Mystore Unveils AI-Powered Semantic Search for ONDC Network Using Google Cloud's Vertex AI
GURUGRAM, India , July 25, 2024 /PRNewswire/ — Mystore®, the first ONDC-connected marketplace, bolsters its offerings by unveiling AI-powered Semantic Search designed to enhance seller conversions through improved buying experience. This latest addition to Mystore’s offerings for ONDC Network sellers and buyers aims to provide granular search results through exact query interpretation. By understanding the context of search queries, AI-based semantic search delivers a more intuitive and satisfying shopping experience, encouraging repeat visits and purchases.
The ONDC Network has recorded immense growth in the last year. With thousands of sellers joining the open network each day, it becomes imperative to have a system that makes their products visible, discoverable, and relevant to the search queries posted by the buyers. Amidst the huge catalogs posted by other sellers, having discoverability for all related search queries is crucial for business growth through the Open Network for Digital Commerce.
By enabling AI-powered semantic search on its ONDC Network Buyer App, Mystore has eliminated the guesswork, providing buyers with accurate and relevant product matches. This improvement enhances product visibility and fosters higher engagement and conversion rates, creating a win-win situation for the sellers and the buyers in the rapidly scaling ONDC Network ecosystem.
Mystore’s Semantic Search technology is designed to benefit sellers and buyers by:
- Accurate query interpretation that enhances search results’ relevance by understanding customer intent.
- Tailored product recommendations that provide personalized product suggestions to meet customers’ needs and enhance their shopping experience.
- Quick results for queries that reduce search time and eventually lead to more exploring and bigger ticket sizes.
- Optimizing search performance to interpret complex queries and offer fast and efficient search results that drive better traffic.
- Higher conversion rates by ensuring customers find exactly what they are looking for with minimal effort.
Mr. T. Koshy, CEO, ONDC, emphasized the crucial role of AI-powered semantic search for the ONDC Network conversions, saying, “As the open network experiences exponential growth, the ability to precisely match buyers with the right seller offerings becomes crucial. Mystore’s latest offering of integrating AI-powered semantic search on the ONDC Network is thus a pivotal addition. This technology not only enhances the shopping experience but also levels the playing field for sellers of all sizes, enabling them to compete purely based on the relevance and quality of their products/services.”
“Google Cloud’s Vertex AI is enabling high quality searches for Mystore and ONDC enabling better discoverability and thereby enabling buyers and sellers to seamlessly connect on the platform,” said Bikram Singh Bedi, Vice President and Country MD at Google Cloud India.
Highlighting the impact of AI-powered Semantic Search on seller visibility, Mr. Rajiv Kumar Aggarwal, CEO & Founder, Mystore said, “In the open-to-all digital landscape of the ONDC Network, sellers need advanced technologies to enhance product visibility, discoverability, and conversions. Our AI-powered Semantic Search enables sellers to achieve unparalleled visibility on the ONDC Network, making their products easily discoverable by potential buyers. With the potential to increase ecommerce conversion rates by up to 25%, Mystore’s AI-powered Semantic Search delivers highly relevant search results by understanding the intent behind queries, boosting buyer engagement, and ultimately resulting in higher conversions.”
About Mystore
Mystore® is an ONDC-connected marketplace that offers an unparalleled Ecommerce Ecosystem enabling Enterprises and SMEs to leverage the ONDC network to accelerate their growth. Mystore specializes in setting up dealer-network-based Quick Commerce Marketplaces for brands in record time. With its Mystore Seller App and Buyer app for the ONDC Network, Mystore enables seamless selling and buying via the Open Network for Digital Commerce. Mystore’s cutting-edge ecommerce solutions are built on StoreHippo® – the leading enterprise ecommerce platform powering top enterprise brands across the globe for 9+ years. Mystore enables hyperlocal businesses, SMEs, D2C brands, and Enterprises to join the ONDC Network ecosystem and explore the vast Indian markets. Built on next-gen technology, PCI-DSS, SOC2 and ISO/IEC 27001 compliant, Mystore offers a level-playing field and 360-degree ecommerce solutions to businesses irrespective of their size and industry vertical.
About ONDC:
Incorporated on 31st December 2021, Open Network for Digital Commerce (ONDC), a Section 8 company, is an initiative of the Department for Promotion of Industry and Internal Trade (DPIIT), Ministry of Commerce and Industry, Government of India to create a facilitative model that revolutionizes digital commerce, giving greater thrust to penetration of retail e-commerce in India. ONDC is not an application, platform, intermediary, or software but a set of specifications designed to foster open, unbundled, and interoperable Open Networks.
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