AI Articles and Analysis about E-commerce

In 2013, a McKinsey report noted that over 85 percent of Amazon sales revenue was generated from personalized recommendations. Since then, the use of personalized recommendations has grown. On average, today’s personalized recommendations account for 27-percent of retail site revenue, according to a recent Salesforce report. 

The fashion industry has grown at 5.5 percent annually in the past decade, according to the McKinsey Global Fashion Index, and in 2016 was estimated to be worth $2.4 trillion.

In recent years, artificial intelligence has enabled pricing solutions to track buying trends and determine more competitive product prices. While static pricing keeps prices absolute, dynamic pricing adjusts prices to offer customers different prices based on external factors and their individual buying habits.

In 2015, fraud losses on credit, debit, and prepaid cards issued worldwide reached $21.84 billion, according to a Bloomberg report. By 2020, Bloomberg predicts that this could grow by a rate of 45 percent.

Using Amazon.com makes it seem like eCommerce search just “works.” Type in the title of a book (“The Catcher in the Rye”), a general description of apparel (“red rain boots for kids”) or electronics (“green Playstation 3 Controller”), and you get what you were looking for.

Episode summary: In this episode of AI in Industry, we speak with Khalifeh Al Jadda, Lead Data Scientist at CareerBuilder, about the applications of machine learning in improving a user’s search experience.

A 2017 Nielsen report titled “Young and Ready to Travel (and Shop)” revealed that the millennial generation travels more than any other generation, including Baby Boomers. The report suggests that, unlike previous generations, the travel industry will need to shift in order to cater to the millennial’s unique preferences and “lack of predictability.”

Episode Summary: Over the last couple of years there has been a definite but small shift from mobile as the primary interface focus for businesses to voice. With home assistant devices like the Amazon Echo and the Google Home becoming more commonplace, we aim to focus on how voice based AI applications are being used by businesses today and what this adoption will look like in the future.