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Wednesday, the Swedish finance business Klarna introduced a new AI-powered picture identification tool to enhance consumers' buying experiences, competing with major tech firms like Google (GOOGL) and Amazon (AMZN) who have recently introduced comparable products.
The brand-new "Shopping Lens" tool enables customers to upload images of any products they might be interested in purchasing. The tool quickly advises customers where to buy the goods and guides them to the best bargains on Klarna's app by using AI to transform the image into a search keyword.
Data from PriceRunner, a platform for price comparison that Klarna purchased last year, is used to train Shopping Lens.
The technology "not only identifies the product in seconds, but also offers [users] a ton of useful information, like price comparisons, reviews, and related products to help them make the best purchase," according to David Sandstrom, chief marketing officer at Klarna.
It's intended to enhance and customize the purchasing experience for the 150 million or so active consumers of Klarna.
Eight out of ten younger customers, according to research done by Klarna earlier this year, are looking forward to having an AI shopping assistant, and 65% stated they desire a more individualized shopping experience.
Klarna. "Retail Revolution: New Data Reveals Next Generation of Shoppers Ready for AI, AR and Robots!"
"Klarna has been investing significantly in AI over the last few months, from partnering with OpenAI on a ChatGPT plugin to building an AI-powered feed in the Klarna app," Sandstrom stated.
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