AI Articles and Analysis in Consumer goods

Episode Summary: One of most fun parts about doing our geolocation pieces at TechEmeergence is that we are able to interview so many people within a given country or city. Recently we did a huge piece on AI in India. We got to interview folks from the government and the bigger existing businesses, as well as a handful of people at the unicorns in Bangalore.

Forrester surveyed call center business leaders and found that 46% of them expect their business to grow by 5%-10% in 2019. To make this happen, Forrester reports that companies will increasingly explore the use of AI-driven chatbots and voice services.

International Data Corporation reports that the global wearables market continued to grow in the second quarter of 2018 as shipments reached 27.9 million units, an increase of 5.5% year-on-year. This growth translated to $4.8 billion year-on-year for the quarter. Smartwatches continued to be the most popular wearables.

Episode Summary: In this episode of the AI in Industry podcast, we interview Sumit Borar, Senior Director of Data Sciences and Engineering at Myntra, an eCommerce site for fashion, about the current and future state of eCommerce personalization and how the way customers in India purchase products online affects that personalization. Myntra talks about the challenges of bringing dialed-in personalized recommendations to the physical world and the challenges of bringing eCommerce into the developing world.

Reuters referenced an Orbis Research figure estimating the global cosmetics market to be worth around $$805.61 billion by 2023.

IBM estimates that 265 billion customer support tickets and calls are made globally every year, resulting in $1.3 trillion in customer service costs. IBM also referenced a Chatbots Magazine figure purporting that implementing customer service AI solutions, such as chatbots, into service workflows can reduce a business’ spend on customer service by 30 percent.

By implementing an immersive virtual-reality environment, some AI applications claim it is possible to test products or retail ideas that have not been brought to on the market, putting them on a virtual shelf to study consumer reactions and behavior to real-time merchandising.

AI is finding itself in the physical retail space by way of augmented reality, or AR. Research and Markets estimated the size of the AR in retail market around $1.155 billion in 2018. As of now, numerous companies claim to provide AR support to shopper experiences in a variety of industries, including automotive and fashion.