Singapore-based AIQ, a visual recognition technology (VRT) venture that merges artificial intelligence (AI) and image recognition technology, aims to leverage on the technology to enable a more seamless interaction between consumers and both live and static images, across different verticals.
This technology enables brands to connect and interacts with their customers across the offline and online world. According to the company, by leveraging AIQ’s VRT technology – termed Carrot Visual Technology – it can integrate various platforms and channels to enable interaction between consumers and the online & offline content of brands.
The company claims that with the use of VRT, consumers will be able to use their mobile devices to scan images and connect with the relevant information online.
In an exchange with KrAsia, CEO Marcus Tan explains that AIQ’s revenue model is based on charging for the use of its software. Operating via a software-as-a-service (SaaS) revenue model, customers pay a set-up fee to onboard and a monthly subscription fee of different tiers.
The technology has a wide array of applications and can be used in the Meetings, Incentive Travel, Conventions, and Exhibitions (MICE) industry, as well as in retail, advertising, and medical sectors.
In the case of the MICE, VRT enables greater interactivity, allowing attendees to access real-time data while organisers get to collect relevant and highly targeted data. Such usage can enhance the user experience and increases engagement due to the experiential difference. It also has a sustainability element, given the fact that technology’s use can reduce paper usage, in terms of the common brochures and pamphlets typically seen at events.
Elaborating on other use cases for the technology, Tan shares that the company worked with Charles and Keith Malaysia back in 2015 to develop an in-store online-to-offline (O2O) mobile solution where users could scan store displays to browse the Fall/Winter Collection 2015. A total of 11,936 scans were captured during the campaign.
“Another example would be with the community clubs in Singapore. AIQ’s technology was used by Keat Hong Community Club to allow residents to access and read real-time information by using their mobile phone cameras and a mobile app to interact with photos in the community club to learn more about its history. Interested parties can also sign up for courses and event via scanning posters and digital kiosks,” he adds.
The technology allows small and medium enterprises (SMEs) to bridge O2O interactions. Tan illustrates this with the example of visual technology permitting furniture shopping to be conducted through a smartphone; consumers can scan pictures on a wall to purchase their selected furniture. For furniture retailers, this has the benefit of reducing manpower costs, solving shop space constraints and simplifying the purchase process.
The same applies to retail dining, with diners able to download a restaurant’s mobile app to scan pictures and make orders via their own smartphones. This has the effect of reducing the overuse of tablet computers, as well as permitting diners and restaurants to track past orders and diners’ personal preferences.
Traditional advertising is another domain VRT is expected to impact. The sector has seen declining revenues as expenditures shift towards digital advertising channels. For instance, VRT-powered interactive advertisements on billboards can offer instant information and payment options, rendering the process more seamless and potentially driving higher conversion rates and increased sales revenue.
Editor: Shiwen Yap