TEL AVIV, Israel–(BUSINESS WIRE)–December 5, 2018–
There is a lot of hype surrounding retail at the moment; the age-old battle between brick and mortar and eCommerce, and the endless attempt to connect the two into one cohesive experience has led to a lot of exciting innovation.
It is clear that some of this innovation is here to stay, such as free shipping for eCommerce which has quickly become the industry standard. However, some of these technologies are bound to be a passing fad, destined to lose their shiny appeal after a short time.
So, how do retailers distinguish the solutions that will mark them as innovators in their field from those that will prove fruitless after months of wasted resources?
Gartner, the global research and advisory firm, provides insights, advice, and tools for leaders in IT, Finance, HR, Customer Service and Support, Legal and Compliance, Marketing, Sales, and Supply Chain functions across the world. Gartner Hype Cycles provide a graphic representation of the maturity and adoption of technologies and applications, and how they are potentially relevant to solving real business problems and exploiting new opportunities.
In 2018, Gartner included Syte.ai, the leading visual search provider, in 3 of its Hype Cycle reports including Hype Cycle for Retail Technologies, Hype Cycle for Machine Learning and Data Science, 2018, and Hype Cycle for Customer Experience Analytics, 2018.
Gartner Hype Cycle methodology gives you a view of how a technology or application will evolve over time, providing a sound source of insight to manage its deployment within the context of your specific business goals. Hype Cycles help you separate hype from the real drivers of a technology’s commercial promise, reduce the risk of your technology investment decisions, and compare your understanding of a technology’s business value with the objectivity of experienced IT analysts.
In Gartner’s Hype Cycle for Retail Technologies Gartner included Syte.ai as a Sample Vendor for visual search, and in Gartner’s “Cool Vendors in AI for Retail” where Syte.ai was selected as a Cool Vendor in 2018.
Before selecting a tech provider, it is important to feel secure in the long-term value of the solution itself. On visual search, Gartner states, “Application of visual search will improve digital shopping capabilities by enabling more targeted searches that yield accurate results. Visual search enabled by AI will be an important factor in supporting future customer shopping processes.”
Syte.ai was cited in Gartner’s Hype Cycle for Data Science and Machine Learning, 2018 as well as the Hype Cycle for Customer Experience Analytics, 2018 for their video and image analytics. Gartner rated the benefit of video and image analytics as “high, bordering on transformational.”*
When searching for innovative solutions, it is crucial for leaders and decision makers to have the information that allows them to make informed decisions.
Gartner, Hype Cycle for Retail Technologies, 2018, Robert Hetu, 25 July 2018.
*Gartner, Hype Cycle for Machine Learning and Data Science, 2018, Peter Krensky, Jim Hare, 23 July 2018.
Gartner, Hype Cycle for Customer Experience Analytics, 2018, Melissa Davis, Gareth Herschel, Jim Hare, 2 August 2018.
Gartner, Cool Vendors in AI for Retail, Robert Hetu, Miriam Burt, 2 May 2018.
Gartner does not endorse any vendor, product or service depicted in its research publications, and does not advise technology users to select only those vendors with the highest ratings or other designation. Gartner research publications consist of the opinions of Gartner’s research organization and should not be construed as statements of fact. Gartner disclaims all warranties, express or implied, with respect to this research, including any warranties of merchantability or fitness for a particular purpose.
Syte is a visual AI technology provider that improves retailer’s site navigation, product discovery and user experience by powering solutions that engage and convert shoppers. With Syte, retailers can leverage shoppers’ inspiration and existing product interest to ensure they present the right products at the right time.
Partnerships with technology innovators such as Microsoft, SAP, Naver and Oracle have establish Syte as a leader in the market. Powering the visual search within Samsung and other leading phone manufacturers allows Syte to increase the reach of their retail clients. Brands currently using Syte’s technology include Farfetch, Marks & Spencer and boohoo.
Syte has experience rapid growth since its founding in 2014 and product launch in late 2017. They are represented by their headquarters in Tel Aviv as well as offices in London and Geneva. The company has raised $8 million to date from investors including NHN Ventures, Magma, Naver Corporation, Line Corporation, Reimage Ventures, North Base Media and KDC Ventures.