Dr Retail 24.06.21
The process of buying goods and services largely hasn’t changed for hundreds of years. We visit a store, browse and pay using cash, card or device. Things started to change with the introduction of e-commerce, which was followed by social commerce, (shopping on a social media platform). Though these developments have been revolutionary advancements what’s about to emerge is truly impressive, it’s called visual search. Thanks to technologies such as object recognition, machine learning and artificial intelligence, social media companies are quietly building the world’s biggest digital malls but the difference is you don’t have to visit a physical location to buy goods. The goal of Facebook, Snapchat and Pinterest is to make the world around us shoppable. By using A.I. to recognise any product a camera sees, these platforms will connect instantly to an e-commerce merchant from where a purchase can be made. This means every product could be tagged and recognised resulting is huge revenues for those companies who can deploy the technology at scale. We think Facebook and Instagram could lead in this space because they have the highest number of daily active users and ultimately commercial success will come from being able to monetise their audience. Take a look at some of the new announcements Facebook has made when it comes to shopping here.
We predict it won’t be long before we see one of the 10 minute delivery services such as Gorillas, Getir or Dija tie up with merchants offering visual search shopping for super fast shopping experiences.
Are you interested in more cutting-edge innovations and what this could mean for your business? Reach out to discover more.