Retail
Stitch Fix Uses Algorithms, Machine Learning To Dress Its Customers Sci-Tech Today
At least, that could be the case if the fashionista is a customer of one of several services that offer fashion delivered on demand, such as San Francisco-based startup Stitch Fix. Using data analysis software and machine learning to match users with personalized clothing choices, Stitch Fix is ushering the fashion industry into the age of Big Data. For customers who don't pry too closely into the startup's inner workings, the service is intended to feel like magic. "All they're seeing is they order a box of clothes, and presto -- it appears," said Eric Colson, Stitch Fix's chief algorithms officer. Companies in a variety of industries are relying more heavily on data to provide personalized recommendations -- think Netflix using algorithms to find movies or TV shows users might like, or Amazon suggesting additional purchases based on what's in someone's cart.
As Amazon's 'Alexa' Shines At CES, Jeff Bezos Gets $1.3 Billion Richer In A Day
The fortune of Jeff Bezos, founder and CEO of Amazon, rose by $3.8 billion in the first week of 2017. The new year has just begun, and Jeff Bezos' net worth is already up almost $4 billion. Coming off a difficult three-month stretch in which Amazon lost more than 10% of its value, the company's stock is once again surging. Between Monday morning and Friday afternoon of this week, Amazon's share price rose by nearly 4%, closing at $795.99 per share at the end of normal trading at 4 P.M. EST Friday. For Bezos, who owns more than 80 million shares and whose personal fortune is almost entirely tied to the business, that increase has led to big personal gains.
4 Realities Retailers Face in 2017: Digital Transformation, AI and More
To remain competitive this year and beyond, they'll need to embrace many new realities. Already, retailers are growing more skilled at providing the right customer with the right message -- and offers -- at the right time to generate the best results across sales and distribution channels. Both stores and online shops are growing more empowered with data and a more personalized understanding of customers, gaining better understanding of customer preferences, and better leveraging tools and technologies to become truly customer-centric organizations. And yet, there are still obstacles to address and new paradigms to understand, as these five retail and ecommerce experts attest. "Digitalization is massively changing all businesses in 2017. Retailers, both B2B and B2C, will have to deal with changes in the way their customers buy, communicate and search for information about products. "When organizations think about digitalization, they consider their marketing and sales processes, develop roles, analyze user journeys and optimize web sites.
How To Ask Alexa To Reorder Meals From Amazon Restaurants
The new Alexa feature allows customers to order from any restaurant available on the service by saying, "Alexa, order from Amazon Restaurants," and have any meal delivered to their door in under an hour or less. Amazon Prime members can ask Alexa to reorder from Amazon Restaurants simply by saying a restaurant name or a cuisine type. For example, you can say "Alexa, order sushi from Amazon Restaurants," The service will then pull your order from a specified restaurant or cuisine type and lists different meal options that are currently available for reorder. Once you select a meal it will then delivered to your default address. "Customers now have a hands-free, hassle-free way to reorder any meal from Amazon Restaurants using their voice to get dinner on the table," said Gus Lopez, general manager of Amazon Restaurants at Amazon, in a statement.
Amazon email scam could cost up to £750 - here's what you should look out for
Amazon customers have been warned they could lose hundreds of pounds if they fall for a "convincing" fake email scam. Action Fraud, the UK's fraud and cyber-crime centre, said the spoofed emails from "service@amazon.co.uk" claims recipients have made an order online and mimic an automatic customer email notification. The number of people who have been sent the fake email is unclear, however Action Fraud said it had received several reports about the scam. The email claims shoppers have ordered products including an expensive vintage chandelier, Boses stereos, iPhone's and luxury watches. In order to get a shopper's financial information, the email cleverly states that if the recipient didn't authorised the transaction they can click on the help centre link to receive a full refund.
How is Artificial Intelligence shaping the Future of Ecommerce?
Few industries are as competitive as ecommerce. Not only are online retailers competing with other online stores and brick-and-mortar locations, but also the overall noise that is the Internet. We live in a world where consumer attention span is getting shorter and shorter: 40 percent of people abandon a website that takes more than three seconds to load, and the average shopping cart is abandoned more than 68 percent of the time. It's hard to find an ecommerce site that is not constantly scrambling to engage more and drive more sales. Technology is finally helping with those efforts in a big way.
Yes, Your Company Needs a Chief AI Officer. Here's Why.
Artificial intelligence, or AI, seems to be the most buzzed-about topic in technology lately. It's helping display the right ads within your social network, recommend the next product to buy from your favorite online retailer, and--soon--direct your autonomous car around town. In other words, every Fortune 500 executive should be thinking about how best to use AI within his or her own company. Baidu chief scientist Andrew Ng, speaking at a Fortune Brainstorm Tech dinner at The Bellagio in Las Vegas, believes CEOs should go further. "You need a chief AI officer," Ng told Fortune assistant managing editor Adam Lashinsky. "If you have a lot of data and you want to create value from that data one of the things you might consider is building up an AI team."
Scaling up robo-advice: Lessons from online supermarkets
Note the similarities between this business model and an online supermarket (online retailers). Discounting other factors, such as distribution logistics and differences in regulations, the fundamentals are the same: a commoditised online offering with no'human touch' at the point of sale. Even consumer demographics are similar – young, tech-savvy professionals, looking for cheaper, easy-to-use and anytime/anywhere self-service options. Online supermarkets use extensive segmentation analysis and branding to acquire and retain customers. A seamless integration of data, analytics and technology enables a personalised shopping experience.
5 Ways Amazon Will Disrupt Commerce Before Amazon Go Comes To Your Neighborhood
Inc. surprised some with one of its next-gen commerce announcements. Amazon Go, which promises to eliminate the checkout altogether, generated headlines in mainstream media and prompted some to contemplate the potential demise of retail as we know it. Lost in all this hype is the fact that the brick-and-mortar apocalypse is no more likely today than it was before Amazon's recent endeavor. Of course, Amazon, which is the world's largest internet retailer, has set the standard for commerce reinvention with fast delivery, near-invisible payments and other perks tied to its Amazon Prime membership platform . Amazon has outpaced the rapid growth of digital commerce in the retail industry globally, increasing its own market share from 12% in 2011 to 19% in 2016, according to the latest data from Euromonitor International.
Is Fashion Ready for the AI Revolution?
If artificial intelligence has its way, discounting could disappear, thanks to software that tells retailers exactly what and how many products to buy, and when to put them on sale to sell them at full price. Online shopping could become a conversation, where the shopper describes the dress of their dreams, and, in seconds, an AI-powered search engine tracks down the closest match. Designers, merchandisers and buyers could all work alongside AI, to predict what customers want to wear, before they even know themselves. In the last few years, a trifecta of cheap, ubiquitous, powerful computing; big data; and the development of deep learning have triggered a revolution in artificial intelligence. The computing devices that now fill our everyday lives generate large data sets, which "deep learning" algorithms analyse to find trends, make predictions and perform specific tasks, such as identifying specific objects in an image.