Today, digitalization extends beyond simply having an online presence. To promote loyalty and future business, digital tools must improve the shopping experience of customers. Convenience is important, but retailers should also consider leveraging cutting-edge technologies such as augmented and virtual reality, which can further transform the online shopping experience. With the evolution of e-commerce, recommendation and personalization engines are becoming increasingly important.
According to a Deloitte 2020 report, 83% of customers want a personalized shopping experience. Design digitalization is not new in lifestyle and fashion retail, but AI and 3D visualization tools can assist shoppers in making informed and confident purchasing decisions. This is where renovai comes into play. The company provides visual AI shopping assistance for lifestyle brands and furniture e-commerce retailers and covers all shopper-retailer touchpoints, such as product recommendations, visual content creation, visual search, discovery, marketing personalization, and in-store digitalization to create engaging experiences that are tailored to each shopper.
One of the company's solutions, which was founded in 2019, allows shoppers to fill out a short questionnaire before designing and visualizing the space in a 3D lifelike model based on their needs, requirements, and taste. To understand the rules of how a room should be laid out, the renovai team trained its algorithms on thousands of different floor plans. This has enabled the company to offer real-time hyper-personalized user journeys and interactive experiences. For example, renovai's Scout advises a specific product based on a customer's taste and current room design, and Complete the Look suggests items that match what they are buying, helping customers in overcoming decision paralysis.
These personalization and recommendation tools are indeed valuable, resulting in a 30% revenue increase, a 12% increase in average order value, a 16% increase in conversion rate, and a 2x increase in time-on-site for its partners.
Today, AI can provide clarity in the design space, making it easier for people to shop both online and offline. The key factor that makes virtual design technology more appealing is that it employs Machine Learning data based on design rules and customers' style preferences, and not just trends or ideas of a single interior designer.
The tool can also assist brick and mortar businesses with in-store digitalization that offers the same functionality to assist customers and improve performance. With products becoming more discoverable, retailers using Artificial Intelligence are likely to develop competitive advantages. Several large brands, including Made.com in Europe, Temple & Webster in Australia, and Fernish in the United States, have already begun to use renovai's tools in their business operations.
The company will also be launching its visual commerce Solutions on Seldens Designer Home Furnishings website and 3 additional leading companies in Asia.
renovai is now incorporating its proprietary correlated deep tagging technology into fashion and apparel. Fashion retailers can also benefit from software that improves tagging and filtering accuracy with computer vision AI, as well as adding personalized context when creating a product match.
With global retailers forced to embrace advanced technologies to attract and retain customers, renovai is likely to emerge as a mainstream tech company that caters to the technological demands of the retail industry.