How AI taps data to make ecommerce more dynamic

  • “Modern dynamic pricing architectures also analyze real-time data on competitors’ prices and stock collected from websites using web scrapers or robotic process automation (RPA) bots. It evaluates many internal factors, like stock or inventory, KPIs, etc. And also evaluates external factors, including competitor prices and demand, to generate prices that align with a company’s pricing strategy.
  • Price-optimization system: This approach utilizes self-learning ML models without human intervention. It is best suited for airlines, hospitality, and ecommerce industries, where several variables impact pricing decisions. Such an AI-based approach depends on a vast amount of data to impact variables on the price. As more and more data is fed into the AI system for training the model, it self-learns through reinforcement-based methods and automatically tweaks the system’s performance.”

2 Easy Ways to Use Artificial Intelligence at Your Small Business

  • “AI is beneficial for process automation, and it has already helped companies enjoy more efficient operations. Using RPA (Robotic Process Automation), AI can help businesses delegate various administrative tasks that aren’t complex but extremely time-consuming.
  • There is now a deluge of consumer data available for you to collect, analyze, and use for your business’s benefit. However, many businesses (especially smaller businesses) find it challenging to use the data collected. This is because it is challenging to find actionable insights from large amounts of information.”

Report: 91% of professionals say automation tools improve their work-life balance

“According to the latest survey by Salesforce, 89% of respondents said they are more satisfied with their day-to-day jobs after using automation tools, while 76% of respondents said they are more satisfied with their stress levels at work as a result of using automation solutions.”

Report: 63% of millennials approve of automation in the workplace

  • “One of the bigger highlights from the study specifically focused on millennials, the largest generation in the U.S. labor force today, who are increasingly ready to work side-by-side with this technology. In fact, more than a third (35%) of millennials believe humans and machines can work together and 63% believe automation in the workplace is a good thing — especially if used to alleviate certain work burdens.”