The most important trends in e-commerce to watch in 2016
Fashiontech in Berlin at roundtable session:
Me(A) : What do you think which technology will be the trend in 2016? The technology you would like to integrate to have better conversion rate?
CEO of a luxury e-commerce company(B) : Personal recommendation, product recommendation, anything can predict our customers preference.
A: I have a startup that provides visual search technology with features to be focused on product recommendation and personalisation for e-commerces, retailers. Would that be interested for you?
Host: She is doing sales:)
A: Could we talk a bit more after session?
I went to Fashiontech in Berlin couple of days ago, the Fashiontech organised roundtable session that for attendee to have chance to raise a question to speakers. I was gladly joined one session and I was almost 80% sure he would say something about product recommendation or visual search sort of technology, therefore I was certainly that I would have chance to bring about our startup.
Here is also why FindEssence would like to support our customers (E-commerces, M-commerces, online retailers)to solve their deepest problems.
There are so many metrics to assess the success of e-commerce, such as, conversion rate, retention rate, customer life time value, cost per acquisition, cost per sale, so many of them…yet, the only point is only one thing- positive return on investment. How can we help them to achieve that? Applying visual search solution into your mobile app or online platform can increase 65% conversion rate. Imaging that when you walk down on the street and you are see the girl next to you have a pretty necklace that you would like to have? Through one simple click, you can easily shop with your smartphone.
For most of e-commerce or m-commerce which are not gigantic companies do not possess a team or department to develop visual search technology by themselves. It costs fortune for the company. On the other hands, for large scale e-commerce, it is possible to build up the department for the visual search technology. However, the development will be slow and less efficient due to the size of the company. As a result, the best solution is using the company who can offer the API to integrate with would be the simplest solution for all the online retailers.
Ultimately, at CES 2015, Wenda Harris Millard, MediaLink president and COO mentioned that she believes that marketer will be fascinated by using visual search in 2020, and we cannot imagine today. Why Visual Search Will Become a Marketing Obsession in the Coming Years , moreover, Adweek also published an article about visual search.
Visual search applies with deep learning and artificial intelligence technology, it is a field that still evolves and develop, we firmly believe that there would be no one that it is time to not just use keyword search but more intuitive way of search-visual search. This also provides us long term value that we are aiming not just visual search solution provider but also educate people to have better method of search.