“Feedvisor, the “AI-first” optimization and intelligence platform for large sellers and brands on Amazon, today released an in-depth analysis on consumer habits and sentiments in a retail ecosystem dominated by Amazon.
- Two-thirds of consumers (66 percent) typically start their search for new products on Amazon
- When consumers are ready to buy a specific product, nearly three-fourths (74 percent) go to Amazon to do so.
- Nearly two-thirds (63 percent) of shoppers who purchase on Amazon daily are likely to get a voice-assistant device (VAD) in the future.”
“The world’s largest retailer is using Jetblack, a money-losing personal-shopping service, to develop artificial intelligence to compete with e-commerce giant Amazon”
“Nandan Sheth, Head of Global Digital Commerce at First Data stated, “Nearly $15 billion in ecommerce revenue is missed annually, because merchants haven’t had a reliable authorization optimization strategy,” “With our new Authorization Optimization solution, we’re providing our enterprise clients with powerful back-end support, fueled by industry-leading data intelligence,” he added.”
“Even Barbie has had a smart makeover. The Hello Barbie toy uses natural language processing and machine learning (both subsets of AI) to listen and respond to a child. Inside Barbie’s necklace is a microphone that records what the child says and transmits it to a server for analysis. Then, choosing from 8,000 dialogue options, the system chooses the most appropriate response for Barbie to say. All this happens in under a second.”
“We are able to increase our test coverage to 95% of the browsers and devices our customers use, while simultaneously speeding up our testing 2X with eureQa”, said Russell Glitman, eCommerce Manager at The Vermont Country Store. He added, “eureQa helped us reduce the number of customer support staff involved in testing by half, so that they could spend more time helping our customers.”
“NexTech AR Solutions ( OTCQB: NEXCF ) ( CSE: NTAR ) is a company focused on bringing next generation, web enabled augmented reality (AR) platforms with Artificial Intelligence (AI) and analytics to the e-commerce, education, training, healthcare, video conferencing and cannabis sector. Having already worked with Cannvas Medtech and Premier Health in the cannabis sector, NexTech recently announced that it has signed an LOI to acquire an e-commerce business that generated USD $1.9 million in revenue and $560,000 in EBITDA in 2018, for the purchase price of $1,850,000 in cash.”
- “’France-based Early Birds’ omnichannel personalisation offering and reach in the French retail market combined with UK-headquartered Attraqt’s onsite search, merchandising and internationalisation expertise, will offer retailers new, integrated shopping experiences and further opportunities for commercial growth.’
- Together with Attraqt, our investment in developing and deploying the best AI-algorithms alongside this newly gained layer of sophisticated search and merchandising will certainly drive new standards for ecommerce experiences for our existing and mutual customers'”
- “Artificial intelligence will again change the way we shop, according to EY’s FutureConsumer.Now research.
- As A.I. bots develop, consumers will be able to outsource the type of shopping which doesn’t excite them.
- Shoppers will no longer have to dedicate their time to repetitive purchases s
- Experimenting with other new technologies will also attract higher footfall: brands from Nike to Ikea are introducing 3D printing in stores, jumping on the demand for personalization.”
- “In the US, for example, ecommerce currently accounts for approximately 10% of all retail sales, a number that’s projected to swell to nearly 18% by 2021.
- Financial analysts predict the retail giant (Amazon) will control 50% of the US’ online retail sales by as early as 2021,
- In order to shift ecommerce from a product-centric to a customer-centric model, ecommerce companies need to invest in unifying customer data to inform internal processes, and provide faster, smarter services.
- Data becomes valuable as it provides insights that allow companies to make smarter decisions based on each consumer
- Data holds the key to this revolution. Instead of trying to force their agenda upon customers or engage in wild speculations about customer desires, ecommerce stores can use data to craft narratives that engage customers, create a loyal brand following, and drive increasing profits.
- With only about 2.5% of ecommerce web visits converting to sales on average, ecommerce companies that want to stay competitive must open themselves up to big data and the growth opportunities it offers.”
“The retail category as a whole will spend $5.9 billion this year on tools like automated customer service agents and product recommendation generators,
while the banking sector is set to put $5.6 billion toward more security-oriented AI uses like fraud prevention and threat intelligence, according to the report.
Total spending from businesses on AI is projected to reach nearly $35.8 billion in 2019—a 44 percent increase from last year—and $79.2 billion by 2022.
More broadly, around 17 percent of all spending will go toward software applications of AI”