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E-commerce firms to increase AI adoption

Update On :23 July 2016

E-commerce firms to increase AI adoption

E-commerce companies and startups are adopting artificial intelligence as they see bigger picture in its adoption. They are experimenting with deep learning and image search technologies focused on powering fashion e-tailers to simplify catalogue search, drive customer engagement and get higher conversions. 

Ankit Sachan, co-founder of iLenze said that the two big trends prompted them to startup are increasing number of smartphones has eased access to smart cameras, which has triggered increased image-based content on the internet and secondly, realization that the businesses would increasingly need deep learning technologies to understand and analyse visual content to gain valuable insights. iLenze's flagship product Visual Search lets customers in their moment of inspiration.

The technology is inbuilt within the e-tailer's application and helps connect product discovery in the offline world like reading a magazine or on the street to online searches of similar products on e-commerce websites. By making it easier and more efficient for consumers to scan the e-tailer's catalogue, the tech increases engagement and thus higher conversion rates and transactions. Fashion e-commerce players now believe AI will give them a competitive edge above increasing automation and reducing costs.

Sujayath Ali, CEO at Voonik said that if we look at fashion, personalized search is more through visuals than physical data like it is for electronic products. It is extremely critical for marketplaces like us to automate visual search through deep-learning technologies and we need to generate metadata automatically. It helps predict trends to stock up for particular occasions and also to eliminate duplicate products sold by multiple sellers on the platform in a customer's search. It has also outsourced visual recommendation to Chennai startup MadStreetDen.

Delhi-based Staqu Tecnologies is focused on increasing automation in e-commerce companies with its services such as image search, tag generation and real-time recommendation. For e-commerce companies scurrying to reduce costs, automation is the only way out. These startups are also experimenting with other industries wherein AI can see fast adoption to aid e-commerce. Staqu for instance is also running pilots with mobile phone companies such as Carbon, Lava and Panasonic to instill buy mode within the phone cameras using the feature customers can click pics and instantly search for the product across dozens of e-commerce sites.

Bikky Khosla, CEO of Trade India who led the investment in Staqu from Indian Academy of Neurosciences (IAN) said that ecommerce is the low hanging fruit for AI and the biggest advantage is e-commerce being a young industry, adoption could be much faster. But the scope is much higher across multiple other industries, fintech could be the next big play for these startups.

News Source From : http://retail.economictimes.indiatimes.com/news/e-commerce/e-tailing/ai-sees-increased-adoption-by-e-commerce-companies/53313411

Image Courtesy : http://timesofindia.indiatimes.com/thumb/msid-53302636,width-400,resizemode-4/53302636.jpg

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