How artificial intelligence gives ecommerce a boost

  • “Artificial intelligence (AI) is not only a tool to help improve the user experience and increase customer satisfaction, it can also facilitate payment management and detect potential fraud.
  • The data also reveals that during the first three months of the pandemic, 4 percent of these consumers were new to online shopping in general and 8.3 percent used online shopping for the first time to buy food products.”

How Can AI and ML Transform the Way We Read and Understand Data?

  • “A superb example of how AI can allow personalization in business operations can be found in the case of Starbucks. The global coffee chain brand designed 400,000 different types of emails created based on the data of individual preferences, tastes, and choices.
  • The most important aspect of AI in making an impact over A/B testing is that it leaves no scope for vague assessment or guessing. The data-driven insights guiding the A/B testing is more possible now as website cookies provide clear insights concerning user behavior.”

How Small Businesses Can Leverage AI to Battle Bigger Competitors

  • “In fact, 54 percent of executives have said that AI has already increased their business productivity. Charlie Burgoyne, founder and CEO of Valkyrie, an Austin-based AI-consulting firm, believes that the technology is particularly critical for up-and-coming startups to help reduce burdensome operations.
  • A recent MIT Technology Review Insights survey of more than 1,000 business leaders discovered that 87 percent of respondents have begun deploying AI in their business, with most implementing various programs to improve customer service.
  • 96% of marketers agree that efforts to personalize a business transaction or experience will help to advance the customer relationship.”

Most Financial Marketers Failing to Leverage Data and AI

“When we asked how adept financial institutions were in using AI to determine next best action/offer for customers or prospects, more than 75% of all banks and credit unions said they were “Not Adept.” While it was not surprising that 78% of the largest organizations thought they were either “Adept” or “Moderately Adept” at determining what to proactively offer customers using AI, it was surprising that organizations with assets between $1 billion and $50 billion consider themselves to be so much worse.”

Nvidia CEO Jensen Huang: Merlin will power ‘the most important AI model in the world’

  • “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.”

Image Credit: Khari Johnson / VentureBeat

Nvidia CEO Jensen Huang: Merlin will power ‘the most important AI model in the world’