Artificial Intelligence or AI is considered as the most dominant technology in the eCommerce industry, it takes the eCommerce sector to the next level.
It is changing the way we think about eCommerce by helping brands reach out to customers in personalized ways.
Today lots of e-commerce businesses are using AI to better understand their customers, definitely, it helps to generate new leads and provide an enhanced customer experience.
Artificial Intelligence is the kind of mechanism that is intelligent and capable enough to perform tasks and function on their own.
The machines that assimilate AI are designed in a way that they can think, understand and perform faster than the human interface.
AI has revolutionized the e-commerce Industry. A few examples are listed below.
AI Assistant/ Chatbots
Most eCommerce sites provide 24/7 support through AI assistance/ chatbot. These chatbots understand and reply to customer’s queries and give them a proper solution/ assist them on their issues. Google Assistant is well-known chatbot for assisting cell phone users.
Several online shopping sites have chatbots functionality to help people make buying decisions. These machines chatbots communicate with the user or visitors by using either speech or text.
ECommerce sites can drive consumers to engage in a CHATBOT experience, on top of popular social messaging applications like Facebook Messenger, so that a company can re-engage the consumer in future commerce.
These AI technologies will fundamentally change the way we engage in online commerce. Moreover, for companies, the don’t have to rely always on Human Resources when it comes to engaging with customers.
Product Recommendation Engine
This software analyzes the customer behavior on your site and accordingly recommends products that a customer might be interested in.
This Product recommendation is visible to customers on your site, by email or banner ads. It is found that this software is most important for improving eCommerce sales.
A virtual assistant with good customer service skills can answer customer questions via phone, live chat, email and on social media.
It can handle processing your company’s orders including order entry, shipment and invoicing.
It compiles the orders, sends customer invoices to your drop-ship vendors and/or Shipping companies, and other daily tasks.
Virtual Assistant can also manage the returns and exchanges of products for you.
AI technology is present within each segment of CRM namely sales, marketing, and customer service. Most of the companies offering AI powered CRM Solutions, help in increasing your sales with a recommender system, develop better marketing strategies, and offer personalized and immediate services that your customers want.
AI helps you to manage your business and provide good customer experiences by tracking and organizing important data, so you are able to predict Both real-time and future inventory needs for your business.
ECommerce companies across the globe are already implementing many of these AI-powered tools to increase their customers and reach wider audiences.
It is not a secret Now that the top brand Retailers like Amazon, eBay and Alibaba are investing heavily in Artificial Intelligence technology.
Artificial Intelligence has the ability to process a large amount of data (i.e. stored in the company’s CRM or derived from big-data predictions about customer habits) And use them to effectively engage and guide users in many processes.
It handles marketing notifications to buying or post-processing. Sale of services; for example, help users navigate a website, search for products from a real-time image, determine the optimal fit characteristics of a product, decide on a purchase by comparing prices Etc.
Here’s how AI based Square Off Neo and Swap raised more than $625,000 in just 29 days
Square Off, the team that introduced the world to the smartest chessboard, has come up with their latest innovations – Square Off Neo and Swap.
Square Off Neo, an ultra-affordable, automated chessboard, and Swap, a first-of-its-kind, multi-board game device, have scored big – raising more than $625,000 from 3700+ backers in no more than 29 days. On the last day of their campaign, Neo and Swap stood at 1253% funded over the goal amount of $50,000.
So how did Square Off manage to grab the attention of backers?
Square Off’s products function in the upcoming realm of connected board gaming, with a focus on automated movements, adaptive AI, multi-gaming, global connectivity, and personalized coaching – all at an affordable price point – making the boards quite desirable in the innovators and early adopters’ circles.
Square Off launched their pioneering automated chessboard in 2016. For the first time, players could connect with and play against other players from around the world, on their very own board through the power of telerobotics. What started with the first successful Kickstarter campaign, turned into more than 20,000 satisfied users, over $4 Million dollars in revenue, and $1.6 Million in equity funding from investors like Kstart Capital, India Quotient and RB Capital.
Speaking about their recent success, Bhavya Gohil, CEO, said, “The last few months have been an exciting and enriching roller-coaster ride. We went into this with utmost faith and conviction in our idea and while we knew it has legs, we were absolutely overwhelmed by the sheer magnitude of the response we received. However, this is just the beginning for us. With Neo our vision was of the quintessential chessboard that’s meant for every home and with Swap we’ve attempted to revolutionize the board gaming surface and hence experience altogether. We are pushing the envelope for smart, automated board games and we plan on following it up with more innovations in the near future.”
