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CoutLoot launches AI-based selling feature Firesell
07
Jul '18
Courtesy: CoutLoot
Courtesy: CoutLoot
With an intention to create a tech-experience in India’s e-commerce industry, CoutLoot, a fashion e-commerce platform has created and launched a revolutionary AI and image recognition-based selling module on its app called Firesell. The intelligent addition will enable user to list any product on the platform within a few seconds without typing anything.

Backed by Facebook and a part of the investment portfolio of Venture Catalysts, India’s top integrated incubator platform, CoutLoot has been quite popular among young millennials as the go-to for buying and selling the app. The new feature intends to further amplify its services for them. The Firesell module enables the seller to click and upload the picture of the desired product on CoutLoot. The algorithm automatically scans the product and gives out an accurate title to the product, capturing the brand as well, if visible. It’s like magic, listing an item!

"We're building CoutLoot for young India and it hates waiting or typing long descriptions of products to list. Based on the consumer feedback received and the vision of creating India's largest consumer-to-consumer app, we decided to introduce relevant features which are powered by new age technology. Post the launch of this feature, and we've seen a 150% increase in our daily listings, In fact, many users have admitted to being hooked onto the selling feature because of the way it's packaged and rolled out, with much attention to minute detail. We're essentially creating the segment, and after a fashion we're looking at our aggressive entry in other relevant categories consumed by millennials. This is just the beginning of exciting times to follow," Vinit Jain, Tech co-founder, CoutLoot, said

Backed by Venture Catalyst since its early days, CoutLoot’s growth in the C2Ccategory has been unparalleled since its inception. From a selling-only platform operating in Mumbai, CoutLoot has extended its operations across 32 cities and achieved more than 700,000 +  app downloads. One of its unique features -‘Celebrity Closet’- which allows users to purchase items from the personal closets of celebrities having an exclusive partnership with CoutLoot, has also been at the forefront of receiving an overwhelming response from its users.

The platform’s strong existing investor profile is also encouraging others from the investor community to associate with the Indian e-commerce vertical to help create more significant opportunities in the future. In fact, CoutLoot has recently raised a $1million round from Chinese giant CashBUS's investment arm Jadevalue Fintech and is preparing to enter other relevant categories for P2P transactions in the months to follow.

"CoutLoot's growing footprint and tech innovations are nothing short of revolutionary. It is commendable to see the platform building a strong bond of trust through user-friendly experiences to the extent that its buyers are now becoming sellers and vice versa. We at Vcats have always had an eye for outstanding startups backed by aggressive founders trying to create India’s next big consumer business. We strongly believe in CoutLoot’s vision of creating a billion user platform for P2P in India," Dr Apoorv Ranjan Sharma, co-founder & president, Venture Catalysts, said. (RR)

Fibre2Fashion News Desk – India


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