Artificial Intelligence: Klarna Unveils AI Image Recognition Tool For Shopping
“Just like the internet gave everyone access to information, AI gives everyone access to intelligence, context and personalization. At Klarna we’re using this to bridge the gap between the physical and digital world.” – Sebastian Siemiatkowski, CEO and Co-founder of Klarna.
Klarna, the AI-powered global payments network and shopping assistant, recently introduced 13 innovative products as part of its Spotlight Fall launch. The flagship feature, the Shopping Lens, empowers users to capture images of items in their surroundings, instantly identify where to purchase them, and secure the best deal using Klarna’s search and comparison tool.
This feature utilizes AI to convert images into searchable terms, turning anything that catches your eye into a shoppable item. Additionally, Klarna has enriched its discovery shopping feed with global shoppable videos, responding to the desire of 8 out of 10 shoppers for an AI shopping assistant.
The tool has been trained on information from PriceRunner, a price comparison service that Klarna purchased for nearly $1 billion.
Furthermore, Klarna has brought its tech to physical stores, allowing consumers to scan product barcodes for instant access to detailed information, including customer reviews and online price comparisons. This feature is available in the UK, US, Sweden, Germany, Denmark, and Norway. (CISION PR Newswire)
“Ever found yourself mesmerized by someone’s shoes, but clueless about where to find them? Simply snap a picture and let Klarna take care of the rest,” says Klarna about the new feature. The in-app camera solution will match the image with over 50 million store offers in Klarna’s search and compare tool for prices, merchants, and reviews.
New features – cashback, single log-on
Klarna has rolled out various new features in response to consumer feedback. In the UK, shoppers can now earn up to 10% cashback on purchases when they choose specific payment options, creating an attractive incentive for consumers. The single sign-in solution streamlines the login and checkout process, eliminating the need for multiple usernames and passwords. Purchase protection through Cover Genius offers enhanced protection for US consumers, and express refunds expedite the return process.
Klarna has partnered with Blackhawk Network to offer a Gift Card Store, providing a wide selection of gift cards from renowned retailers within the Klarna app. Sustainability search filters allow consumers to easily identify products with third-party sustainability certifications, promoting conscious shopping. Additionally, Klarna introduced a conscious shopping dashboard, serving as a centralized resource for environmentally and ethically sustainable products, features, and services. This dashboard is available in the US and will expand to more markets in the future.
Klarna’s commitment to empowering consumers with tools and insights for conscious shopping is also evident in their ongoing initiatives, such as the ability to resell purchases through the app and a Top Up donations feature for supporting charitable causes.
Latest Alternative Investment News
Circle and Nubank (NYSE: NU) have joined forces to broaden access to the digital dollar in Brazil. This collaboration aims to introduce USDC, Circle’s regulated dollar stablecoin, to Nubank’s extensive…
Berlin-based neobroker Trade Republic has secured a full banking license from the European Central Bank, marking a significant milestone for the fintech. This license empowers Trade Republic to both hold…
HUGO BOSS has reinforced its commitment to sustainability by becoming the inaugural investor in Collateral Good Ventures Fashion I, a climate-centric venture capital fund aimed at expediting sustainability initiatives in…
Elon Musk’s artificial intelligence startup, xAI, aims to secure $1 billion in equity financing to compete with industry leaders such as OpenAI, Microsoft, and Google. The company, co-founded by Musk,…