Features of Square Off Neo
Square Off Neo is the next generation of smartboard games that is taking chess to the future. It’s a lighter, faster, affordable chessboard for every household that’s packed with adaptive AI that can be challenged up to 30 difficulty levels, personalized chess coaching, and 1.5X faster movements. With a seamless, no-press movement of pieces and an absolutely silent machinery, the board is quite an update from its predecessors.
Features of Square Off Swap
Square Off Swap offers users the convenience of playing multiple board games on the same surface. Think of it as a pioneering console for board games. The board comes with four games – Chess, Draughts, Halma or Connect 4 – to begin with and it also allows players to develop their own games which can be played on its 8X8 checkered surface. Like Neo, Swap too is globally connected – so whether your opponent is in a different room or a different continent, the game still goes on! Swap also packs in the Blitz Chess feature which introduces speed chess to the Square Off range of products.
Speaking on the journey ahead for Square Off, Atur Mehta, Co-founder & CTO, said, “Since Kickstarter comprises of tech and innovation enthusiasts, it makes for the perfect testing ground for innovations like ours, before we launch the product into the actual market. We’ve received a lot of valuable feedback and insights over the last month and our next step is to head to China to complete the R&D and work on the mechanics of the boards. We aim to start the delivery for both the boards by June 2020.”
Upcoming REWIRE: AI & Tech Event Gathers Leading Innovators to Wuxi, China
An impressive panel of guest speakers has been announced for Wuxi, China’s upcoming AI & Technology event REWIRE: EDUCATION. Scheduled for Sept.21st, the event is the first of many industry-specific Artificial intelligence events hosted by REWIRE.
“Every major industry is on the verge of being drastically changed by AI technology. Businesses of all sizes need to learn what can be done to adapt to these changes to ensure long-term sustainability in their respective industries”, said Errol Vas, REWIRE’s co-chair, “At the moment, many AI & Technology events do a great job at showcasing the latest innovations in the AI field, but they fail to relate these new technologies to the industries that will be affected by them”.
The upcoming REWIRE: Education event will examine AI’s influence on the education industry – specifically the advantages AI will offer to learners, the trajectory of school technology use, the impact on the multi-billion dollar education industry, and solutions for educational institutions to ensure future success & profitability in a rapidly changing business climate. And to achieve this, REWIRE: Education boasts a powerhouse panel of guest-speakers that includes renowned Chinese artificial intelligence experts, CEOs from China’s leading tech companies, Entrepreneurs & professionals in the Education Industry and industry specialists from top academic institutions such as Harvard and Dartmouth.
The event is set be held in China’s Wuxi City, an upcoming IoT authority and hotspot. “Being on the forefront of IoT innovation, an industry that clearly overlaps with AI, Wuxi is the perfect city to host the REWIRE: AI & Technology Seminars”, explained REWIRE’s creator, Johan Knapp, “REWIRE brings together leaders from every corner of industry and connects them with China’s most innovative technology companies – many of which are located right here in Wuxi”.
REWIRE: Education 2019 Guest-Speaker lineup:
AI Technology Expert, CEO,Founder,BSc. MSc. MBA.
With a BSc in Computer Science and an MSc in AI Technology from China’s prestigious Tsinghua University, as well as an MBA from Ohio State University, Fang Yi Min has placed himself at the forefront of technological development in China. During his career, he’s served as Deputy Chief Designer for the Eight-Five Plan’s 《National Operations System》, CEO with Zhongshan Ming Ren Computer Science, and Founder of Edutech company Hao Ji Xing.
International College Admissions Expert, BA, Dartmouth Alumnus
A graduate of Dartmouth University, a prestigious IVY League institution in the United States, Trevor is one of the most reputable Admissions Experts in China and regularly facilitates admissions into Harvard, Princeton, Stanford, Oxford, Cambridge, MIT, Columbia and UCLA. With over 10 years of experience, Trevor knows what criteria elite schools are using to select students, and the trajectory of the College Admissions Industry as a whole. His work has been published by top Universities, Education Boards and Governments.
Wu Xaio Xin
CEO, Co-Founder, Serial Entrepreneur, Multi Patent Owner, BSc.
With over 16 years of product development & project management experience, Wu Xiao Xin has led multiple teams in creating highly competitive products in multiple sectors, including aircraft technology and the education industry. In addition, he owns 4 invention & utility model patents and is the Co-Founder & CEO of Zhongyu Science & Technology Company in Wuxi.
