Observed Signal · Sep 9, 2024 · Company Profile · Source: Tech.eu · Impact: 2/5 · Sentiment: Positive
Miros AI Launches Wordless Search to Boost E-Commerce Discovery
Miros AI, an Estonian startup founded by serial entrepreneur Heikki Haldre, has developed a wordless, image-based search technology that helps online shoppers find products without typing keywords. The system uses computer vision to analyze images and deliver visually similar product recommendations in real time, aiming to address the challenge of describing non-verbalizable products, which Miros estimates affects 80% of shoppers and leads to typically low conversion rates of around 2%. The company claims its solution can increase e-commerce sales by up to 40%. Miros collaborates with iCV Lab, a top-tier computer vision research institution, to access advanced AI talent, and Haldre, who has previously exited four companies including Fits.me (acquired by Rakuten), is now focused on bringing the product to market. The article highlights Miros's potential to transform product discovery across categories like fashion and furniture, where verbal description is often insufficient.
Novel AI-based product discovery solution for e-commerce, relevant for retail media and consumer engagement, but not a major platform shift.
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Key Takeaways & Evidence Grounding
- Only 20% of shoppers can describe products with simple keywords; the remaining 80% are classified as 'scrollers'.
- Miros AI claims its wordless, image-based search can increase e-commerce sales by up to 40%.
- The company's technology provides real-time product suggestions through features like the Discovery Bar.
- Founder Heikki Haldre has exited four companies, including fashion e-commerce tech firm Fits.me, which was acquired by Rakuten.
- Miros AI collaborates with iCV Lab, ranked among Europe's top 1% of computer vision AI research institutions.
Connected Companies & Entities
2 Entities mapped“Rakuten, a Japanese e-commerce and internet company, acquired Fits.me....”
“Etsy is mentioned as an example of a shallow stock site where many items are one of a kind....”
Ontology Mapping & Concepts
Related Market Signals & Shifts
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