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  • Writer's pictureArka Roychowdhury

GenAI based Visual Wishlist: Building ethical online shopping experience

In the ever-evolving landscape of technology, generative AI has emerged as a powerful tool, reshaping how we interact with the world around us. One fascinating application of generative AI lies in the realm of shopping, specifically through the concept of a Visual Wishlist. Let’s explore how this innovative idea combines visual recognition, financial tracking, and personalized recommendations to enhance our shopping experience.

1. Visual Wishlist Creation

Imagine a scenario where you spot a stunning dress in a boutique window or come across a sleek gadget in a magazine. Instead of jotting it down or taking a mental note, you snap a photo using your smartphone. That’s the magic of the Visual Wishlist. Here’s how it works:

  • Capture and Classify: Users create their wishlist by clicking photos of items they like. The app’s AI steps in, recognizing products within the images and classifying them into relevant categories. Whether it’s fashion, gadgets, home decor, or travel essentials, the AI organizes them seamlessly.

  • Auto-Generated Wishlist: But wait, there’s more! The app can also scan your existing photo gallery and auto-generate a wishlist from those pictures. That vacation spot you dreamt about? The cozy armchair you saw at a friend’s place? All added effortlessly to your wishlist.

2. Product Identification and Price Lookup

The real magic happens when the AI identifies the product details from the images:

  • Brand, Model, and Features: The AI extracts relevant information, including the brand, model, and key features. Suddenly, that dress isn’t just a dress; it’s a designer piece with intricate lacework.

  • Semantic Search: The app leverages semantic search to look up similar items. It scours online databases and e-commerce platforms, presenting you with a curated list of alternatives. And yes, it considers products looked up by profiles closely matching yours.

  • Price Tags: Alongside each item, you’ll find the prices. Now you know exactly how much that sleek gadget or elegant dress costs.

3. Monetary Value Tracking

As you keep adding products to your wishlist, the system diligently tracks the accumulated value. Each item’s price contributes to the overall monetary amount associated with your wishlist. It’s like having a virtual piggy bank for your desires.

4. Loan Recommendations

But what if you’re eyeing that high-end camera or planning a home makeover? Fear not; the app has your back:

  • Personal Loan Options: Based on your financial profile—credit score, income, etc.—the app recommends suitable personal loan options. Need that camera now? The system analyzes your wishlist’s monetary value and suggests loans aligned with your needs.

  • Terms and Interest Rates: You’ll see loan terms, interest rates, and repayment schedules neatly laid out. It’s financial planning made easy.

5. Coupon Integration and Cross-App Recommendations

Saving money is always a win:

  • Coupon Magic: The app integrates with various coupon providers or generates its own discount codes. When you add an item to your wishlist, it checks for relevant coupons. If available, you’ll be notified about discounts or special offers on similar products.

  • Beyond the App: The system doesn’t limit itself to the app’s ecosystem. It recommends related products or services from other apps. That camera you want? Perhaps there’s a photography course or travel package waiting for you.

6. Financial Health Assessment and Affordability Score

Now, let’s dive deeper into financial well-being:

  • Assessing Financial Health: The app evaluates your financial health based on income, expenses, savings, and debt. It determines whether wishlist items fit within your current financial situation.

  • Affordability Score: Each wishlist item receives an affordability score. This score considers existing commitments, future expenses, and income stability. Armed with this information, you can make informed decisions about your purchases.

7. Alternative Recommendations and Personalized Financial Plans

Sometimes practicality wins over desire:

  • Smart Alternatives: If an item strains your budget, the app suggests similar but more affordable alternatives. That high-end smartphone? How about a mid-range model with similar features?

  • Financial Plans: The app creates personalized financial plans based on wishlist items. It calculates monthly savings needed to afford your desired products. Additionally, it recommends investment options to achieve those goals.

In summary, the Visual Wishlist isn’t just about shopping; it’s about empowering users. It combines desire with practicality, financial awareness, and personalized recommendations. So next time you spot something delightful, snap a photo, and let the AI weave it into your smarter wishlist. 🛒💡

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