Deloitte: The top business use cases for AI in 6 consumer industries

  • “The biggest challenge implementing artificial intelligence is moving from concept to scale. A new report from Deloitte finds that in consumer-related businesses, the challenge is especially difficult because many have large legacy data and analytics platforms, and decentralized data and analytics operations.
  • In the past, marketing systems could only make decisions based on a fixed set of assumptions and narrowly defined inputs and outputs,” according to the report. Although such systems can provide useful insights on a macro level, they are often difficult to scale and largely lack the ability to look at audience specifics, the report said. ‘However, thanks to AI, marketers now have the opportunity to analyze consumer mannerisms on a much more detailed level,’ the report said.”

How small and mid-size ecommerce retailers can take advantage of AI — without tech giant-level data

  • “Stuck indoors, shoppers across the world went online in 2020 — and stayed, with sales growing by 28% worldwide.
  • ‘While 9 out of 10 consumers say they expect online shopping to be equal to or better than in-store, half are experiencing crushing disappointment, and almost three quarters of customers say they will abandon a brand after three negative experiences.’
  • consumers are frustrated by confusing website navigation and by inadequate search functions, sabotaging their efforts to find the information or the products
  • Hearts on Fire, a leading global diamond jewelry brand…saw its B2C ecommerce purchase conversion rate increase by 587%, average order value increase by 49%, and bounce rate decrease by 31%
  • Caleres owns and operates such popular shoe brands as Famous Footwear, Dr. Scholl’s Shoes, and Naturalize…saw a 20 – 25% lift in conversion rates for customers using search
  • ‘Personalization is no longer a nice-to-have, but a must-have for ecommerce brands and retailers,’ Greco says. ‘Bottom line: all serious players spare no expenses for AI research. It’s important, it makes the difference, it is worth investing in it.’”

A digital bank leverages AI to provide robo-advisory to all users

  • “An artificial intelligence-powered platform designed to enhance traditional mobile banking with seamless crypto integration is about to launch v2 of its mobile application, describing it as an all-in-one crypto-financial solution.
  • The application is said to consist of four main components: a centralized custodial wallet, a non-custodial Web 3.0 wallet, banking and an AI-powered robo-advisor.
  • Kelghe D’cruz, founder and CEO of BlockBank, said: ‘At BlockBank, we strive to provide financial empowerment to our clients. We want to help them make all financial decisions in one secure place, with the support of research-backed insights. That’s a hefty mission, which is why we’re partnering with sophisticated tech companies that will help support our goals.’”

The AI Revolution Is Happening Now

  • “The World Economic Forum attributes the Fourth Industrial Revolution (4IR) to the growth and consolidation of technologies such as artificial intelligence (AI), machine learning (ML), deep learning (DL), the Internet of Things (IoT) and more.
  • AI helps policy underwriters in drafting custom insurance policies that account for the risk and customer lifetime value of an individual. On the other hand, AI-powered bots can perform high-security authentication while offering access to banking facilities. Similarly, robo-advisories can make personalized recommendations for investment opportunities for wealth creation.
  • PwC states that AI will stimulate global economic growth by $15.7 trillion by 2030. These numbers paint a bright future for the AI revolution.”

Google is doubling down on a powerful new AI tool for Search

  • “Google wants your search queries to look less like a Jeopardy! answer and more like a chat with your friend—filled with the kind of slang and shorthand only a human would understand.
  • To get there, the tech giant is enlisting a powerful AI tool you all might remember: a large language model, specifically one called MUM (multitask unified model).
  • This year, they wanted to do the same thing for queries about the Covid vaccine—so they used MUM to “generate over 800 names for 17 different vaccines in 50 different languages” within seconds, Pandu Nayak, Google’s VP of search, told Popular Science.”