Photo - Visual search engine and recommendation tool
29970

Visual search engine and recommendation tool

Belarus, Minsk city
Market: Artificial Intelligence, Mobile applications
Stage of the project: Prototype or product is ready

Date of last change: 05.07.2018
Min investment
$  50.000
0
Total required
$ 300.000
Rating
equalizer 83 из 1000
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Idea

Social e-commerce platform for clothing and accessories based on visual search technology

Users find products by taking or uploading a photo from device, social network or Internet

Wide variety of price point categories and brands

AI Personalized recommendations

Current Status

Apps are in the store with soft launch of about 1000 users.

Market

Our user is the Females and Males from 20 to 50 years old.
eCommerce "Fashion" Revenue 2018
US$472.1 billion
eCommerce "Fashion" Revenue 2022
US$706.5 billion
Revenue CAGR 2018-2022
10.6%
"Clothing” segment Revenue 2018
US$317.9 billion
"Clothing" segment ARPU* 2018
US$269.97
E-commerce user penetration rate 2018
37.4%
E-commerce user penetration rate 2022
48.0%

Problem or Opportunity

Fashion industry needs to “go tech” to address tech-savvy millennials and Generation Z who have short attention span and use visual search the most.
Users want to find their look and purchase it instantly when they see it on someone else.

Solution (product or service)

We solve those problems by connecting retail and customer using visual search

Look App solution:
Enables users to shop screenshots and other images from their devices by identifying elements of clothing in photos and offering visually similar products (visual search)
Large database of products from leading online stores in different price categories
AI-powered personalized recommendations
Social interaction through creating and sharing looks

Competitors

Standalone apps:
Screenshop - powered by syte.ai technology (supported by Kim Kardashian)
Comb - powered by ViSenze technology
Craves - powered by Slyce Visual Search
Retailers introduced Visual search into their apps:
H&M, ASOS, Ebay, Lamoda, Clouty, Spree
Technology providers:
ViSenze (H&M, ASOS, Comb), Wide Eyes (Lamoda)

Advantages or differentiators

We use segmentation together with visual search and immediately provide user with shopping options.

Finance

On average, 5% commission from sales
Global base of 3 million active buying users

Projected revenue (2022):
3 mln * $269 * 0.05 = $40.35 mln
Operating expenses/R&D = $4 mln
Marketing costs = $15 mln

Operating income = $21.35 mln

Money will be spent on

Marketing and user acquisition

Offer for investor

20% for 300k$

Won the competition and other awards

Venture Day Minsk 2018 - 2nd Place

Website address

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Idea
Current Status
Market
Problem or Opportunity
Solution (product or service)
Competitors
Advantages or differentiators
Finance
Invested in previous rounds, $
Business model
Money will be spent on
Offer for investor
Team or Management
Mentors & Advisors
Lead investor
Risks
Incubation/Acceleration programs accomplishment
Won the competition and other awards
Invention/Patent
Photos
Product Video
Website address