Deep Dive: Visual Search As The Next Retail Battleground

  • “Visual search technologies could help eCommerce brands gain the edge they need to engage customers and — more importantly — make purchases.
  • Studies predict that supporting visual and voice search could boost digital commerce revenues by as much as 30 percent by 2021.
  • A recent study found that 62 percent of Gen Z and millennial consumers want visual search technologies.”

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.”