September 20, 2018
The bountiful world of data and technology holds no limits in fueling growth across many sectors. In the cut-throat industry of fashion, big companies and retailers are always scrambling to further improve their services and products.
Following the path of digital transformation, image recognition has been adopted by plenty in the fashion retail world. However, it is by no means a brand new feature. Take Amazon Rekognition for example, a feature introduced by the e-commerce powerhouse that allows users to upload a image or video to detect similar items, faces, texts and even activities. Besides that, Pinterest, a social media platform built solely on visuals, also has an in-built image recognition software that allows for seamless searching based off visual similarities.
With many different industries and sectors benefiting from the use of artificial intelligence, retail is not left behind in adopting this technology. Take virtual mirrors for example, which uses augmented reality to help shoppers visualise what an item would look without having to try it on. There is no shortage to the amount of data we have, so it is important to sift through and determine what should be channeled into a beneficial and tangible platform for efficiency.
Improving Consumer Experience
Source: The Verve
Many global retailers have dabbled with image recognition that enhances the user experience of consumers on their websites and mobile applications. British fast-fashion online retailer, ASOS, has “style search”, an in-app search tool that allows users to upload images to scour through over thousands of products available especially on the mobile application. ASOS has reported that a whooping 70% of their UK sales stemming from mobile devices. They are also anticipating a 30% increase in sales thanks to the implementation of their visual search feature. This proved a swift opportunity that ASOS took by capitalising on a digital native audience, such as the millennials.
There has been plenty of talk about how image recognition holds great potential in increasing sales by easing consumer usability. Business owners should not miss out on this opportunity and fully utilise the cutting-edge technology to aid business decisions.
Image Recognition for Business Owners and Retailers
With the advancement of image recognition, the Omnilytics dashboard allows for convenient comparison of an item distributed through different retailers.
As illustrated below, the same item can be compared between three different retailers. The price and discount history for all three retailers are varied. A direct side-by-side comparison can be made on the dashboard, from pricing history to discount rates. With that information, businesses can conduct proper strategisation to improve their brand positioning among other competitors in the industry.
Besides comparing identical items, the product matching feature on the dashboard also gathers assortments of similar colours and style ranges of an item so users are able to analyse the performance of a specific or similar product for market monitoring purposes, as illustrated in the photo below.
Image recognition technology has yet to be fully discovered and utilised, with many more functions to be offered. Tapping into a data driven interface for your business to aid all parties serves as a secured way to ensure seamless usability across different platforms. The retail world is picking up speed, just like technology, and there is a plethora of ways to integrate data and technology into retail so consumers and retailers are able to make data-backed decisions with confidence.
Want to know more about how the Omnilytics dashboard works to strategise your collection? Drop us an email at firstname.lastname@example.org and we’ll be in touch!