March 17, 2023
Neural networks train Pixyle’s AI algorithms to see and interpret images exactly how humans would, helping ecommerce businesses deliver better search experiences for customers.
Amsterdam, Netherlands - 17th March 2023;
Pixyle AI, a leading provider of artificial intelligence-powered product attribution and automatic tagging solutions, has been recognized as a 2023 Top 100 Retail Tech Company by market intelligence platform CB Insights.
The CB Insights Retail Tech 100 is an annual list of the most promising retail technology companies around the world. The companies on the list are selected based on several factors, including business momentum, market potential, and investor quality.
Founded in 2018 by Svetlana Kordumova, a PhD in AI and Computer vision from the University of Amsterdam, Pixyle AI helps fashion retailers with image recognition solutions, enabling them to deliver a better online shopping experience, boost e-commerce sales, and improve efficiency in catalogue management with smart product data entry. The company's technology is used by leading retailers around the world, including Sephora, Macy's, and L'Oreal.
Svetlana Kordumova, founder and CEO of Pixyle AI commented: "We are thrilled to be recognized as one of the top 100 retail tech companies by CB Insights. This underlines our success in making online shopping as frictionless as possible, and hopefully a bit more fun and enjoyable by letting people easily find what they are really looking for. Having the right metadata associated with product images helps retailers capture everyday popular search queries as well as long-tail searches. This recognition is a testament to the hard work and dedication of our team in delivering innovative AI-powered visual search and recommendation solutions to retailers around the world."
Pixyle’s visual AI finds the location of fashion items in images, determines the category of the item i.e dress, sneaker etc and then Pixyle AI digs deeper into the image to classify attributes i.e. colour, pattern etc in language that shoppers use. This enhances the product data and improves the relevancy in search results for product discoverability, leading to higher conversion rates. The tags generated by Pixyle AI can be easily absorbed into a retailer’s existing e-commerce stack, making their search and discovery platform run seamlessly and faster.
The premise behind Pixyle AI is that search engines and site search are failing shoppers owing to inconsistent, incomplete and inaccurate data quality linked to products that isn’t helping them find what they are looking for. Research shows that 94% of searches deliver irrelevant results and 72% of sites completely fall short of search expectations. As a result, the majority of shoppers abandon their search and they’re not coming back. Google has estimated (in the US alone) the cost of such bad search experiences is $300B in lost revenue each year (source).
Svetlana Kordumova added: “Retail footfall has increased post pandemic but online shopping for clothes will continue to grow. We are also encouraged by the growth of the fast-growing fashion resale market, which presents a significant first-mover opportunity for Pixyle AI to help the circular economy take off. We have built algorithms specifically for user-generated images, allowing the AI to detect and recognize fashion items even in blurry, homemade selfies.”
Pixyle AI, with offices in Amsterdam and North-Macedonia, helps brands and retailers all over the world including Tendam (Spain), Otrium (Netherlands) and Miinto (Denmark). Since going live in 2019, Pixyle AI has worked with retailers having tagged over 250M images, improving the relevance and accuracy of product attributes with 95% accuracy and increasing conversions by 10% on average.
About CB Insights
CB Insights builds software that enables the world's best companies to discover, understand, and make technology decisions with confidence. By marrying data, expert insights, and work management tools, clients manage their end-to-end technology decision-making process on CB Insights. To learn more, please visit www.cbinsights.com.