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Artificial Intelligence: Growth Boosting Factor in the New Normal

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Artificial intelligence is getting more and more mature with each passing day. Plenty of modern algorithms and problem-solving techniques are being innovated every day that adds to the power of AI. The past couple of years have also been the most pivotal year in implementing artificial intelligence in day-to-day life because of the Covid-19 pandemic. As per one report by SHRM, 43 percent of the small business owners found new ways to survive in the business during the pandemic. Restrictions imposed forced businesses and customers to go online.


Top 2021 Post-Pandemic Pivots for Retail Stores

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Agreed, the headline is slightly presumptuous, in light of the third wave looming large and governments' globally gearing up for the same. That said, with vaccination drives going on in full swing, mask-mandates being lifted, travels resuming, and offices reopening, people are actually heaving a sigh of relief – a virus of good feeling is rippling across the cities. But, please don't take my word for it! America's leading retail brands have gone on to report that their foot traffic has rebounded earlier than expected, so much so that the numbers might exceed their 2019 sales performance. The point is consumer behavior is expected to upend big-time post-pandemic, partly because some customers might want to pursue their pre-pandemic routines, and mostly because some customers might wish to continue with new customer engagement models launched during the pandemic.


One global hub rebuffed the ecommerce revolution. Now, things are finally changing

ZDNet

The COVID-19 pandemic has been a catalyst for the uptake of online shopping in the Middle East. Historically, the MENA region has been one of the least likely to adopt e-commerce. The continued strength of traditional bricks and mortar retail, coupled with preferences for cash on delivery and in-person relationships with sellers, has meant that online shopping has not been as popular as in many other regions around the world. However, that picture had already begun to alter before the pandemic, with the coronavirus crisis acting as a further catalyst for change. As a result, last year the consultancy firm Kearney revised its predictions for the e-commerce market in the Gulf region (GCC) from $21bn in 2020 to $24 billion.


10 Innovative Ways To Use Artificial Intelligence In E-Commerce

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"AI IS LIKELY TO BE EITHER THE BEST OR THE WORST THING TO HAPPEN TO HUMANITY." The above quote beautifully sums up the impact of Artificial Intelligence (AI) on the human lives in the last few years or so. In fact, as per survey carried out by Statista, the global revenue from AI for the year 2018 was around $482 billion & it is expected that this figure will surpass $3061 billion by 2024. The above clearly tells you that AI is booming right now. Similar to AI, another field which is on the rise is E-Commerce.


How can AI be used to run an online business?

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Fueled by a great increase in online shopping, e-commerce platforms have been utilizing AI to improve the customer experience and optimize their business performance. AI has the power to customize websites for individual users, power chatbots which can understand and respond to complex questions, and get a detailed understanding of business performance. Fueled by platforms like Amazon, which have simplified online shopping and the Covid-19 pandemic, e-commerce has seen a significant rise in the last year with no sign of slowing down. According to the United Nations Conference on Trade and Development, e-commerce increased from 14% of global retail trade in 2019 to 17% in 2020. In a pre-pandemic world, retailers were already utilizing machine learning (ML) tools such as targeted advertisements on mobile devices and experimenting with different ways to incorporate artificial intelligence (AI) into their systems.