Velocity has integrated this latest advancement in artificial intelligence with its existing analytics tool – Velocity Insights. Velocity Insights is India's largest eCommerce analytics platform that is trusted by 3000 Indian eCommerce brands to make informed business decisions. Brands that utilize Insights receive a daily business report on Whatsapp. Further, these brands can also access benchmarks to evaluate their performance relative to other brands in the industry. Velocity Insights currently provides advanced analytics that contains information about an eCommerce business's sales and marketing performance.

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Almost everyone has some kind of contact with artificial intelligence on a daily basis. From using the face recognition function to unlock your cell phone to asking Alexa to play your favorite song. So, whether they know it or not, most consumers are already interacting with artificial intelligence and enjoying its benefits every day. As so many people only have a vague understanding of what artificial intelligence is, it is little surprise to know that its potential goes unrecognized by the public at large. But, one area where the power of artificial intelligence is undoubtedly getting the attention it deserves is the eCommerce industry.

Artificial intelligence is a technology that many people still liken to something from a futuristic movie from days gone by. While to the uninitiated, the words artificial intelligence may conjure up images of humanoid robots, the reality is that AI is already all around and widely adopted throughout society. Almost everyone has some kind of contact with artificial intelligence on a daily basis. From using the face recognition function to unlock your cell phone to asking Alexa to play your favorite song. So, whether they know it or not, most consumers are already interacting with artificial intelligence and enjoying its benefits every day.

Years ago, artificial intelligence (AI) was only exclusive to scientific research. Nowadays, you can also find AI in the eCommerce industry, as it has become an invaluable tool to many companies in the online space. Numerous businesses use AI to reduce operating expenses, improve analytical insights, and stay ahead of competitors. There's no doubt that AI provides many new opportunities for eCommerce, which is why more and more companies adopt this technology. The growth of AI is at a rapid pace.

Ecommerce (electronic commerce) refers to all online activity that involves the buying and selling of products and services. In other words, ecommerce is a process for conducting transactions online. While there are many reasons to start an ecommerce business, there are some amazing benefits you can expect once you get your business off the ground. Ecommerce provides the best in convenience and accessibility. Customers can find exactly what they need, at any time, directly from their desktop or mobile device.

Throughout the years, the range of tools that allow you to leverage machine learning (ML) for ecommerce has grown exponentially. In this article, we're going to take a close-up look at what's required to leverage new technologies such as machine learning (spoiler: without data, it's not going to work!). First of all, let's look at the differences between artificial intelligence, machine learning, and deep learning. When looking at how machine learning algorithms can support your efforts in providing a more personalized experience to your customers, it's important to clarify the different objectives that can be achieved. There are specific use cases for ecommerce ML and ways to achieve each of these objectives by creating personalized and targeted experiences for consumers. A great example of predicting customer preferences is our real-time category prediction model, which is based on real-time visitor behavior.

Artificial intelligence is getting more and more mature with each passing day. Plenty of modern algorithms and problem-solving techniques are being innovated every day that adds to the power of AI. The past couple of years have also been the most pivotal year in implementing artificial intelligence in day-to-day life because of the Covid-19 pandemic. As per one report by SHRM, 43 percent of the small business owners found new ways to survive in the business during the pandemic. Restrictions imposed forced businesses and customers to go online.

You may not have noticed, but artificial intelligence and automation have been transforming the eCommerce landscape in recent years. Seeing as the technologies are relatively new, it will be interesting to see just how much more they revolutionize the world of eCommerce in the coming decades. Automation enables eCommerce business owners to automate certain tasks, which can help to boost productivity and profits; and provide more time that can be spent on other important areas of the business. Artificial Intelligence (AI) is being used in eCommerce in various ways; not least, as a way of collecting and analyzing data, which can then be used by business owners to make better decisions and more accurate predictions. Automation has made eCommerce a more hands-off process for entrepreneurs, concerning various aspects of managing their businesses.

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.