MarqVision Launches a Vision AI Solution to Save Operational Costs of E-Commerce Companies
Harvard-Incubated Startup Introduces an AI-Enhanced Video Verification System for Online Retailers
MarqVision, an AI-based SaaS company, recently launched its video verification solution, MARQ, that helps online retailers reduce operational costs arising from false customer complaints. This launch is the company’s first public step towards fulfilling its mission of modernizing companies’ physical operations with vision-based artificial intelligence.
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MARQ allows e-commerce companies to verify outbound transactions with high-quality videos. Using the mobile app, online retailers can easily record the process of packaging an item to be shipped to their customer. While the video is being recorded, the AI embedded in the software automatically detects and extracts the item’s tracking number from the shipping label attached to the package. The high-quality packaging video and the tracking number then automatically get uploaded to the retailer’s online dashboard, where they can easily be sent to the purchaser.
With MARQ, e-commerce companies can reduce operational costs arising from false customer complaints. The tamper-proof, time-stamped packaging videos provide strong support against any shipping-related claims that are unsubstantiated, thereby deterring costly disputes with purchasers. In addition to its cost-saving aspect, the product also helps companies increase their revenues. By offering purchasers the unique, transparent experience of receiving packaging videos while waiting for the physical arrival of their items, companies can increase their customer repurchase rate.
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“In 2018 alone, false customer complaints cost e-commerce companies about $88 billion collectively,” said MarqVision CEO and co-founder Mark Lee. “We have pioneered a way to solve this problem. Our clients have experienced a 90% drop in customer complaints, such as claims that some items are missing from the package.”
Tackling the false claims problem is just a start for MarqVision. “Packaging errors made by employees, such as sending wrong orders or defective items to customers, collectively cost e-commerce companies another $68 billion in 2018,” said Lee. “Our engineers are building an AI-based alert system to minimize such human-errors. We plan on equipping the current MARQ product with this sophisticated Computer Vision technology in the near future.”
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