Transforming the vision of retail with AI: Visenze

Set in April 2020, with the backdrop of the Covid 19 pandemic, the case talks about the opportunities for visual search in the online retail market segment and beyond. Visense is a visual search software-as-a-service (SaaS) solutions provider with a pay-as-you-use, API based, market solution that fo...

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Main Authors: CHOKSHI, Seema, BHATTACHARYA, Lipika
Format: text
Language:English
Published: Institutional Knowledge at Singapore Management University 2020
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Online Access:https://ink.library.smu.edu.sg/cases_coll_all/338
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spelling sg-smu-ink.cases_coll_all-13382022-11-09T04:34:16Z Transforming the vision of retail with AI: Visenze CHOKSHI, Seema BHATTACHARYA, Lipika Set in April 2020, with the backdrop of the Covid 19 pandemic, the case talks about the opportunities for visual search in the online retail market segment and beyond. Visense is a visual search software-as-a-service (SaaS) solutions provider with a pay-as-you-use, API based, market solution that focuses on the retail segment. Visenze had experienced a spike of about 30% in the usage of its solutions between January to April 2020. Predominantly, usage growth had extended across all item categories, with footwear, apparel and jewellery products being the top gainers. The presumed understanding from this trend was that with more time in hand for home browsing during the pandemic, consumers were exposed to more visual inspirations and objects of desire. This inclination had led them to explore ecommerce websites increasingly, paving a direct path to progressive sales conversions. Moreover, consumers had started to demand shorter purchase journeys, in the quest for a frictionless ecommerce experience. While Generation Y and Generation Z were the major users of ecommerce and visual search, older generations (Generation X and Baby Boomers) had also started to increasingly use online channels of shopping. Visual search was firmly in a sweet spot with the promise of collapsing the conversion process from image to purchase in a few seconds. Amidst such market conditions, Oliver Tan, co-founder of Visenze, wondered if his firm required a new market strategy to tap on the latest opportunities. Should Visenze continue to focus on the retail segment? Should it target older consumers in the retail segment? Will its technology need to be enhanced to target the new consumer segment? The case can be taught in undergraduate, graduate and executive education classes and is accompanied with a Teaching Note adapted for hybrid classrooms. 2020-11-01T07:00:00Z text https://ink.library.smu.edu.sg/cases_coll_all/338 https://smu.sharepoint.com/sites/admin/CMP/cases/SMU-20-BATCH%20%5BPDF-Pic%5D/SMU-20-0032%20%5BVisenze%5D/SMU-20-0032%20%5BVisenze%5D.pdf Case Collection eng Institutional Knowledge at Singapore Management University Artificial Intelligence Visual Search Online Retail Machine-based Learning Recommendation model Software as a Service Artificial Intelligence and Robotics Databases and Information Systems Software Engineering
institution Singapore Management University
building SMU Libraries
continent Asia
country Singapore
Singapore
content_provider SMU Libraries
collection InK@SMU
language English
topic Artificial Intelligence
Visual Search
Online Retail
Machine-based Learning
Recommendation model
Software as a Service
Artificial Intelligence and Robotics
Databases and Information Systems
Software Engineering
spellingShingle Artificial Intelligence
Visual Search
Online Retail
Machine-based Learning
Recommendation model
Software as a Service
Artificial Intelligence and Robotics
Databases and Information Systems
Software Engineering
CHOKSHI, Seema
BHATTACHARYA, Lipika
Transforming the vision of retail with AI: Visenze
description Set in April 2020, with the backdrop of the Covid 19 pandemic, the case talks about the opportunities for visual search in the online retail market segment and beyond. Visense is a visual search software-as-a-service (SaaS) solutions provider with a pay-as-you-use, API based, market solution that focuses on the retail segment. Visenze had experienced a spike of about 30% in the usage of its solutions between January to April 2020. Predominantly, usage growth had extended across all item categories, with footwear, apparel and jewellery products being the top gainers. The presumed understanding from this trend was that with more time in hand for home browsing during the pandemic, consumers were exposed to more visual inspirations and objects of desire. This inclination had led them to explore ecommerce websites increasingly, paving a direct path to progressive sales conversions. Moreover, consumers had started to demand shorter purchase journeys, in the quest for a frictionless ecommerce experience. While Generation Y and Generation Z were the major users of ecommerce and visual search, older generations (Generation X and Baby Boomers) had also started to increasingly use online channels of shopping. Visual search was firmly in a sweet spot with the promise of collapsing the conversion process from image to purchase in a few seconds. Amidst such market conditions, Oliver Tan, co-founder of Visenze, wondered if his firm required a new market strategy to tap on the latest opportunities. Should Visenze continue to focus on the retail segment? Should it target older consumers in the retail segment? Will its technology need to be enhanced to target the new consumer segment? The case can be taught in undergraduate, graduate and executive education classes and is accompanied with a Teaching Note adapted for hybrid classrooms.
format text
author CHOKSHI, Seema
BHATTACHARYA, Lipika
author_facet CHOKSHI, Seema
BHATTACHARYA, Lipika
author_sort CHOKSHI, Seema
title Transforming the vision of retail with AI: Visenze
title_short Transforming the vision of retail with AI: Visenze
title_full Transforming the vision of retail with AI: Visenze
title_fullStr Transforming the vision of retail with AI: Visenze
title_full_unstemmed Transforming the vision of retail with AI: Visenze
title_sort transforming the vision of retail with ai: visenze
publisher Institutional Knowledge at Singapore Management University
publishDate 2020
url https://ink.library.smu.edu.sg/cases_coll_all/338
https://smu.sharepoint.com/sites/admin/CMP/cases/SMU-20-BATCH%20%5BPDF-Pic%5D/SMU-20-0032%20%5BVisenze%5D/SMU-20-0032%20%5BVisenze%5D.pdf
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