If you are active on any of the digital platforms these days, especially the social media platforms then you would have definitely come across product/ service upselling by multiple brands on your page. These product recommendations, for instance, are driven by Artificial Intelligence (AI) technology.
Companies have gone full throttle with AI implementation in their backend programming, with the help of automated technology, processing large amounts of data within few minutes to provide business-based insightful information. AI has already changed the landscape of the e-commerce sector in India.
Using natural language processing to narrow, contextualize and basically improve the search results for the online shoppers to create a better shopping experience, AI is creating a strong competitive edge for businesses driven via e-commerce. AI tools have been developed to create aggressive re-targeting campaigns, thereby not missing any prospective customers. From helping identify a prospective customer, to answering online queries, conversations via chatbot, and re-targeting, AI-driven e-commerce is the future, which is happening now.
The pandemic situation created by Covid-19 has given a big fillip to the e-commerce sector in India. From buying groceries, medicines to home appliances, there has been tremendous growth in this sector which now has become the new normal. Many big leaders have disappeared from the market while many digitally transformed their businesses. Digital agility created by such transformations and enabled further by AI is going to improve the product offerings, service delivery and bring up the satisfaction score of the consumers. The e-commerce industry has started accelerating the technological revolution and started establishing its presence in the virtual world where we have seen more launches of websites, applications, and other digital portals which are AI-enabled.
The virtual world never shuts down and is open 24x7 and customers can now shop any day, at any time as per their convenience, and expect availability and dedicated service from the organization’s customer support team. AI is an important way to deliver the attentive 24x7 service that shoppers now expect.
With predictive marketing at the fingertips, AI-powered platforms are able to forecast buying decisions by observing their buying patterns and evaluating the consumer buying journeys. With advanced features as voice or facial recognition, interfaces help in understanding the customer better to push products which induce buying, post understanding user experience. With real-time data being made available the personalization of these online purchase are made available and easy to track.
Supply chain management has become a vital strategic opportunity to keep organizations competitive and this statement has taken even more precedence due to the pandemic. Since the e-commerce sector has a tremendous dependency on robust supply chain management, AI technology facilitates delivery to the consumers as per the dedicated time. In supply chain delivery, every mile and minute matters, therefore automated systems have accelerated traditional warehouse procedures. The details of the customers, drivers, and vehicles have been submitted to the machine, which then uses algorithms to create the most optimal routes and thus make timely delivery. Inventory management has become more complex due to real-time pictures of the available items in the inventory. With the help of AI, it delivers many advanced solutions to inventory managers and allows them to manage the process more efficiently.
AI and e-commerce is match-made in heaven and AI in e-commerce offers umpteen benefits in building a robust business eco-system and will be the only way e-commerce companies can survive, grow stronger, and remain competitively ahead.
In a spirited discussion on AI and the retail industry, Puneet Chandok, President of Microsoft India and South Asia delved deeply into India's role in transforming the world through Artificial Intelligence and technology enablement. He discussed Microsoft's commitment to India, not only in training Indian talent but also in leveraging it.
On Monday, Prime Minister Narendra Modi had praised the Tech Entrepreneurs Association of Mumbai (TEAM) for hosting Mumbai Tech Week and their ongoing involvement in building tech startups in the country. During a panel discussion with Haptik CEO Aakrit Vaish at Mumbai Tech Week, Puneet Chandok, President of Microsoft India and South Asia, emphasized the transformative impact AI could have on various aspects of daily life.
Chandok stated, “When we look at India through the lens of demand, supply, and impact, there is no other market like India today. There are 7,000 listed companies in India and one hundred thousand startups. Many startups are in Maharashtra, and one hundred new startups are emerging in India every day. India is the largest SMB market globally, making it one of the most exciting markets today.”
He further added, “When we look at the supply lens and examine Microsoft's data, one out of four projects on AI in GitHub today is run out of India. Every sixth AI researcher in the world is from India. In the next ten years, 25 percent of the global workforce will come from India, meaning every fourth worker in the world will be from India.”
Discussing the growing influence and power of Artificial Intelligence, Chandok mentioned, “Last night, my 12-year-old daughter was creating text-to-video, and she told me that AI will change her life. She is an artist; she draws and paints. This also indicates how the younger generation perceives AI.”
Expanding on this, Chandok continued, “People will stop searching and instead have conversations. I have stopped searching myself; in fact, I was conversing with my Copilot to understand what is happening at the event and what I should speak about. We have shifted from searching to genuine conversations. This is not just chat drama anymore. These are sophisticated engines providing reasoning within.”
Regarding his personal perspective, Chandok remarked, “People say AI is overhyped, but I think it's not hyped enough. The next generation, which will use this in the next few years, will have much higher expectations of what technology can do for them. So, how you build it for that generation, how you build it for that future, will be really interesting to see."
Chandok also emphasized that those who do not embrace AI, risk falling behind in the rapidly evolving technological landscape. He encouraged Indian developers to seize the "lifetime opportunity" to become unstoppable by learning to use and deploy AI effectively.
He concluded, “If you are not learning AI, you are falling behind. I myself spend 30 minutes a day to learn more about AI. Technology is changing every day, and it has been 15 months since ChatGPT was launched. The speed of technology diffusion is unlike anything I have seen in my life, and it is advancing very rapidly. My call to action for everyone is to find a way to learn, otherwise, we will all fall behind.”
Copyright © 2009 - 2024 Franchise India Holdings Ltd