The Transform Technology Summits start October 13th with Low-Code/No Code: Enabling Enterprise Agility. Constructor, a San Francisco, California-based ecommerce personalization startup, today announced that it raised $55 million in a series A round led by Silversmith Capital Partners. The funding, which brings the company's total raised to $61.5 million, will be put toward product development, hiring, and go-to-market efforts, according to CEO Eli Finkelshteyn. Online commerce conversions are well behind in-store -- the average online shop sees less than 3% in conversions. But even though $4.2 trillion was spent on ecommerce platforms in 2020 alone, few ecommerce retailers have invested in a digital merchandising strategy.
If you've found your way to this blog, there is a high probability that you're a tech savvy individual who has made use of eCommerce services in your lifetime,and more so in the pandemic stricken past one and a half years. You might have used a variety of apps to get stuff right to your door-step (Clothes, shoes, grocery, food delivery etc) just by the use of one finger, while using the other 4 to hold your device. Or you might have used a laptop/desktop(about 50% of online traffic still comes from desktops) if you prefer a bigger screen experience. Fun fact- the first transaction of the internet was to arrange cannabis sale between students at Stanford Artificial Intelligence Laboratory and the Massachusetts Institute of Technology in 1972. What I want to focus on in this blog is retail eCommerce, and how analytics can help bring more value to the business.
Today, the eCommerce business has entirely revolutionized retail. It has significantly influenced the buying behavior of customers across the globe and pushed retailers to sell online owing to the tremendously rising competition. According to Statista, 21.8% of the World's population buys online, and in 2021, the number is expected to rise to over 2.14 billion. Logistics is an indispensable part of the eCommerce business and plays a major role in the way the industry operates. AI-backed logistics solutions in the eCommerce business are evolving with growing business requirements and are acting as an important lever for business growth.
AI has become intertwined with every aspect of our lives. Each one of us is currently using this technology in one form or the other. From personal digital assistants like Siri, google assistant, Alexa, to self-driving cars, it's being used very widely. The use is increasing on a daily basis in fast growing sectors such as healthcare, finance, e-commerce, and manufacturing. Also, businesses like Swiggy and Zomato, which have invested heavily in AI over the past couple of years, have witnessed the power of technology to both sustain and increase growth.
What the marketing world witnessed in April 2020, was an unprecedented rise of eCommerce retail sales in North America by triple digits. And, Statista reports that in the same 2020, more than two billion people bought their products from eCommerce stores, with global e-retail sales of over $4.2 trillion. While this is big news for eCommerce stores, an unfortunate incident is that the amount of returns purchasers make may go over a trillion dollars a year if care is not taken. The main reason for this is that most eCommerce shops have not been able to create size charts, so we have sizing problems plaguing e-commerce stores in a lot of ways. The basis of sizing issues eCommerce stores face is that they are outlets and usually get their products from different manufacturers across the globe.
Co-Founder & CEO of Agara, driving autonomous conversations and helping top brands connect with customers using voice AI to improve CX. Over the last decade, it has become hard to imagine retail without e-commerce, thanks to the endless digitalization of everyday activities and the unprecedented use of mobile devices. More than 2 billion people made online purchases in 2020, and e-retail sales totaled over $4.2 trillion globally. Close to 70% of all retail website visits in 2020 were made from smartphones. Mobile integration is shaping the shopping experience of the world.
Computers understanding human language is a fascinating area and has piqued interest since the 1950s. This could be because human expressions are very varied and possibly the advancement in algorithms has yet to catch up with the human evolution of language and its context. One key area where NLP is extensively used is eCommerce. Reviews are a significant part of online buying cycles today. Though the "vocal minority" is few, the number of users who are impacted by reviews is significantly large.
Fetch AI, a British artificial intelligence lab with the goal of building an open-access decentralized machine learning network for smart infrastructure, has launched Fetch NFTs (non-fungible tokens). The Colearn Paint platform will allow 100 exclusive designers and collectives to use the new collective learning paradigm to mint cutting-edge AI non-fungible tokens in an industry first (NFTs). In an industry first, it is intended that the works produced would be unique abstract compositions that will jointly facilitate ownership of randomly generated pieces of art built by a trained machine learning system. CEO, Humayun Sheikh, explained how the new platform would aid in the delivery of a future powered by collective learning frameworks. NFT platform is unique in that the true artist behind each NFT is an art model rather than a human.
Imagine a robot riding the elevator up your tower block, knocking on your door, and delivering the package you ordered an hour earlier: That's the future of e-commerce in China. Tech giant Alibaba Group sees a fleet of robots as a fast, reliable and relatively cheap way to fulfill the burgeoning demand for online shopping across China, the world's largest consumption market. In a big step towards hitting this goal, Alibaba is deploying 1,000 delivery bots across Chinese university campuses and urban communities this year. The bots, called Xiaomanlv or "small donkey" in Mandarin, can deliver about 50 packages at a time and as many as 500 boxes in one day, covering 100 kilometers on a single charge. The bots pick up parcels at a local courier drop-off point and make their way to your building, trundling along sidewalks and in bicycle lanes.