LOS ALTOS, Calif., May 23, 2024 (GLOBE NEWSWIRE) -- Fast Simon, the leader in AI-powered shopping optimization, today announced GenAI Hybrid Search to deliver the most accurate and relevant search results to online shoppers and significantly reduce the return of “no results.” GenAI Hybrid Search combines keyword and vector search using advanced multimodal AI. As a result, Fast Simon customers have seen search conversions in apparel, footwear and accessories grow by more than 30% using GenAI Hybrid Search compared to keyword search alone.
According to Forrester, 43% of retail customers head directly to the search bar on a website. As technology advances — especially with AI — shoppers expect search results to be fast, accurate and relevant, but many eCommerce sites fall short because they rely solely on simple keyword matching. Multimodal AI significantly improves search performance by leveraging various data types, including text and images, to give AI more context. Combining this with Fast Simon’s powerful keyword search greatly reduces the incidence of “no results” and delivers more relevant responses, even with long-tail queries or queries with similar semantic meanings but different keywords.
“It’s no shock that the AI-enabled eCommerce market is poised to reach nearly $17 billion by 2030. We’re leveraging AI to solve the industry’s most pervasive problems, like search abandonment, which costs retailers billions of dollars every year,” said Zohar Gilad, founder and CEO of Fast Simon. “The future of fashion will be built on AI. And that future starts now.”
Retail eCommerce sales are expected to grow to $7.391 trillion by 2025, and merchants who adopt AI-powered shopping optimization technology will take the lion’s share of those sales. Fast Simon’s GenAI Hybrid Search, combined with the company’s recent release of Smart Rendering, significantly improves the shopper experience to increase sales for eCommerce brands.
To learn more about Fast Simon’s GenAI Hybrid Search, visit the company website.
About Fast Simon
Fast Simon leads the industry in AI-powered shopping optimization by dramatically increasing conversion and AOV through search, discovery, merchandising and personalization. It leverages AI to enable new and greatly improved forms of eCommerce and deliver significant productivity gains to merchants while leaving humans in control.
Fast Simon’s scalable self-service solutions integrate with all major eCommerce platforms and power thousands of online brands, including Steve Madden, White Fox Boutique, HEYDUDE and Hoover.
For more information, visit fastsimon.com and follow the company on LinkedIn, Facebook and X.
Media Contact
Liesse Jayalath
Look Left Marketing
fastsimon@lookleftmarketing.com
