Table of Contents
- Introduction
- The Challenges of Traditional eCommerce
- Miros' Revolutionary Solutions
- Proven Results and Industry Impact
- Real-World Applications: Ideas from Pakistan
- The Minds Behind Miros
- Conclusion
- FAQ
Introduction
Imagine diving into an online store, but instead of laboring through endless keyword searches, you instantly find exactly what you're looking for. This is just a glimpse into the future of online retail, thanks to the revolutionary technological advancements introduced by Miros. As consumer expectations evolve, so does the need for retailers to provide intuitive and efficient shopping experiences. Addressing this need, Miros has unveiled an array of features designed to transform the landscape of eCommerce entirely.
Miros' latest offerings focus on tackling the most pressing issues faced by online shoppers and retailers today. From the overwhelming number of products available to the frustration of ineffective keyword searches, Miros is redefining how we shop online. By the end of this blog post, you'll understand the significance of Miros' innovations, the benefits they bring, and why they're poised to revolutionize online retail.
The Challenges of Traditional eCommerce
Overwhelming Product Choices
The modern online shopping experience can be daunting. With countless products available, consumers often find themselves overwhelmed. This inundation can lead to decision paralysis, where the sheer volume of choices hinders the ability to select and purchase a desired product.
Ineffective Keyword Searches
Keyword-based searches have long been the cornerstone of online retail. However, statistics reveal a significant shortfall in their efficacy. According to Miros, 80% of online shoppers struggle to describe what they are looking for using keywords. This difficulty not only leads to frustration but also results in incomplete and unfulfilling shopping experiences.
Miros' Revolutionary Solutions
Tagless Discovery Engine
To address these challenges, Miros has introduced the Tagless Discovery Engine. This AI-driven technology bypasses traditional tags, analyzing product images to deliver personalized recommendations. By understanding the visual aspects of products, it eliminates the need for precise keywords, making product discovery seamless and intuitive for users.
Wordless Search
Building on the innovation of the Tagless Discovery Engine, Miros' Wordless Search empowers users to find desired items in under 60 seconds, without ever typing a word. This feature drastically simplifies the shopping process, enabling consumers to focus on what they want rather than how to describe it.
Discovery Bar
The Discovery Bar offers real-time product suggestions based on the user's browsing behavior. As users navigate through an online store, the AI continuously learns and adapts, presenting relevant products that match their preferences and browsing history.
Find by Image
One of the standout features of Miros' suite is Find by Image. Users can upload a photo of a product they like, and the system will find similar items available in the store. This visual matching technology bridges the gap between inspiration and purchase, streamlining the shopping journey.
Shop the Look
Shop the Look provides complete outfit recommendations. By analyzing individual items, this feature curates ensembles that align with current trends and user preferences. It not only enhances the shopping experience but also increases the likelihood of multiple item purchases.
Recommended Items
Miros' Recommended Items feature showcases similar styles across different product pages. This continuous recommendation system encourages users to explore and purchase complementary products, effectively increasing basket sizes and overall sales.
Proven Results and Industry Impact
Impressive Metrics
The implementation of Miros' features has already yielded significant results. A case study revealed a 19% increase in Gross Merchandise Value (GMV), an 11% rise in Average Order Value (AOV), and a 10% boost in Average Revenue Per User (ARPU). These metrics highlight the tangible benefits that Miros' innovations bring to online retailers.
Success Stories
Retailers like Ravensburger have experienced noteworthy improvements. By integrating Miros' solutions, Ravensburger achieved a 4.8-fold increase in conversion rates, demonstrating the efficacy of these advanced eCommerce tools.
Real-World Applications: Ideas from Pakistan
Navigating Extensive Product Lines
Miros' technology has also made waves internationally. Pakistan's retail and apparel giant, Ideas, has embraced these innovations to overcome challenges in navigating extensive product lines. The introduction of Miros' features has streamlined the shopping process, making it easier for customers to find and purchase products efficiently.
Addressing Out-of-Stock Recommendations
Ideas also faced issues with recommending out-of-stock items, leading to customer dissatisfaction and lost sales. By implementing Miros' solutions, these problems have been mitigated, significantly improving the shopping experience and conversion rates.
The Minds Behind Miros
Founding and Expertise
Founded in 2019 by Heikki Haldre, Diana Saarva, and Paul Pallin, Miros boasts a team with rich expertise from leading companies like Rakuten, Zalando, and Bolt. This strong foundation in eCommerce and technology has been pivotal in developing their groundbreaking solutions.
Collaboration and Recognition
Miros has collaborated with the European computer vision AI research institution, iCV Lab, to create their award-winning eCommerce solution. Their efforts have not gone unrecognized; the company has received prestigious awards such as the Best AI Product in Retail at the 2023 CogX Awards and the 2024 Business Intelligence Group AI Award.
Conclusion
Miros' advancements represent a significant leap forward in the world of eCommerce. By addressing the fundamental challenges of overwhelming product choices and ineffective keyword searches, Miros is transforming the shopping experience into something more intuitive and efficient. The remarkable results observed by retailers like Ravensburger and Ideas underscore the potential of these innovations to revolutionize online retail.
As eCommerce continues to evolve, the adoption of visual AI solutions will likely become a standard, elevating consumer satisfaction and driving business growth. For any online retailer looking to stay ahead of the curve, embracing technologies like those offered by Miros is not just an option—it's a necessity.
FAQ
What is Miros' Tagless Discovery Engine?
The Tagless Discovery Engine is an AI-driven technology that analyzes product images to deliver personalized recommendations without the need for traditional tags. It enhances the shopping experience by making product discovery seamless and intuitive.
How does Wordless Search work?
Wordless Search allows users to find desired items in under 60 seconds without using keywords. It leverages AI to understand user preferences based on visual and behavioral cues, streamlining the shopping process.
What benefits do retailers see from implementing Miros' features?
Retailers have reported significant increases in key metrics, such as a 19% rise in GMV, an 11% increase in AOV, and a 10% boost in ARPU. These improvements highlight the positive impact of adopting Miros' visual AI solutions.
Can Miros' technology be used internationally?
Yes, Miros' solutions have been successfully implemented internationally, with notable success stories from companies like Ideas in Pakistan, which have seen improved navigation and conversion rates as a result.
Who founded Miros, and what is the company's background?
Miros was founded in 2019 by Heikki Haldre, Diana Saarva, and Paul Pallin. The company combines expertise from renowned eCommerce companies such as Rakuten, Zalando, and Bolt, and collaborates with the European computer vision AI research institution, iCV Lab.
