“Huang also introduced Merlin, an application framework for recommendation systems that Huang considers “the most important AI model in the world today,” one that “drives the vast majority of the economic engine of the internet.”
Recommendation systems can decide which items shoppers see in an ecommerce store or personalize results seen on a site like Netflix or Microsoft’s Xbox.
Nvidia also announced limited availability of the Jarvis multimodal conversational AI application framework today. Jarvis will combine graphics and conversational AI to make what Huang calls interactive 3D chatbots. You can see a demo in the video below.”
“AI in eCommerce is booming at such a speed that the revenue of AI is expected to reach $36.8 Billion worldwide by 2025.
“I believe that artificial intelligence is going to be our partner. If we misuse it, it will be at risk, if we use it right it can be our partner.” – Masayoshi Son, CEO, Softbank
The good news is that global eCommerce sales are expected to grow to $6 trillion by 2022.
An excellent example of an AI-based personalized search is the recently updated Pinterest and its Chrome extension. This allows users to select an object in any photograph online, and then ask Pinterest to show similar items using image recognition software.”
“Domino’s uses artificial intelligence to determine its pizza delivery times and, in Australia and New Zealand, to monitor quality. Sephora’s ColorIQ scans shoppers’ skin to provide custom recommendations for foundation and concealer. Walmart’s Intelligent Retail Lab is experimenting with a number of artificial intelligence tools.
‘retailers — except for the top ones — are struggling to find talent for an internal team to bring that kind of data science on board. There is a great push to find solution providers with AI embedded. It basically democratizes the capabilities that AI brings to the table.’
‘Yes, in the long run, Amazon would love to think that everyone is using Alexa to shop but that’s not the real endgame. All the other uses — the queries, the questions, checking the score in the game, the weather — all of that data can begin to inform Amazon’s strategy and choices. It’s not simply about order data but being privy to some of the most intimate queries that customers are making.’”
“What are the top three e-commerce trends you’re watching that are significantly impacting the industry?
Artificial Intelligence: ‘The ability to track and store large amounts of activity and customer data creates a need for a smarter, more efficient way to aggregate and disseminate all of that information meaningfully and actionably,’ said Ford. ‘AI can bring that to the table for e-commerce.’”