AI in Ecommerce 🛒: AI Shopping Assistants 🛍️ New Voice Assistants 🗣️ & More 💥

EDITOR’S NOTE

Dear Reader, at Nanobits, we are streamlining our newsletter to deliver higher-quality content and better insights! Hence, we are shifting our newsletter schedule to bring you insights 3 times a week (every Tue, Thur, and Sat).

Just this morning, I added a new power drill to my online cart. "Excellent choice!" chimed my AI assistant, Alexa. "May I also suggest a 50-pack of matching screws, a welding mask, and perhaps a beginner's course in home renovation?" I slowly backed away from my computer.

And, I decided to explore more about how AI is impacting the global e-commerce industry in today’s newsletter.

In Today’s Newsletter:

• Slang Labs Brings Multilingual Voice Assistant to Bharat’s E-commerce

• Amazon Introduces Rufus, a Generative AI-Powered Shopping Assistant

• AI in E-commerce: Your Shopping Cart Just Got Smarter

• Latest AI Job Opportunities in India

• Latest AI News from Around the World

TOP NEWS
Slang Labs Woos E-com with Multilingual Chatter

Slang Labs offers a voice SDK enabling multilingual voice assistance for e-commerce platforms, enhancing user interaction in various Indian languages.

Why is it relevant?
As the e-commerce market in India reaches saturation in metros and Tier 1 cities, Slang Labs' voice tech can help tap into the massive market in smaller cities and Tier 3 and Tier 4 locations, enabling vernacular language interactions and increasing accessibility for a broader customer base. Read More

TOP NEWS
Amazon Unveils Rufus: Your AI Shopping Expert

Amazon launched Rufus, a GenAI-powered shopping assistant that provides expert advice and recommendations to customers, helping them find the best products to meet their needs.

Why is it relevant?
Rufus leverages Amazon's vast data and generative AI to make product discovery easier. This is especially helpful for shoppers unsure of what they need or those seeking detailed product comparisons. It aligns with Amazon's increasing focus on AI-powered customer experiences. Read More

NANOBITS RESEARCH
Alexa, Find Me a Deal: AI's E-commerce Takeover

According to a research, the global AI in the e-commerce market was valued at $11.3 billion in 2023 and is expected to grow at a compound annual growth rate (CAGR) of 22.9% to reach $62.78 billion by 2030.

The rising adoption of cloud platforms, the need for personalized shopping experiences, the demand for better fraud detection, and the drive to automate supply chain management all fuel the explosive growth of the AI-enabled e-commerce market. These solutions help streamline processes, target customers effectively, and enhance the overall customer experience.

In this segment, we will explore the workings of the global e-commerce industry and how AI is shaping it:

AI in e-commerce transforms the shopping journey for customers and sellers. It drives personalized recommendations, contextual targeting, intelligent search, efficient inventory management, fraud prevention, and chatbot support and enables cross-selling and upselling, leading to a smoother, more satisfying experience for customers.

Top Tech Companies Pioneering the AI Revolution in the E-commerce Industry:

1. Amazon's new AI tool helps sellers create product listings quickly by generating titles and descriptions from existing web content.

2. Zust.ai is an AI-powered platform that helps businesses capture and present their products through photography. It uses generative artificial intelligence technology to create studio-quality images quickly.

3. Hype, touted as India’s No. 1 alternative to Shopify, launches a GenAI-powered e-commerce SaaS, enabling merchants to build high-converting online stores in seconds.

4. Singapore's AI-powered e-commerce growth platform Graas enters India, acquiring Shoptimize, a platform for all D2C e-commerce needs, to fuel growth in the region's expanding market. Graas provides advanced analytics for e-commerce businesses.

5. Adya.ai is a technology service partner (TSP) for ONDC that helps businesses create their apps on the platform. Its tools and technology marketplace allow enterprises to quickly adopt ONDC and integrate it into their existing systems.

6. Optiwise.ai simplifies Walmart product management with AI tools for listing optimization, descriptions, and ad campaigns – boosting sales and rankings.

7. The North Face uses IBM Watson AI to personalize fashion recommendations for online shoppers, improving product discovery and customer experience.

8. ReviewMeta uses advanced algorithms and data analysis techniques to identify customer reviews that may be fake or unnatural. Read More

9. Chicago-based start-up, 3PM Marketplace Solutions uses AI to combat counterfeit products from e-commerce platforms, analyzing marketplace data to protect brands and consumer trust.

10. Froker, an AI-powered social commerce platform, uses AI to analyze user social data, providing hyper-personalized product recommendations for a tailored shopping experience.

Implementing AI in e-commerce has significant benefits but faces challenges such as data quality and quantity, data privacy and security, integration with existing systems, high initial costs, talent shortage, algorithm bias, customer trust, user experience, scalability, ethical and regulatory compliance, and competition, making it crucial to carefully consider the implementation of AI solutions.

To mitigate AI risks in e-commerce, focus on data quality with rigorous cleaning and bias checks. Prioritize privacy and security with compliance measures and transparent communication. Address integration challenges through careful planning and testing. Invest in AI talent, while also exploring accessible, user-friendly AI tools to manage costs. Actively build customer trust through clear explanations of AI usage.

AI JOB OPPORTUNITIES

• Bain - Associate Data Engineer

• Genpact - Senior Principal Consultant, AI ML Lead

• Splunk - Software Engineer (MLOps)

• GE Healthcare - Senior AI Scientist

• Trumould - AI Intern

• Unfade - Image Quality Checker Internship

Click here to browse more AI jobs in India

LATEST NEWS IN AI

YouTube introduces "Jump Ahead," an AI-powered feature for Premium users to skip to interesting video segments, based on user data and AI predictions, available on Android

Subtl.ai, an Indian startup, develops a private AI solution, leveraging lightweight models to offer real-time access to sensitive enterprise data securely

Google introduces Google Threat Intelligence, merging its threat insights with AI capabilities like Gemini Pro to enhance organizations' cybersecurity operations

The Biden administration seeks proposals for a $285 million project to develop "digital twins" of semiconductors, aiming to enhance innovation and chip manufacturing in the U.S

Stack Overflow partners with OpenAI to integrate verified technical knowledge into ChatGPT, aiming to enhance developer access to accurate information