Fast Simon, a leader in AI-powered shopping optimization, has introduced GenAI Hybrid Search, a cutting-edge technology designed to enhance search accuracy and relevance for online shoppers. This innovative solution promises to significantly reduce instances of “no results” and improve search conversions, especially in the apparel, footwear, and accessories sectors.
GenAI Hybrid Search leverages advanced multimodal AI, combining both keyword and vector search techniques. Key features include:
- Multimodal AI:
- Integrates various data types like text and images.
- Provides AI with greater context to improve search accuracy.
- Enhanced Relevance:
- Reduces “no results” instances.
- Delivers more accurate responses for complex and long-tail queries.
Impact on Search Conversions:
Fast Simon’s customers have reported significant improvements using GenAI Hybrid Search:
- Search Conversion Growth:
- Apparel, footwear, and accessories sectors saw over 30% increase in search conversions.
- Demonstrates the effectiveness of combining keyword and vector search.
Industry Insights:
According to Forrester, 43% of retail customers go straight to the search bar on eCommerce websites. Despite advancements in technology, many sites still rely on basic keyword matching, leading to subpar search results. GenAI Hybrid Search addresses this issue by:
- Enhancing User Experience:
- Provides faster, more accurate, and relevant search results.
- Meets the evolving expectations of online shoppers.
Future of AI in eCommerce:
Zohar Gilad, founder and CEO of Fast Simon, highlights the growing importance of AI in eCommerce:
- Market Growth:
- AI-enabled eCommerce market projected to reach nearly $17 billion by 2030.
- AI-powered search optimization is crucial for reducing search abandonment, which costs retailers billions annually.
Economic Projections:
Retail eCommerce sales are anticipated to hit $7.391 trillion by 2025. Merchants adopting AI-powered shopping optimization technologies like GenAI Hybrid Search are poised to capture a substantial share of this growth.
Smart Rendering:
In addition to GenAI Hybrid Search, Fast Simon recently released Smart Rendering, further enhancing the shopping experience by:
- Improving Visual Presentation:
- Optimizes product displays to align with search results.
- Boosts engagement and sales for eCommerce brands.
Fast Simon’s GenAI Hybrid Search represents a significant advancement in eCommerce search technology, promising to enhance the shopper experience and drive higher conversion rates. As AI continues to shape the future of retail, innovations like these will be critical for retailers aiming to stay competitive and meet the demands of modern consumers.