ViSenze recognized for powering e-commerce Product Search and Discovery to simplify consumer journey and increase conversions
Chosen from almost 15,000 applicants and nominees, the 2020 Retail Tech 100 cohort highlights startups who are succeeding in reimagining the retail experience across 13 categories, from e-commerce infrastructure to supply chain automation and cashierless checkout.
“The rate of change in retail is accelerating, and the Retail Tech 100 showcases the tech companies that are changing every facet of retail – from store automation to supply chain robotics to personalized merchandise discovery.” said Anand Sanwal, CEO, CB Insights. “The honorees also underscore the fact that the best technologies driving retail transformation may come from anywhere as they hail from 21 countries ranging from Canada to Singapore to Brazil to Sweden. As we head into 2021, we are excited to see the impact the Retail Tech 100 will have on customers, retailers, and markets.”
2020 was a strange and eventful year and ViSenze’s 2020 Consumer Survey captured the impact that Covid-19 had on consumers’ shopping behavior which saw a significant increase in the time and amount spent online across the globe for reasons of convenience. In the US and the UK, 65% of consumers are spending more time and 45% are spending more $$ shopping online. Visual search and recommendations play a key role in consumers’ online shopping behavior today, as 70% consumers frequently purchase from recommendations, and 85% of consumers indicate their desire to be presented with similar product recommendations when searched items are out-of-stock.
“Product Search & Discovery is a critical aspect for retailers to get right and ViSenze helps more consumers to find the products they want to buy online through our Visual AI based solutions. Despite processing over 500 million visual product searches every month, we’re just getting started,” said Brendan O’Shaughnessy, Chief Commercial Officer, ViSenze. “2020 was a uniquely different year for retail businesses globally due to Covid-19, but with the sustained increase in e-commerce traffic and sales, we continued to expand and grow during 2020 with new customers such as Yotpo, TOD’s and Stileo, and we expect 2021 to be a turning point for the widespread adoption of Visual AI solutions by retailers.“
ViSenze is the leading Visual AI solutions provider for retailers, brands, and marketplaces. The company started 8 years ago with a mission to make the visual world more searchable and understandable. Today, ViSenze works with over 900 global brands such as Rakuten, TOD’S, Uniqlo, Zalora and Urban Outfitters to drive millions in incremental revenue and grow their retail business. Our visual search, recommendations and product tagging solutions shorten the conversion path for consumers both online and in-store. ViSenze has a global presence with offices across the US, Ireland, China, Japan, Brazil, Russia, and Singapore. For more information, contact us.
Quick facts about ViSenze:
- Process over 500 million visual product searches every month
- Only Visual AI service provider to be natively integrated into 5 major Smartphone Brands (SAMSUNG, LG, OPPO, HUAWEI, VIVO), reaching over 300 million consumers
- The ViSenze Shopping Network presents over 400 million product SKUs from more than 1000 merchants
- AWS Technology Partner of the Year 2020
About CB Insights
At CB Insights, we believe the most complex strategic business questions are best answered with facts. We are a machine intelligence company that synthesizes, analyzes and visualizes millions of documents to give our clients fast, fact-based insights. Serving the majority of the Fortune 100, we give companies the power to make better decisions, take control of their own future, and capitalize on change