Since the past 4-5 years, we have seen a change in the shopping behavior of users, both online as well as offline. It has resulted from user's reviews and recommendations about the products ranging from fashion to home to technology, all thanks to social websites like Facebook, Pinterest, Instagram and many other global as well as regional social sites. Social commerce is a term, coined by Yahoo in 2005, as a set of online shopping tools that take into account the user liking patterns, sharing reviews, information and advices on products, as per their usages, thus affecting the sales of those products. There are two types of social commerce strategies -- one is offsite where the e-retailer brings in the social angle from external social platforms, separate from their own websites, thus enhancing the sales and second is onsite social commerce platform where the website/platform uses its own channel to enhance sales based on content, context, and reviews etc. AI and ML Tech comes into play after these reviews and recommendations have been provided by the users and then placing the same in front of potential buyers for better decision making. Artificial and machine learning technologies have been used by giants like Google, Microsoft, Facebook, and Apple for more than a decade to enhance their platforms for better user experience which can now be seen to be mandatory adaptation for most of the internet based businesses, not only as it shows better ROI, but also open countless doors for future digital opportunities.
Industries around the world have caught AI fever. Developers around the world have made more ways than ever for the technology to automate, optimize and enable different services. Facebook, Alphabet, IBM, Microsoft, Amazon and other major companies are all working on AI projects, along with numerous tech startups. One such upstart, which leverages artificial intelligence and image recognition in part to enable commerce, is Clarifai. Founded in 2013, Clarifai utilizes neural networks and provides customers with an image and video recognition API.
There is no way to spell "retail" without AI. The power of artificial intelligence (AI) to transform the consumer journey dominated the conversation at Shoptalk this week. In its second year, Shoptalk brought together 5,000-plus players across the full ecosystem to better understand the continuous evolution of how consumers discover, browse and buy in the digital era. AI, which refers to technologies capable of performing tasks normally requiring human intelligence, goes back centuries. The idea of cognitive computing gained steam in the 1940s when Alan Turing suggested that a machine could simulate any conceivable act of mathematical deduction.
Clearly alarmed by shifting public perceptions about facial recognition technology and the potential for state and local governments to impose an outright ban on the use of such technology, tech vendors and other businesses offering facial recognition technology solutions are now mobilizing their forces. They are reaching out to U.S. congressional leadership, urging the House and Senate to re-think any initiatives to impose a "blanket moratorium" on the use of facial recognition technology. And, at the same time, they are rushing to the legal defense of big Silicon Valley tech firms such as Facebook, which is facing a major class action lawsuit in the state of Illinois over the wrongful use of biometric facial data. In one highly public move, the U.S. Chamber of Commerce wrote an open letter on facial recognition technology, which was addressed to the top political leaders in both the U.S. House of Representatives and U.S. Senate. The letter on facial recognition technology urges political leaders to consider all the positive uses of the technology.