A Startup Raises $11 Million Using Zoom, A Ransomware Maker Gives Money To Charity…And Other Small Business Tech News

“Small businesses are shifting to e-commerce and social media.

A recent survey conducted by Chase Ink asked small businesses to share the changes they have had to make in order to handle the obstacles brought on by COVID-19. 64% of participants said that the changes made in 2020 will continue into next year. The majority of changes made centered around businesses moving to digital processes and 35% of small businesses believe that the obstacles brought on by the coronavirus would have resulted in permanent closures had they not moved business online. 48% of participants said that their use of social media has become vital in their surviving the pandemic. (Source: WWD)”


AI Shopping Apps Are Booming—But Can They Change the Way We Consume Fashion?

“The difference with AI-enabled smart apps is that users themselves are impacting what’s presented to them. ‘This is really: We think you’ll like this based on the fact that you gave us these 65 signals that allowed us to kind of figure out what your style is and what your price-point is and what type of fit you might like,’ says Boyle. ‘That level of complexity can’t be handled in the backend of a site, it has to be handled more dynamically by the technology.’”


Photographed by Acielle / Style du Monde

How artificial intelligence in eCommerce can be a harbinger of next-gen customer experience?

  • “The global E-commerce sales are projected to touch $4.8 billion by the year 2021, Gartner predicts that around 80% of all customer interactions will be managed by AI technologies (without any human agent) by the year 2020.”


Here’s How Fashion Retailers Can Leverage AI During Covid

  • “While retail sales have been recovering since the pandemic hit, fashion is still struggling. A September article from Deloitte found general retail sales have been recovering since they dropped 14.3 percent in April. In July, sales increased 1.2 percent to about $391 billion. However, the fashion sector has suffered more than most, with retail sales down about 20 percent in July compared to February.
  • Since the pandemic began, 47 percent say they’re making ecommerce purchases more than they did previously, according to Cotton’s September 2020 Coronavirus Response Survey.
  • Deloitte’s State of the Consumer Tracker found worries about health due to the pandemic helped fuel a 33 percent surge in online spending in Q2 compared to 2020’s first quarter.”

Here’s How Fashion Retailers Can Leverage AI During Covid

How Home Depot Is Enhancing The Ecommerce Experience With AI

  • “At the recent Data for AI 2020 conference, Khalifeh Al Jadda shared deep insights into how The Home Depot is tackling these existential retail issues
  • Home Depot has built a state-of-the-art sentiment analysis system which automates the process of understanding customers complaints as well as the features that customers like about our products.
  • We have seen lift in the engagement and conversion rates after deploying these advanced data-driven techniques especially when those techniques enable personalized experience.”