Recommendation solution uses visual AI and neural networks to accurately understand shoppers’ real-time intent and deliver highly relevant product suggestions
Syte, the world’s first product discovery platform, announced today the official launch of its hyper-personalization solution to increase average order value and conversion rate for eCommerce brands and retailers globally. The proprietary technology combines visual AI with two powerful neural networks to identify and recommend the products most likely to convert in real-time.
“Retailers have always known that personalization is fundamental to providing the optimal customer experience, generating more sales, and increasing customer retention, but current algorithms are highly flawed,” said Syte CEO and Co-founder, Ofer Fryman. “Conventional personalization engines enable segmentation, rather than true personalization, relying on generic algorithms that aren’t customized to individual shoppers. With hyper-personalization, we are able to provide individualized, relevant recommendations in real-time, and this is what makes Syte’s offering so unique and powerful.”
Read More: Scaling B2B Campaigns with Marketing Automation
Conventional personalization engines take information about a shopper — such as age, location, and gender — and run it through statistical algorithms that have been developed based on the data of thousands of other customers. Thus, traditional personalization does not generate new signals, nor can it recommend never-before-purchased items.
Syte’s hyper-personalization solution goes beyond the segmentation of conventional personalization to provide truly relevant product recommendations for each individual shopper. Syte achieves hyper-personalization through deploying the following technologies:
- Visual-AI-powered engagement analytics: Adds a unique layer of product meta-tags to standard engagement data, allowing every event and interaction to be deeply analyzed and understood.
- Recurrent parallel neural networks: Calculates and identifies a unique shopper’s real-time intent to provide optimal shopping recommendations in a split second.
The hyper-personalization solution uses parallel recurrent neural networks to merge website performance data with current session data and real-time user behavior, surfacing the most relevant products for each shopper. The company’s visual AI technology ensures that the products recommended align directly with shoppers’ unique aesthetic tastes based on images they’ve interacted with previously. Instead of grouping website visitors into segments and serving up popular items for each group, Syte enables brands and retailers to tailor and fine-tune those recommendations, often surfacing never-before-recommended items because they’re a good match for a given shopper, which in turn drives conversion and increases average order value.
All Syte customers are now eligible to use hyper-personalization. Syte’s Visual Discovery Suite solutions are already used by leading brands across the jewelry, apparel, and home decor verticals, including Signet Jewelers, Farfetch, Castorama, and SHEIN. On average, Syte’s platform has been proven to increase conversion by 202%.
