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Alphabet (GOOGL) Google Unveils Virtual Try-on Clothes Feature
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In a bid to expand its presence in the generative AI space, Alphabet’s (GOOGL - Free Report) Google is leaving no stone unturned to introduce advanced search features.
This is evident from the latest announcement of a generative AI-backed online shopping feature that lets users try on clothes virtually.
Notably, the feature is based on Google’s new image-based AI model.
With the new feature, a wide range of customers will be able to understand how an apparel item will look on them, as it will allow them to try clothes ranging from XXS to 4XL sizes.
Further, it is designed to generate lifelike images by considering how a fabric stretches and wrinkles when worn.
Initially, the company will roll out the try-on feature for women’s tops in partnership with retailers like Anthropologie and Everlane. Eventually, it will come up with the same in men’s clothing.
With the underlined feature, Google boosts its presence in the online shopping space. The feature is expected to attract customers as well as various merchants to the Google Search platform.
This, in turn, is likely to aid the performance of Google’s Search segment.
The latest move marks Google’s progress in the generative AI space, into which it forayed at the beginning of this year by unveiling its chatbot called Bard.
Notably, Bard marks Google’s cutthroat response to ChatGPT, a chatbot from the Microsoft (MSFT - Free Report) -backed startup OpenAI, which has taken the world by storm.
Apart from the new try-on clothes feature, the company unveiled new features to do research on travel destinations and map routes using generative AI.
Further, Google Cloud recently launched consulting services, which include advice and tools for helping its clients adopt generative AI techniques.
Moreover, these tools are designed to help customers boost automation in their business operations by generating content and summarizing information with the power of AI.
With its growing generative AI efforts, Google is witnessing growth in its client base. Recently, its generative AI tools were selected by Mayo Clinic and Booking Holdings (BKNG - Free Report) .
Booking Holdings’ Priceline is set to implement Google’s generative AI capabilities across its customer-facing and internal parts of the business.
Priceline is developing its generative AI-powered travel assistant chatbot by leveraging Google Cloud's Generative AI App Builder. This chatbot, which will begin rolling out this summer, is intended to help customers in multiple aspects of their travel planning and booking journeys via a conversational mode.
Considering these factors, we believe Alphabet remains well-poised to capitalize on the growth prospects present in the generative AI market.
Per a Grand View Research report, the market is likely to hit $109.4 billion by 2030, witnessing a CAGR of 34.6% between 2022 and 2030.
Growing prospects in this promising market are expected to instill investors’ optimism in the stock.
Notably, Alphabet has gained 40.2% on a year-to-date basis.
Competitive Scenario
Alphabet’s growing generative AI efforts are likely to stiffen competition for its peers - Microsoft and Amazon (AMZN - Free Report) , which are also making concerted efforts toward bolstering their generative AI offerings.
Microsoft recently integrated OpenAI’s next-generation LLM — GPT-4 — into its search engine Bing and browser Edge to deliver a ChatGPT-like experience to users.
Further, Microsoft Azure offers Azure OpenAI Service, which enables the seamless application of Large Language Models (LLM) and generative AI techniques in various use cases.
Meanwhile, Amazon’s cloud computing arm, Amazon Web Services (AWS), unveiled an AI-powered solution — Amazon Bedrock to accelerate the deployment of generative AI-backed foundation models (FM). Further, the company introduced its language model called Amazon Titan.
Amazon Bedrock provides seamless access to high-performing FMs from AI startups like AI21 Labs, Anthropic and Stability AI, among others, through an API. With these FMs, developers can build and scale their generative AI-based applications.
Further, the e-commerce giant is reportedly looking into infusing generative AI features into the search bar of its app.
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Alphabet (GOOGL) Google Unveils Virtual Try-on Clothes Feature
In a bid to expand its presence in the generative AI space, Alphabet’s (GOOGL - Free Report) Google is leaving no stone unturned to introduce advanced search features.
This is evident from the latest announcement of a generative AI-backed online shopping feature that lets users try on clothes virtually.
Notably, the feature is based on Google’s new image-based AI model.
With the new feature, a wide range of customers will be able to understand how an apparel item will look on them, as it will allow them to try clothes ranging from XXS to 4XL sizes.
Further, it is designed to generate lifelike images by considering how a fabric stretches and wrinkles when worn.
Initially, the company will roll out the try-on feature for women’s tops in partnership with retailers like Anthropologie and Everlane. Eventually, it will come up with the same in men’s clothing.
With the underlined feature, Google boosts its presence in the online shopping space. The feature is expected to attract customers as well as various merchants to the Google Search platform.
This, in turn, is likely to aid the performance of Google’s Search segment.
Alphabet Inc. Price and Consensus
Alphabet Inc. price-consensus-chart | Alphabet Inc. Quote
Growing Generative AI Efforts
The latest move marks Google’s progress in the generative AI space, into which it forayed at the beginning of this year by unveiling its chatbot called Bard.
Notably, Bard marks Google’s cutthroat response to ChatGPT, a chatbot from the Microsoft (MSFT - Free Report) -backed startup OpenAI, which has taken the world by storm.
Apart from the new try-on clothes feature, the company unveiled new features to do research on travel destinations and map routes using generative AI.
Further, Google Cloud recently launched consulting services, which include advice and tools for helping its clients adopt generative AI techniques.
Moreover, these tools are designed to help customers boost automation in their business operations by generating content and summarizing information with the power of AI.
With its growing generative AI efforts, Google is witnessing growth in its client base. Recently, its generative AI tools were selected by Mayo Clinic and Booking Holdings (BKNG - Free Report) .
Booking Holdings’ Priceline is set to implement Google’s generative AI capabilities across its customer-facing and internal parts of the business.
Priceline is developing its generative AI-powered travel assistant chatbot by leveraging Google Cloud's Generative AI App Builder. This chatbot, which will begin rolling out this summer, is intended to help customers in multiple aspects of their travel planning and booking journeys via a conversational mode.
Considering these factors, we believe Alphabet remains well-poised to capitalize on the growth prospects present in the generative AI market.
Per a Grand View Research report, the market is likely to hit $109.4 billion by 2030, witnessing a CAGR of 34.6% between 2022 and 2030.
Growing prospects in this promising market are expected to instill investors’ optimism in the stock.
Notably, Alphabet has gained 40.2% on a year-to-date basis.
Competitive Scenario
Alphabet’s growing generative AI efforts are likely to stiffen competition for its peers - Microsoft and Amazon (AMZN - Free Report) , which are also making concerted efforts toward bolstering their generative AI offerings.
Alphabet carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Microsoft recently integrated OpenAI’s next-generation LLM — GPT-4 — into its search engine Bing and browser Edge to deliver a ChatGPT-like experience to users.
Further, Microsoft Azure offers Azure OpenAI Service, which enables the seamless application of Large Language Models (LLM) and generative AI techniques in various use cases.
Meanwhile, Amazon’s cloud computing arm, Amazon Web Services (AWS), unveiled an AI-powered solution — Amazon Bedrock to accelerate the deployment of generative AI-backed foundation models (FM). Further, the company introduced its language model called Amazon Titan.
Amazon Bedrock provides seamless access to high-performing FMs from AI startups like AI21 Labs, Anthropic and Stability AI, among others, through an API. With these FMs, developers can build and scale their generative AI-based applications.
Further, the e-commerce giant is reportedly looking into infusing generative AI features into the search bar of its app.