AI sets a new battlefield for e-commerce players

  • “But AI is changing all of this, and adding tools which make the arsenal owned by e-commerce companies look archaic. Many malls in India and abroad are already adopting AI services which allow them to learn who the customer actually is.
  • The cameras installed in the malls are performing face recognition, and matching it back to the available database, where very rich and contextual information is stored about the customers.
  • Companies like Inkers are providing advanced retail analytics to offline retain chains which can tell retailers whether the customer walking in is a high-value customer or not, or whether he/she is walking in with the family, or the kind of stores visited prior to visiting their store, or even whether they came in a luxury car or simply walked in.
  • AI is bringing a new battlefield for the e-commerce players and AI analytics are helping offline retailers fight back.

https://www.google.com/amp/s/timesofindia.indiatimes.com/blogs/voices/ai-sets-a-new-battlefield-for-e-commerce-players/

New solution helps physical stores function more like websites

“’Retailers have been in need to make their brick-and-mortar stores function more like websites; connecting touch-points across channels by gathering, interpreting and translating omnichannel analytics into real-world solutions on the sales floor,’ said Oded Edelman, chief digital innovation advisor at Signet Jewelers and president of JamesAllen.com. “We quickly recognized how Mystore-E can help close this gap and we are excited to partner with them.”

Mystore-E, an AI-based retail intelligence solution already operating in top retailers in Israel, recently secured seed funding of $2.2 million, led by Signet Jewelers.”

https://www.chainstoreage.com/technology/new-solution-helps-physical-stores-function-more-like-websites/

Amazon and aieCommerce to impact 7M jobs and 25% of malls (Dr. Tu-Lam Pham)

Overview:

  • How to compete with Amazon
  • Win through direct to consumer model: Casper Mattress, Warby Parker glasses

Keys:

1) Good Value

2) Easy Returns

3) Utilize data – “Data is the new oil”

4) Simple Marketing – Mobile First, Social, Content; “Don’t buy media, create media”

5) Adopt New Tech Early

– Messaging apps are the new internet

– Augmented reality

Fast-forward to interesting points:

7 min – Friction and UX

10 min – Retail jobs eliminated 7M

30 min – Example – Friction in pizza business

https://youtu.be/Kxr0nplICHE

eCommerce and Department Store Productivity

“As is clear from the chart above, online shopping is shattering ceilings. And the disruption runs deeper than productivity, says Stern’s Kleinberger.

  • Big-box stores also aren’t aligned with how younger consumers shop, he says. In a March 2017 eMarketer survey, 78% of 18-29 year-olds said they prefer to shop online.
  • Online shopping has only 9% of the overall retail pie, but some product categories have seen much greater penetration. Amazon has about half the market share for print books, toys and baby products, for instance.”

https://www.axios.com/sears-bankruptcy-ecommerce-amazon-labor-productivity-7b5f360d-6f19-4ab6-86e8-bfb9a08c1dfc.html

Will AI Be The Future Of Retail? – Veronika Sonsev


“Friend envisions a bigger opportunity for AI in retail as an enhancement to customer service associates in-store. “Imagine you’re walking into a Home Depot,” Friend says, “what if you could simply use your voice to ask the Home Depot app where the product you want is located and have it show you exactly where it is on a store map? You could avoid sales associates altogether.” Despite AI’s clear limitations today, as the technology improves and its applications feel progressively more human, its role in retail will only become more robust.”