Startups vying for a piece of the Visual Search Industry Pie
Image recognition is an innovative field that allows companies and businesses to help users discover products online. It is based on photos of objects taken from the real world. This is a relatively new field that is yet to be fully serviced. It requires a large investment in technological research and development.
Many shoppers find it frustrating to find exactly what they are looking for online. Today, more and more people prefer to shop online due to convenience. It allows people to shop from any point and have the products delivered at their doorsteps. However, it is difficult to find what one wants. In addition, the recommendations provided are disappointing.
Advent of Visual Search Companies
Today, there are multiple startups in the world seeking to break through the visual search industry and produce a working platform. Such startups allow businesses to help their clients find products online. Indian companies like iLenze and Snapshopr have been successful in raising seed capital to fund operations. In 2015, Mad Street Den based in Chennai, successfully raised $1.5 million. However, its visual recommendation engine is its most demanded product. Visenze is another visual search company based in Singapore. It has penetrated the Indian market because of high demand.
Stylumia Intelligence Technology Ltd
Stylumia is one startup that uses artificial intelligence to offer smart visual recommendations to online shoppers. The product seeks to help solve consumer frustrations when shopping online. The company was co-founded by Ganesh Subramanian and Ram Prakash. Stylumia is only focused on fashion products. It aims to help businesses and consumers make decisions based on accurate data. Business will therefore know what products to stock to meet consumer demand. The company will launch its products in April, 2016, and has already partnered with several retailers.
Slyce is a visual search company based in Toronto, Canada. It was founded by Cameron Chell and Erika Racicot. The company successfully launched its visual recognition technology in February, 2013. The software is capable of identifying products from a picture thus allowing customers to purchase it online or using a smartphone. It has strong partnerships with top retailers in the US market where it operates as a mobile app.
Users can identify products online by snapping a photo and using the platform’s recognition technology. The company is run by a team of highly skilled professionals each with exceptional experience in their respective fields. Slyce allows retailers, publishers and other brands target new customers while maximizing returns from existing ones.