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With e-commerce growing at an astonishing rate and thousands of new products made available every single day, it’s inevitable that you’ll have to scroll through (and possibly return) an inordinate number of products that just aren’t right for you.
Raj Jaiswal has the solution. As an AI expert who specializes in creating products that make life easier for people, he was frustrated by his own fruitless shopping experiences and realized that artificial intelligence could hold the answer. To this end, he envisioned Neyon to help fashion customers find just what they’re looking for. It’s an AI-driven tool that will leverage computer vision and natural language processing to make product discovery much easier, paving the way for higher sales and improved customer satisfaction.
Keep reading to learn how Jaiswal’s work on Neyon will help shoppers make easier and more informed fashion choices.
The Problems with Online Shopping
Online shopping is certainly on the rise. In 2021, the global fashion e-commerce industry was valued at $553.1 billion, and it’s projected to reach $1.16 trillion by 2030. In-person shopping has slumped by comparison — department stores have seen a 50 per cent drop in business since 2001, while online sales have grown 300 per cent.
However, while it’s convenient to buy a new outfit without having to leave the house, all too many people end up disappointed when their package arrives. About 20 per cent of clothing purchases are returned, with 70 per cent of customers citing issues with fit, sizing, and style. These issues are typically caused by several inefficiencies: Size guides aren’t always correct, many websites display their products poorly, and e-commerce search algorithms don’t always function very well.
The result is a very noticeable hit to profits. In 2021, online returns cost outlets $218 billion, and they will continue to suffer without the right solution.
Raj Jaiswal’s Search for Innovative Solutions
Raj Jaiswal has long been passionate about solving real-world problems with innovative solutions, and he’s become fluent in leveraging emerging technology like artificial intelligence to transform various industries. After graduating with a bachelor’s in computer science and a master’s in engineering, his many accomplishments include successfully co-founding a startup that raised $100,000 in pre-seed funding, leading a team that built supply chain services, and consulting various enterprises in the improvement of their logistics and supply chain.
But he’s most proud of the work he performed for Circulation (now ModivCare), a health-tech startup that helped patients secure transportation to medical appointments. There, he developed critical components of the scheduling and booking systems, integrated the platform with popular ridesharing apps like Uber and Lyft, and effectively scaled its back end to consistently handle a high volume of requests.
But the idea for his most recent business venture came about because Jaiswal had a problem of his own. After hunting for a very specific coat and growing increasingly frustrated with search engines’ inability to find the item he needed, he realized how computer vision and natural language processing could improve online shopping in a significant way. Upon doing more research and finding out just how problematic online shopping can be due to issues like bad visuals and improper sizing, Jaiswal knew he could put his technical and leadership skills to use and come up with a better way for people to find the clothes they want.
To this end, Jaiswal founded Neyon in June 2024 to lead the development of an AI-powered e-commerce platform and revolutionize the online shopping experience.
Neyon: Transforming Fashion E-Commerce
Powered by the same AI technology that Jaiswal has leveraged throughout his career, Neyon will allow for faster and much more accurate product discovery. While most traditional search engines are very limited and rely too much on exact keyword matches, Neyon will leverage natural language processing to better understand the meaning behind a shopper’s search term. No longer restricted by a limited vocabulary or perfectly spelled brand names, customers can type in exactly what they’re looking for and find the right clothes for them.
Jaiswal is also working on implementing cutting-edge computer vision technology that will allow Neyon to understand and process images. This means that it can recognize an uploaded image and search for similar items, make personalized recommendations based on a customer’s viewing or purchase history, and help them shop for clothes that complement each other.
The result will be an AI e-commerce tool that provides exactly what customers are looking for: easy product discovery, personalization, and a straightforward user experience.
A Leap into the Future with AI
As development on Neyon continues to evolve, Raj Jaiswal has a clear vision for its success: He estimates that Neyon and similar technologies could result in a 30 per cent increase in sales conversions and a 25 per cent decrease in returns. Over the next five years, he’s aiming to capture 5 per cent of the global fashion e-commerce market — and thanks to his innovative solution, this dream is well within his grasp.
However, he’s making no plans to stop there. As a seasoned expert in the field, he’s well aware of the current potential of artificial intelligence, but he believes that the industry is still only scratching the surface of what it’s truly capable of.
