Retail

ViSenze Sees Visual Search Growth In eCommerce

Artificial intelligence (AI) is becoming increasingly important for eCommerce companies, according to new data from ViSenze.

AI technology startup ViSenze creates digital image search solutions built on deep learning and computer vision capabilities. Founded in Singapore in 2012, the company’s solutions are used today by major digital retailers such as Rakuten and ASOS to simplify product searching for some 250 million daily active users.

“Our data confirms the growing importance of artificial intelligence for eCommerce as today’s online shoppers, and in particular millennials, want to spend less time searching for the products they want to purchase,” said Oliver Tan, cofounder and CEO of ViSenze, according to Business Insider. “They are also highly visual and tend to be inspired by visual content that helps them discover ideas and information to make better buying decisions.”

In 2016, ViSenze reported processing upwards of 350 million image queries, or nearly 1 million queries per day, on digital shopping platforms worldwide, up 250 percent over 2015. Using ViSenze’s visual commerce solutions, retailers reportedly saw an uplift of up to five times gross merchandise value as a result of increased conversions.

Last September, ViSenze closed a $10.5 million Series B venture funding round led by Rakuten Ventures with participation from SPH Media Fund, Enspire Capital and WI Harper Group. In recent months, ViSenze has reportedly opened new offices and added personnel in the United States, the United Kingdom and China to order to support and accelerate its growth in 2017.

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NEW PYMNTS DATA: HOW WE SHOP – SEPTEMBER 2020 

The How We Shop Report, a PYMNTS collaboration with PayPal, aims to understand how consumers of all ages and incomes are shifting to shopping and paying online in the midst of the COVID-19 pandemic. Our research builds on a series of studies conducted since March, surveying more than 16,000 consumers on how their shopping habits and payments preferences are changing as the crisis continues. This report focuses on our latest survey of 2,163 respondents and examines how their increased appetite for online commerce and digital touchless methods, such as QR codes, contactless cards and digital wallets, is poised to shape the post-pandemic economy.

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