The retail industry is going through a significant
transformation. A growing number of brick and mortar stores are trying to
increase their revenue by turning towards e-commerce
platforms. These are using the latest technologies so that customers can
benefit from a smooth experience.
The retail industry is going through a significant
transformation. A growing number of brick and mortar stores are trying to
increase their revenue by turning towards e-commerce
platforms. These are using the latest technologies so that customers can
benefit from a smooth experience.
Developers have been working on and deploying AI
technologies such as machine learning,
computer vision and reinforcement learning. These have led to the introduction
of new e-commerce products and solutions for various scenarios that strengthen
the retail value chain. Online shopping businesses either operate across
platforms such as Alibaba, Amazon or AliExpress or they are incorporated into a
brand’s official website. For instance, Nike, Tesla and Casper have such web
stores.
The recent advancements in AI and digital technologies have
led to a decrease in e-commerce operating costs. Thus, more retailers are able
to revamp their business to include online shopping services. In 2018,
the global e-commerce market amounted to US$2.8 trillion. This number is
expected to grow by 75 percent to reach US$4.9 trillion by 2021. To have an
idea of the importance of artificial
intelligence, we can take a look at China, the world’s largest
online shopping market. According to research, more than 80 percent of Chinese
merchants have used AI tools in their businesses.
AI is becoming indispensable for the e-commerce market
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