India’s eCommerce marketplace Snapdeal announced plans yesterday (Aug. 5) to make a significant investment of about $100 million in its Multimedia Research Lab in Bangalore over the next three years.
The company said it remains focused on building in-house technology solutions, which in turn will boost its product development capabilities within India and offer customized solutions to address concerns and improve consumer experience.
“We are a technology company with a focus on building cutting-edge services and products which make lives of our consumers simpler and convenient,” Anand Chandrasekaran, Chief Product Officer at Snapdeal, said in a company blog post.
Snapdeal also introduced its latest technology feature, called findmystyle.in, which was developed in the company’s Multimedia Research Lab.
By aiming to bring the in-store experience online, findmystyle.in helps consumers find the products they are looking for by using a detailed and customized search methodology. By studying a shopper’s browsing and purchase patterns, the feature is able to use algorithms to predict the consumer’s needs and offer a myriad of choices without requiring extensive searching.
Analyzing the customers’ browsing and purchase patterns, this feature uses intelligent technology solutions, smart algorithms to pre-empt customer needs and offer a plethora of choices with minimal search.
“Findmystyle.in is powered by advanced computer vision and machine learning algorithms. The feature will further enhance customer experience and make online shopping faster, better and more informative. With the introduction of findmystyle.in, we are looking to create an experimental playground and set the base for our image modeling, product search and discovery technology,” Chandrasekaran explained. “We will continue to work on developing such innovative technology features and products that will further improve the experience for our customers as well as sellers in the future as well.”
Findmystyle.in — a product of Snapdeal’s recent acquisition of technology startup Fashiate earlier this year — was developed through the integration of Snapdeal’s technology and consumer insights.