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Ecommerce & Artificial Intelligence

Increased collaboration between Ecommerce companies and AI solutions providers is already underway. Home grown AI startups are striving hard to enable their patrons provide best experience to their consumers. Ecommerce players are trying to capture significant portion of consumer spending through an intelligence mix of Marketing, Merchandising and Technological Tactic. Indian consumers are already embracing Ecommerce with great zeal. It would be fool hardy for Ecommerce players to serve the ever-growing customer base without bringing in disruption through AI.

Why Artificial Intelligence cannot be ignored?
  • Ever growing consumer demand and experience will drive innovation (to stay ahead) in this space.
  • Becoming an AI driven retailer has led to 75% reduction in cost per social click in recent trials.
  • Footasylum, a leading fashion street wear has experience 28% increase in email campaign revenue from hyper personalised communication – all based on AI.
  • Keeping stock of what you know is needed and not what you think is needed – effectively addressed by AI.
  • It is difficult to integrate cognitive projects with existing processes and systems.
  • AI technologies and expertise are expensive.
  • Managers do not understand that how AI | Cognitive technologies work.
  • Lack of Business Alignment: Identifying business cases for AI applications requires managers to have a deep understanding of AI technologies – potential, limitations and the current process of their division.

Artificial Intelligence - The New Sampling Strategy

A large Ecommerce company is already bringing the old school “Customer Sampling Strategy – Survey” powered by Artificial Intelligence and Machine Learning to know what products will sell?
From the existing data, through machine learning the company identifies what products the customers are most likely to buy. The company sends samples to these customers mostly – luxury cosmetics, nutritional products, gourmet snacks, pet food and more. These customers later buy these products.

Basic AI applications in Indian Ecommerce space exist, however the players need to take it to next level in order to be able to compete against global Ecommerce companies. One of the significant challenge’s is breaking the language barrier. Deepening engagement with shoppers in local languages is imperative. Most of AI solution providers are AI Washing companies as do not have apt skills and knowledge to effectively make an AI tool for their patrons. Hence it is of great value, that the current workforce is upskilled to latest AI technologies.

Advantages of an upskilled Workforce

  • The upskilled workforce will be easily able to identify the right cases for implementation of the AI tool, in line with the business objective.
  • They will be easily able to implement Personalisation 2.0 as they have in-depth knowhow of the internal processes and how AI would be able to minimise no. of customer clicks leading to higher conversions.

How Can SkillUp Technologies help you leverage Artificial Intelligence?

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