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Emerging from a highly scientific background, the company first applied its image recognition technology to online retailers or businesses who wanted to remove pornographic images from their websites. Today, OculusAI is applying that same image recognition to a market that’s worried about keeping up with consumers on the go — eCommerce.
The global eCommerce industry generated $686 billion in 2011 and continues to grow steadily with 21% annually. At the same time, eCommerce and mCommerce retailers are faced with just for starters, a low conversion rates (only 2.85% of eCommerce visitors make a purchase) and increased product assortment translates into an obstacle for relevant search results.
Here’s how it works: Take a photo of the item you like with the app (right now it’s just watches and shoes) and upload. Productify, released on Android in Q2, 2012, finds similar products to that image and then provides links to online retailers where you can buy similar products. The app simplifies product search for users by recommending visually similar products.
And here is the science part of your shopping experience. The core of OculusAI’s image recognition technology is a heady blend of proprietary algorithms and architecture from a wide variety of research fields, ranging from machine learning, pattern recognition, advanced statistics, artificial intelligence, computer vision, robotics and cognitive sciences.
According to Ayani, there has been a big shift from users searching on terms to searching on images. “There are many macro economic drivers such as user behavior and demand and the mobile market itself, but also specific indications like acquisitions and services that all point towards a web that is increasingly visual and mobile,” adds Ayani.