Syte Launches First AI-Powered Product Discovery Platform, Yielding 177% Increase in eCommerce Conversion
- Wall Street ends week positively; S&P 500, Dow hit record highs
- Bitcoin (BTC) Drops 3% as Turkey Bans Cryptocurrency Payments Citing Lack of Regulatory Supervision
- Morgan Stanley (MS) Archegos-Related Loss Appears to be $911M
- Dollar at 4-week low on retreating Treasury yields
Syte's platform enables retailers to leverage visual discovery, hyper-personalization, and searchandising solutions, to create innovative experiences that guide shoppers to purchase.
Get instant alerts when news breaks on your stocks. Claim your 1-week free trial to StreetInsider Premium here.
TEL AVIV, Israel, March 25, 2021 /PRNewswire/ -- Syte, the leading visual AI solution for eCommerce, announced today that it is bringing the entire product search and discovery experience under one roof for the first time ever. The platform will package together all of the company's existing solutions -- from visual and site search to personalization to merchandising -- for a holistic approach to eCommerce product discovery that comes at a time when available industry solutions and tools are still overwhelmingly siloed.
As the COVID-19-induced shift toward digital commerce continues, the ability to offer shoppers tailored, one-on-one experiences at scale is rapidly becoming the new battleground for brands. However, the online rush also revealed critical gaps in current eCommerce technology that make it challenging for brands to cater to a wide variety of shopper types and their unique online behaviors.
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. Goal-oriented consumers can use smart text and visual search functionalities, while inspiration-minded shoppers can navigate through product photos and recommendations, easily finding items that align with their aesthetic taste. These bespoke journeys are proven to increase online conversion rates by an average of 177% and average order value by 9.8%.
Online-only home decor retailer Coleman Furniture is among the early adopters of the product discovery platform. "We knew that to provide the customer experience our visitors are expecting, we needed to go above and beyond to make product discovery easy and personalized to each shopper's journey," said the retailer's Head of eCommerce, Michael Stein.
"Our need is to make it as simple as possible for customers to shop and find both products they are looking for and the products they want but didn't know existed. As soon as we partnered with Syte, customers could easily find products they love, and conversion and AOV increased significantly."
All three of Syte's product suites are based on proprietary visual AI technology, which uses two visual similarity algorithms to automatically categorize items within a brand's catalogue and enrich product meta-tags. This process streamlines merchandising while building a robust database for site search, analytics, and personalization.
The suites themselves include the following solutions, all of which work together:
- Visual Discovery Suite: A set of tools, including image search and product recommendations, that use visual AI to help shoppers easily find items similar to any product they like within a brand's website.
- Hyper-Personalization Suite: A set of personalization solutions and an agile API that combine real-time behavior with visual data to recommend the most relevant products for any given shopper.
- Searchandising Suite: Product tagging and eCommerce site search solutions that use visual AI to enrich product data and provide smart, accurate search results.
The solutions are managed and customized through a central console that provides full data visibility, deep analytics, A/B testing tools, as well as smart merchandising rules and ranking strategies.
"We're pioneering the future of discovery with a unified platform -- something unheard of in this industry -- to enable brands to drive revenue through hyper-personalized, intuitive customer experiences," said Syte CEO and Co-founder, Ofer Fryman. "Today's shoppers expect every experience to be tailored to their unique needs and wants. We're thrilled to enable exactly that throughout the entire product discovery journey."
About Syte: Syte is the world's first product discovery platform. Powered by visual AI, Syte is spearheading the evolution of eCommerce by enabling brands and retailers to seamlessly connect shoppers with products they love. Their solutions, including a Visual Discovery Suite, Searchandising Suite, and Hyper-Personalization Suite, empower shoppers to discover and purchase products instantly and intuitively.
Leading brands and retailers, like Farfetch, PrettyLittleThing, Castorama, Shane Co., and Coleman Furniture, partner with Syte to provide on-demand, personalized experiences that drive conversion, increase average order value, and spark lifelong loyalty.
To learn more about Syte's solutions, products, technology, patents, and trademarks, visit www.syte.ai.
View original content to download multimedia:http://www.prnewswire.com/news-releases/syte-launches-first-ai-powered-product-discovery-platform-yielding-177-increase-in-ecommerce-conversion-301249413.html
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- BerGenBio Announces Update From Investigational Phase II Trials Assessing Bemcentinib In Hospitalised COVID-19 Patients
- Fintech startup Payer selected by Returpack to digitise payouts in national recycling scheme
- Number of Shares and Voting Rights of Innate Pharma as of April 1, 2021