In just a few years, Artificial intelligence (AI) has successfully maneuvered itself into the daily vernacular of people worldwide. Then, by utilizing newly created AI algorithms to power a fashion search engine and real-time trending feeds, users can stay up to date with the latest in fashion. As we've seen with the Google search engine, deep algorithms that give us more relevant results based on our search terms have changed how we use the internet. By employing AI algorithms, image searches are able to take any given image and pull up a plethora of relevant and useful information through a database of billions of other photos.
More retailers are turning to artificial intelligence to help shoppers find clothes that fit their bodies, budgets, and personal styles. As one of today's hottest technology trends, AI translates vast volumes of retail data into rich, actionable insights so executives can make smart decisions faster. AI has evolved into a strategic asset in retail even as the sector faces overwhelming upheaval. AI guides retailers by delivering fact-based intelligence to help them better serve shoppers. This gives retailers a leg up in a market full of empowered consumers who expect omnichannel excellence, affordable fashions, and personalized marketing.
Jumper.ai is an AI-based platform that enables brands and SME's to instantly auto-reply and engage with customers. Its platform features conversational commerce, live chat, automated replies, bot builder, and abandoned cart recovery. Boxx.ai is a Bengaluru based artificial intelligence startup that helps e-commerce companies increase their conversion rates by displaying the most personalised products for each user. Boxx.ai predicts what each visitor is likely to buy next using its proprietary algorithms. This helps consumer internet companies curate a line of products and extend a highly personalised experience to each of its customers.
Amazon is every online retailer's forbidding nightmare. Last year, it dominated 44 percent of the US eCommerce market and about 4 percent of all domestic retail sales. One Click Retail, an eCommerce analysis provider, explains its dominance with the fact that millennials, Amazon's core demographic, are getting older and starting to spend more. Moreover, advanced marketing capabilities for sellers, developments in Alexa, and pioneering in applications of the hottest technologies make it impossibly hard for smaller competitors to actually… well, compete. Amazon is not only a simple and familiar platform selling everything you can think of -- it's also one of the most innovative players on the market.
When we look down the memory lane with technological viewpoints, things have evolved significantly. Customer data will keep playing an important role in predictive analytics. Businesses have now started relying on machine learning services for analyzing the shopping habits for optimizing the supply chain and personalizing the offers for their customers. While predictive analytics requires humans to find statistical trends in data, machine learning is a subset of artificial intelligence (AI) that uses computer algorithms to find data trends. Computers can then autonomously make predictions based on those trends (or patterns) -- effectively "learning" without being programmed for a straightforward task.