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.
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.
From attaching value to paper to make currency notes to attaching value to digital art works that sometimes come in the form of jpegs, the world economy has come a long way. Non-fungible tokens (NFTs) are the new currency for the digital users who invest in cryptocurrency. However, along with the NFT boom, it has also been reported that several artworks are being stolen and sold on NFT marketplaces. This has left digital creators in a fix as their one opportunity to earn money from their work has come under threat. Platforms like DeviantArt, an American online art community featuring artwork, videography and photography have now become a place for online burglars to steal the pieces created by artists which they then sell on NFT platforms.
FedEx subsidiary FedEx Ground has implemented a new AI-enabled robotics system to handle thousands of small packages daily as it seeks new innovations to meet demand in e-commerce delivery. The trial Robotic Product Sortation and Identification (RPSi) scheme, which is up and running at FedEx Ground's station in Queens New York, is in partnership with Berkshire Grey, a developer of Intelligent Enterprise Robotics solutions. Berkshire Grey's RPSi system can autonomously pick, identify, sort, collect and containerise small packages at scale, a process that is traditionally processed and sorted manually. The system can handle a wide array of routine packages, including individual polybags, tubes, padded mailers, and more. FedEx says the new technology will introduce the necessary efficiencies to accommodate the rapid growth in e-commerce, autonomously handling thousands of packages a day and sorting them for onward transit to hubs and stations throughout the FedEx Ground network.
What better time for a "next-generation" version of art to come crashing into the art world than 2021? After all, this is the unprecedented year that saw an explosion of demand and sales of NFTs or non-fungible tokens, which are inextricably tied to crypto-currency and blockchain technology. Specifically, we're now talking about art created by "artficial intelligence"… yes, the machines are taking over art too. In 2018, Christie's sold Portrait of Edmond de Belamy (2018), the first-ever original work of art created using artificial intelligence to come to auction (it sold for $432,500 against a high estimate of $10,000), Inspired by reports of the sale, Ben Kovalis and two like-minded childhood friends from Israel, Eyal Fisher and Guy Haimovitz, launched the Art AI Gallery one year later, in late 2019. It involves collections of curated work made using an algorithm that was created over the course of six months and then refined over the next year and a half.
In recent years, Mexican startups have emerged considerably, so much so that many of them have become benchmarks not only in the region, but throughout the world. The reasons are various, from the enormous talent and potential that entrepreneurs have to exploit new digital technologies, to the geostrategic position that the country has. Another factor that has a favorable influence is that currently in Mexico there are various supports, coming from both the private and government sectors, that promote the emergence of innovative and technological service startups . And it is that for the national economy to continue growing, industries must have businesses that bet on innovation and that implement 4.0 technologies such as: Artificial Intelligence (AI), Big Data, Robotics, Blockchain, Machine Learning, Cloud Computing, among other. From emerging companies That focus on fintech, e-commerce and retail solutions, there are many Mexican Artificial Intelligence startups with a global profile .
Generally, e-commerce websites experience huge traffic on the website during the vacation phase or when there's a purchase on your website. Other business websites experience incoming traffic during business-related events. During such events, you can't just believe the human staff to attend to all the queries and resolve the concerns efficiently. Even your live chat staff wouldn't be ready to help your customers by providing satisfactory communication. Here comes the role of chatbots.