Ricardo Invests in AI: A Further Step to Strengthen the Circular Economy

Originally born from a hackathon idea, Ricardo began developing and integrating artificial intelligence in its buying and selling processes at the start of 2024. Since summer, “Ricardo AI” has enabled even faster product search and discovery. Recently, the AI technology has also become available for efficient selling in both Android and iOS apps, as well as in the web version. With AI-powered tools, such as an advanced image recognition solution, Ricardo is simplifying the buying and selling experience for its users, marking another important step toward sustainable consumption and promoting the circular economy.

Lightning-Fast Searching, Intuitive Shopping

Ricardo AI makes it easier for customers to browse listings, providing an intuitive shopping experience without complex search queries. Users can simply scan a product with their phone camera or upload an existing image. Ricardo AI then identifies identical or similar items currently available on Ricardo in just seconds. Or, if users have already discovered an interesting product on Ricardo, a click on the AI button in the listing will display further similar suggestions. This visual product search achieves high precision thanks to a complex image recognition technology.

Efficient Selling through Smart Listing Descriptions

AI also makes selling on Ricardo significantly easier. Anyone wishing to sell an item can scan it directly with their phone camera or upload an existing image. Ricardo AI then finds comparable listings on Ricardo, suggests market-appropriate prices, and provides automatically generated titles and descriptions for the listing. This AI feature offers an efficient and convenient selling process, enabling Ricardo users to give unused items a second, sustainable life as quickly as possible.

Positive User Feedback

Within the first few weeks after launch, Ricardo’s AI has already gained great popularity among users. Currently, a third of the listings created through the app are generated with the help of “Ricardo AI.” About 2 percent of all Ricardo search queries involve a visual search (AI product search or display of similar items), and so far, approximately 30,000 users have used the AI technology to search for or sell a product.

Continuous Optimization of Features

At Ricardo, a dedicated team of software developers, designers, and product managers has been working intensively for over six months on the development and ongoing optimization of “Ricardo AI” to continuously improve the functionality of the AI and tailor it to users’ needs. “The easier it is to buy and sell used items on Ricardo, the more sustainable behavior will become second nature in Switzerland,” says Francesco Vass, Managing Director of Ricardo. “With Ricardo AI, we’re making the trade of unused second-hand items as simple as possible, and we’re convinced that we’re making a further important contribution to promoting the circular economy.”