Artificial Intelligence and Machine Learning
We’re not strangers to the image of e-commerce monsters gobbling up traditional brick-and-mortar stores. eMarketer states that e-commerce sales will increase at four times the rate of retail sales this year bringing the yearly estimate to 23.2% for 2017. That is a disturbing statistic if you’re at the retail end of the spectrum. But, wait a minute. The very same numbers don’t appear as ominous when you note that online sales currently only account for ten percent of total retail sales. So, who emerges victorious in the battle between e-tail and retail? More importantly, are they really at war?
Imagine the most efficient salesperson at your favorite store and how well they predict just what you would like to buy. Now imagine the same efficient salesperson, except it’s not just you she knows about — she knows about thousands like you and helps each of those yous with just as much precision. That’s an exceptionally watered down, oversimplified version of what personalization and AI mean to the eCommerce world. And if you’re competing with the Amazons of the world, that clever algorithm is your best friend.
61% of the 2.4 billion smartphone users on the planet reach for their mobile phones within five minutes of waking up. Our latest report on mobile product discovery — based on 2 billion eCommerce interactions on our platform — revealed some interesting insights on how technology has impacted shopper purchasing behaviour on mobile. Here’s our take on what the data showed us.
Fashion-tech, as industry pundits call it, has not just begun. Fashion has embraced almost every tech trend — be it wearable tech, social media and influencer marketing, or even VR and augmented reality. Fashion is constantly evolving and so are the technological trends that aid trade in this ephemeral industry. The impact of AI and technology in fashion, however, is a lot more enduring than the fugacious puffed sleeve or the suave smart watch (even Hermes couldn’t save this one). AI in fashion, has simplified the lives of brands and buyers alike. This post shows you how.
Store windows and stylishly dressed mannequins make it easy to showcase the latest products when you’re in retail. When you’re online though, it’s a whole new ball game. Especially in the context of AI and machine learning, where products are ranked based on performance, how easy (or difficult) is it for brands to encourage product discovery for fresh, new arrivals in a product catalog that runs into thousands of SKUs?
AI is touted as the next big thing in almost every industry. From agriculture to transport, there’s barely any industry that is yet to explore at least an aspect of artificial intelligence and how it can enhance it in some way. In the context of eCommerce specifically, the applications of AI go from bots and virtual assistants to its most widespread application — assisted product discovery.