90% of retailers expect to have AI within five years

“A new report from VoucherCodes.co.uk and WBR Insights has revealed that over 90% of retailers expect to have Artificial Intelligence (AI) or virtual assistant technology operating in-store and online within the next five years.

In a report interviewing 200 senior executives at major UK and French retailers, VoucherCodes.co.uk has revealed that retailers are investing in AI, Virtual Reality (VR) and geofence technology to drive footfall in-store and drive continued sales growth online.

Other top priorities included:

• 37% of retailers confirmed that they had invested in Virtual Reality technology over the last 12 months

• 38% have already introduced virtual assistants and 53% are planning on doing so

• 44% of retailers surveyed offer AI powered chatbots to help shoppers; 54% are planning to in the next five years”

https://365retail.co.uk/can-ai-save-the-high-street-retailers-invest-in-innovation-to-drive-footfall-in-store-and-online/

China’s digital economy rose 18 percent to $3.8 trillion last year

The National Development and Reform Commission has a new agreement with the China Development Bank to offer 100 billion yuan ($14.55 billion) in financial support for the digital push.

China’s digital economy rose 18 percent to 26 trillion yuan ($3.8 trillion) last year, equal to a third of the country’s gross domestic product (GDP), according to the China Academy of Information and Communications Technology.

https://www.google.com/amp/s/www.nextbigfuture.com/2018/09/china-will-accelerate-robotics-ai-and-ecommerce-to-match-us.html/amp

Walmart turns to Flipkart for tech

“In fact, Flipkart’s AI for India initiative was run by Sachin, who moved out of Flipkart right after the acquisition by Walmart. Flipkart already has more than 50 data scientists and is training another 100 of them. Hiring, too, is on. It is expected to have more than 250 data scientists and AI experts in the next couple of years.”

https://factordaily.com/walmart-turns-to-flipkart-for-tech/

47.3 million Americans now have access to a smart speaker

“According to a recent study by Voicebot.ai, 47.3 million Americans, or nearly one in five, now have access to a smart speaker. That’s a lot of people asking voice assistants for directions, recipes, jokes, music and, increasingly, to make purchases. Of those 47 million who own smart speakers, 57% have made a purchase using that speaker.”

“Our own recent research showed 55% of shoppers said they like purchasing through voice-activated devices,” El-Arifi says.

“According to a recent study by ReportLinker, 31% of consumers list privacy concerns as the main drawback to owning a smart device. But at the same time, 90% of smart speaker owners wish their devices could do more, suggesting that the best way to stave off privacy concerns is to add value.”

https://www.clickz.com/ecommerce-brands-race-voice-search/216915/

Bots to cut $8 billion by 2022

Image credit: Wutthichai Luemuang/EyeEm | Getty Images

“Businesses utilizing chatbot technology today have likely done so for two main reasons: to enhance the customer experience and save money. Juniper Research projects that bots will cut business expenses by as much as $8 billion by 2022; without a doubt, this technology will have a huge impact for both SMBs and enterprises.”

“According to a PointSource survey, 59 percent of customers surveyed said bots weren’t getting the job done because, obviously, customers are more than text. These are emotional, visual creatures that communicate with body language and subtle cues.”

https://www.google.com/amp/s/www.entrepreneur.com/amphtml/320499