CEO, Entrepreneur, Educator
After a career as a primary school English teacher, Wendy founded OLEAN Children’s Education brand. Olean children’s education brand. Her company developed a highly sought-after online curriculum system that has proven to be both innovative and incredibly effective for young learners.
Those interested in hearing what this panel has to say about the future of AI & Education can access the REWIRE: Education event via Live Stream at (www.errolvas.com/rewire). Tune in at 7:30 Beijing time, September 21st 2019.
London Tech Entrepreneur Tej Kohli Pours $100m into AI & Machine Learning Ventures
London, United Kingdom: At London Tech Week: Tej Kohli, the London-based tech entrepreneur, has invested another $100m into Rewired, a robotics-focused venture studio with a humanitarian bent. Rewired is pioneering investment into artificial intelligence and machine learning ventures that will power the new economy, transform businesses, revolutionise global healthcare and even improve and extend human life.
Some of the companies already backed by Rewired include:
- Open Bionics: is developing the next generation of prosthetics, which for the first time enable patients to feel their surrounding environment through their prosthesis.
- Aromyx: is developing technologies that for the first time enable scientifically reproducible measurement and digitisation of taste and scent. Applications include the detection and capture of new data modalities for machine learning.
- Seldon: has developed the world’s first open source machine learning platform to enable data scientists, developers and large organisations to share data, thus harnessing the network effect for machine learning and enabling machines to learn faster, bigger and better.
Current thinking suggests that the global AI market will be worth anything from $3.9 trillion by 2022 (Gartner) to $15.7 trillion by 2030 (PWC) – but Tej Kohli believes that the true value could be much greater.
“Conventional wisdom is too cautious. I predict that the global AI sector will be worth $150 trillion by 2025. My forecast is based on a five-part analysis:
- The Internet today is worth $50 trillion. You can take that and extrapolate it to at least three or four times as many applications as the Internet to get $150 trillion. I don’t see how it can be any less because AI has so many different industries and applications;
- Everything that is currently on the Internet can also be manifested through AI in smarter and better and more effective ways. These Internet-linked applications alone are worth hundreds of billions – and AI can be similarly applied across hundreds of other industries;
- The rapid pace of growth of AI in China, with Shenzen now a global hub of AI excellence that will surpass the ever more regulated Silicon Valley in the medium term;
- The global growth in 5G coverage plus ubiquitous smartphone usage removing technological barriers to embracing the AI revolution in a true Internet of Things;
- That we are now at a tipping point, after which AI and machine learning will grow exponentially to underpin and benefit every single aspect of human life.
“I am not saying that $150 trillion is based on a complete adoption of AI across everything. I believe $150 trillion is where you get to when keeping our basic human norms and values intact. It is using AI to make our lives more efficient without radically changing our lives to the full extent that AI is capable of. I estimate this value to be three to four times the Internet.
“And I believe that AI will enable humanity to take unprecedented leaps forward in solving the most pressing human problems across poverty, geopolitics and unequal access to healthcare, by virtue of its ability to make businesses and organisations far more efficient. There is scope for huge commercial gain coupled with unprecedented opportunities for human progress.”
About Tej Kohli
Tej Kohli is a London-based technology and real estate entrepreneur, businessman and philanthropist who now focuses on visionary ventures and investments that have the potential to transform lives and change the world. Through his investment vehicle Kohli Ventures, Mr Kohli targets high-impact investments into AI, robotics, biotech, genomics and Fintech that help to solve the world’s most pressing challenges and create a better tomorrow.
Mr Kohli also has a well-publicized mission to cure corneal blindness worldwide by 2030 through the philanthropic Tej Kohli Foundation that provides direct funding for the Tej Kohli Cornea Institute, a preeminent global institute for solving corneal blindness worldwide.
Mr Kohli is a Distinguished Alumnus of the Indian Institute of Technology in Kanpur (IITK) where he completed a degree in Electrical Engineering. He first rose to success building innovative white label technology and e-commerce solutions for companies during the dot com boom.
Rewired is a robotics-focused venture studio specializing in applied science and technologies. Rewired launched in 2017 with an initial $100 million fund for technologies that will enable robots to interact properly with real-world environments. In backing the development of robots’ sensory capabilities and understanding of the world around them, Rewired seeks to play a major part in enabling the safe and efficient integration of machine learning into everyday life.
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