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.
Many industries are utilizing AI. However, in this paper, we look at its applications in the aerospace, fintech, autonomous vehicles, and health care industries, where better AI hardware, software, solutions, and services are creating many opportunities. Data integrity, privacy policies, decision system guidelines, and holistic regulations are continuously evolving in these industries. This ecosystem is now ripe for service providers and system integrators to play their parts, with AI adoption achieving appreciable return on investment. Key applications of AI in this space include optimizing operational efficiencies, assuring robustness of systems, data and image interpretation, and human augmented decision-making. Other applications include automation of processes and workflows, better compliance, improved performance, and reliability platforms, unmanned derivative systems (in finance) and digital and virtual assistants. Figure 1 summarizes AI's importance across the four industries discussed in this paper.1-36 The primary drivers of AI are data privacy, security, cost, risk, authenticity, guarantee and improved decision systems. Each driver has its own specific impact and relevance from a business adoption and operations perspective. The driver ensures that applications will have business significance and are attuned to regulations, while having close association with global and geography-specific ecosystems. Also, the drivers ensure quicker adoption to enhance operational efficiency, without compromising on the end-user experience. Regulatory and government bodies play a vital role in assessing and formulating guidelines for adopting AI in the business value chain.
"I want to write about people I love, and put them into a fictional world spun out of my own mind, not the world we actually have, because the world we actually have does not meet my standards." What do we talk about when we talk about science fiction? Science challenges us to imagine the world differently. Fiction invites us to imagine other selves in other lives -- and, like science, challenges us to imagine the world differently, or other worlds entirely. Technology is in some sense a blend of the two, turning scientific concepts and innovations into tools that improve or enhance human lives.
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.
Financial services can benefit greatly from this technology, so let's talk about the different ways that IoT affects banking and financial decisions. IoT does serve a great purpose in the financial industry. In 2018, IoT spending in the banking and finance industry averaged roughly $153 million. IoT has already positively impacted the financial sector and will only continue to in the future. IoT saves financial companies a lot of time and money by gathering and transferring data.
Today's world is changing at a breakneck speed. What were once science fiction words have now become natural world realities? In the case of AI, the situation is similar. Artificial intelligence, or AI, has completely changed the industrial sector. Whether it's education, fintech, e-commerce, or even conventions, AI has had a profound impact on every industry.
Artificial Intelligence (AI) has taken a major role in acting as the main driver of upcoming hi-tech future in the world. It is shifting the information age to a completely new digital domain where upgraded machines help to solve critical decisions and assist in diverse sectors of a country. The banking and financial sector is very keen in investing in AI to protect their customers against the competitors in this market. Thus depending on the current scenario, Goldman Sachs, a leading American multinational investment bank, is betting on AI to dive growth in the economy. It has a fund of $72.5 million exclusively for the investment in Artificial Intelligence algorithms and data analytics.
It really doesn't matter whether you are a retail or institutional investor. Both need the skill to predict a bit the future to make the right choices in their portfolios. Of course, assuming all investors have the core goal to have a higher growth rate than the market average, as otherwise, it would be sufficient to go with an S&P 500 ETF. The only way to achieve this high yield is by making the right choices when selecting a stock. Based on this result, the ones who want to outperform the market need to allocate capital accordingly.