Technology in and of itself has always been an area of interest to those who wish to apply it in the retail arena. Many companies like Slyce have brought to the retailer a method for offering goods in a modern and visual manner. This technology does in fact allow the end user a more viable and precise manner of shopping for a specific item and in doing that brings about a higher rate of completed sales.
Slyce has implemented visual search technology that allows the shopper, using graphical references, the ability to find exactly what they are looking for. This technology still in its infancy has already brought increased sales to the retailer and has been a benefit to the retail apparel industry specifically. It is this technology that has opened the door for many startup companies to hone the artificial intelligence that comprises what is the backbone of ‘Visual Shopping’.
In an article companies like Stylumia Intelligence Technology Pvt Ltd. have invested a great deal of money in their artificial intelligence technology. The demographic that they are trying to reach offers a unique opportunity for the retailer to not only increase sales but also assemble a large base of information that can help them in the development of new products. Many companies like Stylumia have received thousands of dollars in startup money in order to help expedite this growing technology.
Ram Prakash a developing engineer for Stylumia details that the technology they are developing is designed specifically for fashion and as such will offer a higher margin of success. Prakash is quoted as saying, “They look at the patterns and say this is doing well because this is a red colour T-shirt with a contrast collar, what they cannot do right now is look at the same red colour T-shirts with contrast collars which are not doing well. They do not have a way to see all the relevant data together. That’s another problem that we are trying to solve.”.
This type of machine decision making is old hat to Prakash and for companies like Slyce and Stylumia it is an uphill battle for making not only the technology viable in a real world environment but also convince the retailer that the use of ‘Visual Shopping’ is the next frontier in the pursuit of online shoppers.
In the final analysis it was said years ago that online shopping as a general reality would never be as prevalent as your standard brick and mortar shopping experience. This over the years has been proven false. It is startup companies like Stylumia and the foresight of companies like Slyce that will bring us all into the twenty-first century.