The Real Hype Of AI In Retail Market And Ecommerce

 

Artificial Intelligence in Retail Market hype was all the rage in the past year, and the truth of A.I. is hot today. Actually the majority of companies declare that they have made use of A.I. throughout their business in 2017, an increase of 31 percent over 2016. and 791 publicly-traded companies included A.I. during their earnings calls during Q3 2017.

What is this referring to? It is a sign that A.I. is on the verge of reaching "big data" or "blockchain" the level of fame. In the near future, even the most unlikely of companies will claim to be using the technique (imagine Long Island Iced Tea becoming an blockchain company) to keep up with the current trend and earn some positive publicity. In reality, TGI Fridays is using A.I. to make cocktails automatically tailored to your preferences. Alexa will transform into a mixologist from the convenience of your own home. This is a great way to make use of A.I. and an amazing customer experience for brand extensions.

While the A.I. hype is true, so too does the tech. The applications of artificial intelligence are limitless, efficient and can be implemented across the entire company. Certain applications currently are amazing, while others are focused on efficient scaling at a high speed.

However, it's not magical. Companies require a clear strategy to how they can use A.I. in accordance with their goals. Indeed, businesses which currently utilize A.I. are beginning to recognize how this technology could deliver results that are efficient through increased customer engagement and retention.

A.I. is Creating Better and More Innovative Customer Experiences

Good A.I. tools allow your business to target individuals rather than personas in accordance with what they require and when they require it. Additionally, the robust A.I. will be able to anticipate the need ahead of time.

"The goal is to increase customer engagement and, subsequently, revenues. A.I. lets the brand distinguish itself from the competition.

The ways in which A.I. is not only changing the experience of customers in Nordstrom stores however, it also facilitates the development of totally innovative concepts for stores that make use of the different metro regions that delight their customers.

Chatbots were also mentioned frequently as an easy to implement and an efficient use of A.I. A conversation between Mamie Peers, the CEO of the Cosmopolitan of Las Vegas, and Clara De Soto creator of Reply.ai which was particularly inspirational. For the Cosmopolitan chatbots, they have led to an astounding growth in revenue per guest by using their chatbot that it's named Rose. Rose's voice - captivating, confident, enthralling sophisticated, and confident -- fits with the Cosmopolitan's image and has led to an increase of 38 percent in satisfaction of customers who interact with her.

As a woman working in technology, I am not a lover of Uber because of its constant harassment and discrimination against women (I prefer Lyft instead) However, I was amazed with the clear vision of Uber and the clear explanation about Uber's A.I. strategy of incorporating artificial intelligence into the entire customer experience with an the utmost attention to the onboarding process. The simple slide presented by Uber's Director for Products was an excellent illustration in how they can help make a complicated and constantly evolving technology accessible to the public. I would love to be capable of hearing more about the latest developments in driverless cars as well as other advanced mobility innovations.

The company is committed to the original idea of the founders who wanted to encourage users to stay offline. I'm curious to see how that will be reflected in the advertisements and KPI conversations with the investors. I'll need to inquire when I'm next in their presence. It's definitely admirable against the backdrop of so many companies who aim to make it harder for people to resist digital addictions. If you're more active you might be taking and sharing more inspiring photos to share or pin.

A.I. Can Replace Your Employees. But It Can Also Help Retain Them

Artificial intelligence is often considered a negative term particularly when it's used in relation to hiring and employees. Many people fear about the possibility that this technology could make their jobs obsolete.

Yes, bots have replaced a lot of the routine tasks associated with customer service However, they are not always serving the same goal.

Stewart Rogers of VentureBeat detailed how two of China's most powerful firms are using A.I. with completely different approaches. There's Xiaomi which used bots to reduce costs by replacing the 66 percent of their call center employees. However, Tencent employed A.I. to decrease the amount of repetitive and stressful work and make its employees happier and more efficient and able to keep the employees. Rogers said, "So the lesson is that if you don't wish for A.I. to take over your life, then work with pleasant people."

When is it the Right time to Build, not buy or partner?

In our panel I was joined by some extremely smart individuals who work for larger firms than my startup in its early stages. But, I've also been a part of massive companies such as Viacom as well as the BBC which means I've been on the other side of the fence.

One of the most crucial aspects for every company is being aware of when to bring resources within the company. The idea of paying 10 percent of your small budget for marketing to an agency could be a good idea but when your budget gets bigger and your business expands, it could be more beneficial to employ experts within the company.

How can Business implement A.I. today?

A few examples some of A.I.-driven insights are:

• The best time to publish advice As I stated earlier, the best practices are just an idea to start from. The time to post is crucial for algorithm-driven platforms, however it's not a one-size-fits-all approach according to what numerous social media professionals recommend. You have to sort through the myriad of data that indicates the extent to which your audience is active and engaged with social media posts, and how much it is, and also the various dimensions like customer verticals as well as their goals and interests the content of their posts and subjects, as well as the composition of their audience including demographics, geolocation social behavior time of day, seasonality, the topic of their attention at the moment and many more. The deep clustering of and the segmentation using A.I. and machine learning can help identify the best times to post customized for a specific customer.

• Topic modelling If you're a marketer of content or, in particular, a social content marketer can you determine what you would expect to earn in ROI? By using the topic modeling and clustering model employing A.I., NLP, and machine learning, we're able determine, categorize, and identify specific topics of content that will entice engagement from your customers.
• Hashtag suggestion as many social media experts be aware, hashtags are utilized in determining the way and to the extent that social media content is classified, tracked found, searched, and presented to users of social media. But how do you know what hashtags you use in your content are relevant and will result in the highest level of engagement with your audience beyond the content being ranked, searched for, and found? Utilizing A.I., NLP, and machine-learning models permits streaming of petabytes, if not hundreds of zettabytes of data that is unstructured of social platforms which we can analyze sort, cluster, and rank to reveal hashtags that have a semantic connection with the contents. However, you must perform this quickly because the four V's of social data -the volume, variety speed, and veracity must be processed in real-time, while hashtags are accurate and up-to-date.

Conclusion

At Global Technology Solutions, we are very much aware that understanding the query intentions of online shoppers and offering very relevant results will enable you to help your onsite shoppers gain access to products that they need faster and significantly boost the buying conversion rate. It is, also, very important to enhance the level of customer service by using a virtual assistant which provides guidance for clients during their shopping experience. GTS is here to help you to create and get your AI solutions optimized for search engines, client delivery, and more with the use of our Quality Datasets that is human-annotated.  We collect fashion datasets, ecommerce dataset, image classification dataset, product datasets, product sales dataset.