TEL AVIV, March 13, 2022 – Syte, a leading eCommerce tech company specializing in product discovery, is officially expanding its partnerships with jewelry brands and retailers, following ongoing success with leading international companies in the industry, including Signet Jewellers (UK).
Syte’s visual AI algorithm is uniquely trained to recognize and categorize the characteristics of fine jewelry, enabling online shoppers to easily discover and purchase pieces that suit their tastes. It also provides real-time visual data that allows brands to better serve their customers’ unique needs.
With solutions including visual search, advanced text search, automated product tagging, and hyper-personalized product recommendations, Syte has succeeded in helping jewelry brands achieve upwards of 6x higher conversion rates, 17% higher average order value, and 584% increase in average revenue per user. This is particularly powerful in a category that has traditionally focused on physical retail, as it opens new doors for both online and omnichannel experiences in the jewelry sector. By making this technology available to in-store associates on tablets and internal systems, for example, Syte enables them to provide better service and connected customer experiences to in-person shoppers as well, improving omnichannel sales.
Syte’s clients can further customize merchandising rules for search results and product recommendations to promote items that align with key industry milestones, such as Valentine’s Day, Mother’s Day, Black Friday and Cyber Monday, and the Christmas season, just as they would in-store.
With the value of the global online jewelry market projected to hit $58.9 billion by 2027, brands and retailers are increasingly focused on creating premium, personalized eCommerce experiences in this high-ticket sector. One of the key elements of the online customer experience is the product discovery journey, or the process of how shoppers find the right products on a brand’s website. AI-powered tools such as text and visual search, as well as product recommendations, have emerged as must-have technologies in recent years, as they help ensure that consumers are connected with the right products early on, easing them towards purchase.
“Syte’s technology is designed to replicate and even improve upon the premium service of an in-store sales associate by instantly recommending products that are visually similar to a shopper’s favorite styles. This is especially critical in the jewelry category, where the average shopper may lack the words to describe what they want and prefer instead to shop by following their inspiration,” said Syte CEO Vered Levy-Ron.
“In fact, we see the results in terms of brand loyalty, too – jewelry shoppers using Syte’s search and discovery solutions to make their first purchase are more loyal and have 51.9% higher lifetime value than those who do not,” she added.
“We’re thrilled to be expanding our reach worldwide, and in the North American jewelry market in particular, after seeing such great results with our jewelry clients.”
With over 100 of the world’s top brands counted among its customers, including brands responsible for more than 10% of total jewelry sales in the United States, Syte, headquartered in Israel, recently established an office in New York City to support its rapid growth in North America. This follows a $30 million Series C funding round in late 2020. As the company continues to expand its presence in the category amid growing interest from jewelry retailers, Syte plans to attend the JCK jewelry trade show in Las Vegas this year to demonstrate its Product Discovery Platform in person.
Syte is the world’s first Product Discovery Platform for retail. It uses visual AI to create intuitive search and discovery experiences for all types of shoppers.
Syte’s solutions include visual and text search, automated product tagging, personalized recommendation carousels, and more. They leverage unique data generated by visual AI to help shoppers find the most relevant products, driving conversion and loyalty.
Brands and retailers like Prada, Farfetch, Signet Jewellers UK, PrettyLittleThing, Coleman Furniture, Chow Sang Sang, and Baycrew’s, partner with Syte to drive eCommerce revenue and build long-term customer loyalty.
Contact: For further information about Syte’s offering for jewelry brands and retailers, contact Ram Glick, Senior Jewelry Partner at [email protected].