“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”
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.
“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.”
“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.”
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.”
“The cybersecurity market is now worth $120 billion, according to 2018 research, a roughly 13,500 percent increase compared to a decade earlier. What’s more, spending is expected to increase to $1 trillion by 2021 as companies invest in emerging prevention solutions. In fact, more are already turning to artificial intelligence, data analytics, machine learning and other technologies to strengthen their cybercrime defenses.
These technologies seem to hold promise in the fight against fraud, too, thanks to their ability to track and interpret massive amounts of data. This information can then be used to better understand what separates normal consumer behavior from that of bad actors, improving defenses, reducing false positives and giving consumers more convenient and secure online experiences.”
“Several days ago, Bloomberg reported that Amazon is considering opening up 3,000 Amazon Go convenience stores by 2021. If you’re not familiar with Amazon Go, here’s how it works: you download an app to your smartphone, hold the app over a scanner when you enter the Amazon Go store and that’s it — anything you buy will be charged to your account, you never go to a register to check out. If you pick something up and put it back you’re not charged. I have been to the store and it works well. Amazon Go is to convenience stores what Uber is to taxis, you leave without having to take any time to pay.”
“Christian Arno, founder and president of Edinburgh-based Lingo24, said that the use of AI was also reducing the time it takes to get products to market by 75%.”
“Arno points to the time and costs savings made for clients when it comes to creating product catalogues. A typical catalogue might contain 50,000 products, with around 10% of them being replaced each year.
With 100 words of description for each product and ten languages into which the document needs to be translated, the cost of traditional translation work using no technology can soon stack up to several hundreds of thousands. Clients that opt for AI-enabled translation services are typically saving between 40% and 45%, a potential annual benefit of more than £300,000, the company said in a statement.”
“The expo’s main attraction in terms of AI tech is the “Cloud Shelf”, which provides retailers with the capabilities to stock virtual products on their shelves that are available to order online, creating a truly omnichannel shopping experience.”
“The integration of Artificial Intelligence (AI) in the workflow of small businesses has made them more efficient. And for e-commerce businesses with a mobile presence, the contribution of AI can transform your online business, this according to an infographic by Mofluid.”