Syte Launches First AI-Powered Product Discovery Platform, Yielding 177% Increase in eCommerce Conversion

  • “Syte’s product discovery platform enables brands and retailers to automatically create personalized journeys, introducing each unique shopper to the products they’re most likely to buy in the way they most prefer to shop.
  • These bespoke journeys are proven to increase online conversion rates by an average of 177% and average order value by 9.8%.”

https://www.prnewswire.com/il/news-releases/syte-launches-first-ai-powered-product-discovery-platform-yielding-177-increase-in-ecommerce-conversion-301249413.html

Vendor Spotlight: Syte.ai

Vendor: Syte

Website: syte.ai

Headquarters: Tel Aviv & Geneva

Key Product:  Visual Discovery Suite

Camera Search – Create an intuitive path to purchase by empowering shoppers to upload any image or browse through a curated inspiration gallery and find their perfect item.

Articles about Syte:

Syte Launches Hyper-Personalization Solution

Syte, an e-commerce visual search platform, gets $30 million Series C to expand in the US and Asia

Clients: Shane Co, Prada, De Beers, Tommy Hilfiger 

Awards: Draper Award Shortlist, Gartner Hype Cycle, CB Insights

Executives:

Ofer Fryman (CEO) – linkedin.com/in/oferfryman

Idan Pinto (COO) – linkedin.com/in/idanpinto

Dr. Helge Voss (CTO) – linkedin.com/in/dr-helge-voss-0a489110

Lihi Pinto Fryman (CRO) – linkedin.com/in/lihipintofryman

Data Points

Average ROI = 423%

AOV Uplift = 9.8%

CVR Uplift = 177% 

Differentiator:

Syte Visual Conception and its subsidiaries and products are protected by one or more of the following U.S. patents: https://www.syte.ai/patents/

6,763,148

7,474,759

7,756,291

8,019,118

8,744,180 

9,117,143

9,412,182

9,710,928

10,127,688

What Retail AI Looks Like in Western Europe – eMarketer

  • “According to July 2019 data from P&S Intelligence, the global market for retail-related AI is expected to be worth nearly $4.34 billion by 2024, posting a compound annual growth rate (CAGR) of 35.4% between now and then.
  • Two-thirds of retailers in France considered the use of AI indispensable for ecommerce, and a further 18.5% said it was very useful, per Octopeek.
  • Farfetch…has partnered with visual AI startup Syte on a “See it, Snap it, Shop it” feature. It allows customers to upload a photo or online image; the app will then display the item, or something very similar, on one or more retail sites.”

https://www.emarketer.com/content/what-retail-ai-looks-like-in-western-europe