As we all know, technology is playing its cards right in changing the present-day business scenario, with Artificial intelligence (AI) becoming the "not-so-hidden" ace here. From picking out valuable details from the mountain of big data to utilizing that information to empower the process through intelligent, machine-learning bots, AI is already bolstering sales efforts. And there's so much that this maverick aid can do, through the following ways: The Internet has become a wizard of sorts which can predict your demands based on the requirements you have put. This is due to the adoption of Artificial Intelligence (AI). Deep learning algorithms have already started working their bit to forever uplift the world of automated ads, to that extent that they can now predict the online behaviour of an average user.
Bengaluru: Online retailer Amazon India is fast increasing the adoption of machine learning technology in order to cut product returns, improve the speed and accuracy of product deliveries, provide more relevant search results and improve efficiency in other areas of its business. Inc. is one of the global leaders in artificial intelligence and machine learning technologies, along with the likes of Google, Facebook Inc. and Microsoft Corp. In India, the company has been relatively slow in using machine learning, mostly because it launched in the country only in June 2013. Now that it's accumulating increasing quantities of data on customers, the company is increasing the adoption of machine learning in its business. "There are a lot of problems that are India-specific where you need machine learning," said Rajeev Rastogi, director, machine learning at Amazon India (Amazon Seller Services Pvt.
Wal-Mart's chief technology officer, Jeremy King, points out that this is a task humans aren't very efficient at doing. "If you are running up and down the aisle and you want to decide if we are out of Cheerios or not, a human doesn't do that job very well, and they don't like it," he said. The robots are 50% more productive at scanning shelves and can complete the task three times faster than employees, while being much more accurate. Currently, associates can only scan store shelves twice per week.
PSFK's AI Retail Playbook, a collaboration with Microsoft, outlines AI's contributions to the customer experience With the rise of e-commerce titans like Amazon, today's retail landscape is built on a digital foundation--and words like AI, data, personalization, convenience and unified commerce are the new competitive advantages. As a consequence of this digital ecosystem, consumers have an entirely new set of behaviors and expectations when it comes to shopping. With on-demand services like Amazon Prime offering next-day delivery and 24/7 gratification, shoppers have a much higher bar than their coupon-collecting and bargain-hunting predecessors. They not only consider convenience and flexibility absolute musts, but also crave personalized service and experiences. As offline and online retail converge into a single, seamless channel, AI-powered experiences will become essential for retailers to meet their customers' needs, no matter when, where and how they choose to shop.
Several new innovations that change the way retailers manage inventory and consumers purchase products were on display at the National Retail Federation's annual trade show, The New York Times reported. The convention floor included displays of alert systems programmed to identify heavy-spending customers, smart shelves that can track inventory in real time and robots for supply chain applications. During the three-day event, retail industry leaders discussed artificial intelligence, Big Data and automation. Drawing more than 600 exhibitors, the convention featured sessions with leaders from Walmart, Best Buy, Neiman Marcus and other big-name merchants. According to technology on display, certain consumers will soon be able to test-drive or purchase vehicles without any human contact, using their mobile phones at a garage that doubles as a vending machine.
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Online retail king Amazon has announced that the Alexa-powered Echo, Echo Dot, and Echo Plus devices are coming to Australia. Alexa, an "intelligent" personal assistant that makes use of machine learning and artificial intelligence, will feature a new voice for the Australia and New Zealand edition, as well as local knowledge and skills built by Australian developers. Cloud-powered Alexa is designed to be always on and woken with a voice command. Alexa can perform web searches, create calendar events, and play music, among other things. "Tens of millions of customers are already using Alexa, and today we're excited to bring her to Australia with a localised experience designed for our Australian customers," Amazon Devices & Services senior vice president Dave Limp said in a statement.
Walking up and down aisles of a retail store, scanning row after row of products to help keep track of inventory is one of the most tedious and time-consuming tasks store employees endure, and most dread the assignment. This is especially true for a company like Wal-Mart Stores (NYSE:WMT), which can have as many as 200,000 products lining its shelves. The cost of not completing this monotonous chore can be high. Every out-of-stock item can result in a lost sale for the retailer. This is particularly critical as brick-and-mortar stores contend with the rise of online shopping from the likes of Amazon.com
In the 2006 film, The Devil Wears Prada, actor Meryl Streep who plays Miranda Priestly, a powerful fashion editor, gives her new assistant a dressing down for not understanding fashion. She tells her that fashion is whatever a select group of designers say it is. But what she fails to anticipate is how these czars of style will one day be challenged on their own turf by another set of fashionistas: machines. As artificial intelligence (AI) pervades almost every field today, lines of an algorithm are now sashaying down the catwalk. India's fashion and retail industry too have started to rely on the power of machines to come up with the latest styles.
Despite the record amount of brick-and-mortar stores announcing closures in 2017, the National Retail Federation claims the industry isn't dead at all and in fact it's on the verge of a turnaround with more jobs and innovation expected by 2020. "I think there will be more jobs that will be opened than there are now," Cristina Cersoli, NRF senior vice president for retail strategy told FOX Business on the future of industry. "We're already seeing more jobs in advanced analytics and artificial intelligence." On Sunday, the National Retail Federation revealed its new Innovation Lab to retailers that showcased what shopping will look like in 2020. The new retail experience features new advancements in augmented reality, artificial intelligence, machine learning, facial recognition, big data and robotics.