Syte Sees Promising Growth on Back of Innovative AI Commerce Tech

By Thomas Price Monday, November 2, 2020

With ecommerce becoming a larger and larger part of the retail economy, especially given the major acceleration due to the COVID-19 pandemic, which closed down most physical retail locations, the desire and necessity to create a more optimized way to shop online has become larger. Many different ideas and platforms have been created in order to help increase engagement and exposure for different brands online to drive sales; however, few are doing what visual search and product discovery platform, Syte, is doing. Considering the growth that is being seen in the company, what exactly is Syte, how does it work, and what can be expected from them moving forward?

What is Syte

As mentioned, Syte is a visual search and product discovery platform meant to help partnered brands increase sales and provide more accurate results and suggestions for their consumers. While that sounds fairly simple in theory, how Syte executes that is far more interesting. Syte has created a visual artificial intelligence (AI) program that allows for various features. Perhaps the most important tool allows shoppers to upload images of what they are looking for, have the AI visually analyze those pictures through image recognition software, and match them with products that best fit the photo. However, this is not all that Syte offers, as the other features have been proving to be just as valuable. These other features include creating inspiration galleries, a recommendation engine to pair with the visual AI, a Discovery Marketplace which brands can connect to in order to reach larger markets, and Syte’s “Searchandising” Suite, which allows for businesses to tag and interconnect all aspects of their products based on common features including, color, fabric, item, placement in living space, and design choices. Each of these different aspects of Syte have definitive results attached to them as well.

The Visual Discovery Suite, which covers the camera search, recommendations engine, and discovery button, has a whopping 423% return on investment. This is coupled with a 9.8% average order uplift and a 177% conversion rate uplift. Syte’s Discovery Marketplace is backed by 2.5 billion shoppers, 3.5 billion connected devices, and 200k different products viewed every day. The Discovery Suite is partnered with many major brands, including Samsung and Microsoft, that allow Syte to be connected on devices and apps. In the meantime, the Searchandising Solutions have also produced major results from using the visual recognition of the AI to automatically tag products leading to a 90% decrease in tagging cost as well as having these tags optimize customer searches, which created a 211% increase in textual search revenue. These promising results have led to quality growth in the company as well as funding from investors.

Growth in Syte and Funding

Since the beginning of 2020, Syte has been at the forefront of strong growth as the e-commerce market expands. In fact, since the year began, Syte has grown 22% quarter over quarter. Adding to this is perhaps the just as meaningful 38% growth seen in Syte’s customer base. These solid numbers have led to numerous investors finding value in the company. At the end of Syte’s Series C funding, the company announced $30 million in new investment. This is a marked improvement upon their Series B funding round, which raked in $21.5 million. Syte has received a total of $71 million throughout its investment periods so far. The investors leading the funding in Series C were Viola Ventures, along with smaller contributions from LG Tech Ventures, KDC Media Fund, and Kreos Capital (among others).

Final Conclusions

Syte represents what is exciting about the future of e-commerce. Using the most powerful AI engines to create the most optimal shopping experience for sellers and consumers is a sign of what is possible for digital sales, especially as more and more companies begin to invest serious money into revamping their own online presence. With solid growth numbers, adequate funding, and extremely impressive results so far, it is not an overstatement at all to expect Syte, or at least its technology, to become major focal points in e-commerce in the near future.

About the Author

Headshot of Thomas Price

Tom Price is a writer focusing on Entertainment and Sports Features. He has a degree from NYU in English with a minor in Creative Writing. He has been previously published for Washington Square News, Dignitas, CBR, and Numbers on the Boards.

Related Articles