Image recognition technology has been steadily growing in the past few years. It is now billed as the next step in e-commerce. The platform has developed well for mobile platforms. There are already a number of reliable mobile apps for this purpose. This technology could take many directions. All of them will result in customers being able to make purchases faster.
How It Will Work
For now, if a person saw someone wearing something nice like a handbag, one has to request him or her for information. However, this will be quite different in future. If one sees a dress or shoes they like, the technology allows one to scan it. The technology will identify the product, and the person can choose to make a purchase. It increases the potential for online stores to make sales. Now they do not have to go through search engines, where a tiny store may not be visible.
Snap shopping is already a thing right now. Some applications allow one to scan an image on a magazine to make a purchase. In addition, some advertisers have used it on billboards. They request a potential shopper to scan a given image to make a purchase. It is like having a showroom everywhere. In future, if one sees a product they like on TV, they just have to scan it. The person will be directed to the online store to confirm their purchase.
Issues of Concern
For one, the technology is still unrefined. If a shopper scans an image, they may get confusing results. In addition, the shopper might be directed to another store with the same product. Essentially, one would have spent money on advertisement for another business. As of now, there are concerns that the technology favors huge brands. However, with time, small merchants will find solutions to increase their visibility using this technology.
Slyce visual search is a market leader in product recognition technology. They are currently working on making marketing through image recognition a reality. Towards this end, they have formed a number of partnerships with leading retailers. The technology allows customers to get near instant results for a product they like. Most of the largest retailers in America have already formed partnerships with Slyce. For instance, Best Buy, JCPenney, and Home Depot are already part of Slyce. The company earns revenue via licensing fees it gets from these retailers. The company has also been listed on the Frankfurt Stock Exchange.