While there are already few ways to search for a product visually including Pinterest and Google, they are not always the most accurate or shop friendly.
According to Microsoft, Syte has led the retail industry’s adoption of Visual AI technology, by providing the most accurate visual AI on the market. Syte’s camera solution allows customers to click a picture of a product that they might like to buy and search for all visually similar products available on the website.
Syte, the emerging leader in visual AI
Syte’s biggest advantage happens to be its accuracy and time. It presents the customer with the closest possible product in the shortest amount of time. Some social media platforms like Pinterest have integrated the visual search technology into their systems but they have their own shortcomings.
The Tel Aviv-based startup has raised $21.5 million in a round of funding to expand its business further into the USA. The company is not only focussing on digital platforms but is also tapping into the world of physical stores. Since brick and mortar stores are coming back to life, this start-up wants to make its way into physical stores by creating smart mirrors and store assistants to help customers while they are shopping.
Syte is already working with big fashion brands like Farfetch, Zalando and River Island as well as other brands like Kohls and Argos. The start-up has now raised a total of $32 million including its last round of funding in 2017 and is projecting a 300% revenue growth this year.
Speaking broadly, the way Syte works is that it uses a computer vision to “read” a picture, match it with its metadata and then find images that are closest to that style. As a result, customers won’t have to spend hours finding a product that they like ‘visually’.
A new era of online shopping
The fast-growing start-up is targetting millennials who mostly shop online and are more aware of these technologies as compared to the older generations. Along with that, the start-up also offers a recommendation engine as well as Plus Tagging services to assist in product attribution tagging.
Lihi Pinto Fryman, Syte’s CMO who co-founded the company in London with husband Ofer Fryman says, “Young people are on Instagram for hours each day. Retailers need to find a way to compete with that and remain in the market, and they can’t just continue what they’ve always done. If you are searching for a ruffled floral yellow dress but you get a blouse, it just doesn’t cut it. And if it takes seven seconds to get an answer, that’s also not good, because people will give up after two seconds. Millennials and Gen Z shoppers have a very short attention span, so you need to be accurate and fast.”
Recently, Syte has ventured into physical stores by launching Smart Mirrors. As of now, smart mirrors are only a wishlist item for many retailers. Installing smart mirrors means refurbishing the entire trial room along with making all the backend changes, which in turn can be a huge financial investment for retailers.
Even though Syte’s smart mirror technology might take a while for retailers to adapt, their visual AI is already powering some of the world’s largest e-commerce companies. Using this visual search recognition and deep learning, the company aims to assist retailers and shoppers to create personalized and knowledgable relationships.