AI Articles and Analysis about E-commerce

In a study from Researchscape International, 74 percent of 300 marketers surveyed said personalization in this field has strongly helped their clients or companies in advancing customer relationships. It also found that 54 percent said their clients or companies experienced a 10 percent increase in sales, while 13 percent of marketers surveyed reported a more than 30 percent lift.

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.”