8 Ways AI Can Boost Retail Sales During the COVID Holiday

“Consider the case of a little-known online bookseller, Amazon.com. As its sales ballooned by around 40% in the second and third quarters, thanks to the novel coronavirus, it hired about 250,000 new employees to handle the business surge, leaving it more than 1 million employees and on a pace to soon unseat Walmart as the largest employer in the country.

‘Innovations are taking place in a matter of just months that would normally take years, in areas like acceleration of e-commerce offerings, blending of digital and in-store experiences, curbside pickup and quicker delivery options, and contactless delivery and payments,’ he says.”

8 Ways AI Can Boost Retail Sales During the COVID Holiday

AI-Based OCR Technology Revolutionizing the Banking Sector

  • “According to Statista, the UK has closed two-thirds of bank branches in the last 30 years, the US has closed nearly 9000 branches, and Europe has shutdown 6000 branches due to banking frauds, especially in digital banking.
  • The world of technology is bringing convenience to every industry, and AI-based OCR simplifies the verification process, especially in banks. Employees do not have to invest the effort to extract data from every document and verify it for legitimacy. Everything relies on the software, and employees oversee any discrepancies in the technology. While manual processes consume days for one customer’s verification, OCR takes a few minutes to do the job.”

https://readwrite.com/2020/11/29/ai-based-ocr-technology-revolutionizing-the-banking-sector/amp/

Black Friday online shopping comes in $9B, $3.6B on smartphones

Image Credits: Pete Saloutos / Getty Images
  • “Adobe, which is following online sales in real-time at 80 of the top 100 retailers in the U.S., covering some 100 million SKUs, said US consumers spent $9 billion online on Black Friday, up 21.6% on a year ago. Adobe had originally forecast sales of between $8.9 billion and $9.6 billion.
  • Smartphones continued to account for an increasing proportion of online sales, with this year’s $3.6 billion up 25.3%, while alternative deliveries — a sign of the e-commerce space maturing — also continued to grow, with in-store and curbside pickup up 52% on 2019.
  • The average cart size for US shoppers was $95.60
  • In either case, smartphones continue to be a major driver of how sales get made. Adobe said 40% of all sales were on handsets, lower than the day before but 7% higher than in 2019.
  • Cyber Monday is likely to continue to be the biggest of them all, expected to bring in between $11.2 billion and $13 billion in e-commerce transactions, up 19%-38% year-on-year.”

https://www.google.com/amp/s/techcrunch.com/2020/11/28/black-friday-online-sales-numbers/amp/

Adobe beefs up its Magento ecommerce platform with AI and reveals early online holiday sales results

“Adobe’s Sensei uses visual AI to recognize and process product imagery and match patterns, Jason Woosley, vice president of commerce product and platform for Adobe’s Experience Business, writes in a blog post. Because the recommendations feature is visually driven, merchants do not need to collect and analyze consumer behavioral data to use it, making it faster to implement, Adobe says. The feature will be available Dec. 8.”

https://www.google.com/amp/s/www.digitalcommerce360.com/2020/11/24/adobe-beefs-up-its-magento-ecommerce-platform-with-ai-and-reveals-early-online-holiday-sales-results/amp/

Citi Ventures is shifting from artificial intelligence to artificial enlightenment | ZDNet

“Colella believes the tools of artificial intelligence can be used to analyze granular data in real-time in order to help provide people and organizations with personalized, in situ insights to inform and improve their daily lives and work. She believes this is artificial enlightenment (AE). According to Colella, the shift from intelligence to enlightenment is made possible by today’s computational tools and vast quantities of data are making this new paradigm possible. Colella writes about three driving factors behind AE”

https://www.google.com/amp/s/www.zdnet.com/google-amp/article/innovation-and-entrepreneurship-lessons-from-citi-ventures/


Vanessa Colella

Chief Innovation Officer

http://linkedin.com/in/vanessacolella