The Global Department Store Summit (GDSS), the world’s leading platform for department store CEOs and senior executives and their stakeholders to meet, network, and exchange ideas, recently took place in Seattle, WA.
Syte CEO Vered Levy-Ron’s talk at the event covered how visual search is the next frontier in retail. Other panelists at GDSS 2022 included Pat Bajari, Chief Economist & VP Core Artificial Intelligence at Amazon; Anne Pitcher, Managing Director of Selfridges Group; Philippe Schaus, CEO of Moët Hennessy; and other industry leaders. Read on below for some of the highlights from Vered’s talk at GDSS.
Drowning in Data
Brands have a seemingly neverending stream of data to sift through – from demographic and personal details to behavioral, contextual, and performance figures. Despite having access to all of this information, we are still struggling to help shoppers find what they’re searching for. Moreover, it raises questions surrounding collecting personal data amid tightening GDPR regulations.
Enter the Age of Visual AI
Visual AI enables machines to analyze, understand, and categorize all objects within an image, just like a person does, but unlocks information about the products themselves rather than people.
Activate consulting named visual search as the key technology to break down barriers to eCommerce adoption and online product discovery. According to Gartner, on-site visual and voice search will increase digital commerce revenue by 30%.
As Vered explained, visual AI boosts product discovery for shoppers, automates product tagging for retailers, and streamlines trend forecasting and inventory planning.
Visual AI is more powerful than other data retailers typically collect because it unlocks a new world of privacy-friendly possibilities and drives better retail performance and customer experiences.
The long-term impact of visual AI on retailers is unequivocal. A 42.8% uplift in customer lifetime value is expected for the fashion sector, 51.9% for the jewelry vertical, and 15.3% for home decor.
The Real World Impact
Syte’s customers across fashion, jewelry, and home decor are already seeing the fruits of their labor. Mobly, a leading Brazilian furniture retailer, saw a 5.5% ARPU uplift, 4.4% higher CVR, and $4.7 million in additional annual revenue after implementing Syte’s Discovery Button on its eCommerce website.
Visual search powers innovative customer experiences and to date, Syte’s visual AI technology continues to analyze more than 2.6 million images daily, with 10+ million deep tags, 150+ product categories, and 10+ deep neural networks.
Until GDSS 2023
This is not all for visual AI, we hope to see you soon at next year’s GDSS and catch up on optimizing product discovery and the omnichannel customer experience.