AI News, Artificial Intelligence in eCommerce – Infographic

Artificial Intelligence in eCommerce – Infographic

Artificial intelligence (AI) is a science that deals with building intelligent machines and algorithms that can think and respond like a human (that is learning according to human).

With every new artificial add on ads to new possibility and a wow factor to E-commerce let us look few of the Artificial intelligence, which is changing the E-commerce spectrum.

Is this amaze you, the data supporting this will surely aghast you that is: 1) The image recognition market will grow to $25.65 billion by 2019.

Some of the relevant features are as follows: 1) The chatbot market was valued at $703 million in 2016, expected to grow by $1.34 billion in 2024.

Some of the facts supporting an automated product description are: 1)Warehouse automation technology reached $1.9 billion in 2016 and are expected to reach $22.4 billion in 2021.

[]).push({});<br> Artificial intelligence can add on its contribution by predicting the customer of its behavior, reducing the load time by using AMP, in delivering the personalized experience to the user, in scaling up content marketing and lot more pieces of stuff.

Today&#8217;s marketing has been suzerainty by digital marketing and a few of the facts supporting this point are as followed: 1) AI could prevent 86% of cyber-attacks and security threats.

1,684 companies are under the category of augmented reality startups By automating the supply chain with AI a firm will be able to generate more profit, scalability, less causality, the speed at work and above all its cost driven at an initial level of investment.

Well, you might have seen frequent buy, and customer also buy these products with every single purchase you make online, this AI technology is called recommendation engine and help in enhancing customer user experience.

By using these AI tools and technology one can easily drive to success and walk with the latest trends upfront and path to the success ladder.

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AI in Banking &#8211; An Analysis of America&#8217;s 7 Top Banks

While tech giants tend to hog the limelight on the cutting-edge of technology, AI in banking and other facets of the financial sector is showing signs of interest and adoption even among the banking incumbents.

In this article we set out to study the AI applications and innovations at the top banks, helping you to answer the following questions: Through quotes from company executives and data from our AI in Banking Vendor Scorecard and Capability report (interested readers can download the Executive Summary Brief), this article serves to present a concise look at the implementation of AI at seven of America&#8217;s top commercial banks by revenue.

First, we&#8217;ll provide some insights about the state of AI in banking we discovered through exploring our data and interviews with banking executives Readers with a broader interest in AI’s applications across the financial sector may be interested in reading our article Artificial Intelligence in Finance, which covers a wider array of applications beyond the top US banks.

The full breakdown of AI vendor product offerings by function is provided in the graph below: We should note that banks are likely understating their use of AI for other use-cases, and the banking experts we interviewed for our report and our AI in Banking podcast all agree that banks are investing in AI for compliance and risk monitoring more than any other business area.

At the same time, banks are likely overstating their use of AI for customer service applications, including chatbots because: It will be a while before the technology has advanced enough for chatbots to generate natural language and hold conversations with customers more often than they’re routing customers to customer support agents.

Lastly, our research found a number of top banks referring to AI as an “augmenting” force for their employees, not a “replacement.” To us, this seems to be a necessary move of the communications department, but a disingenuous way to describe AI’s potential impact on jobs, which will most likely involve both “augmenting” and replacing human beings outright.

Unlike many modern tech giants, old banks often have thousands of employees performing mundane paperwork and “legacy” processes, many of which may require complete elimination once machines can replace humans at the desk.

The Emerging Opportunities Engine, introduced in 2015 and discussed in a letter to shareholders, purportedly uses machine learning and natural language processing to help “identify clients best positioned for follow-on equity offerings.” The technology has proven successful in Equity Capital Markets and the company stated their intentions to expand it to other areas, including Debt Capital Markets, but it&#8217;s unclear if this has happened yet.

Wells Fargo hasn’t publicized many artificial intelligence initiatives, but Steve Ellis, head of the bank’s Innovation Group, seemed eager to leverage AI in a 2017 press release for a chatbot pilot: AI technology allows us to take an experience that would have required our customers to navigate through several pages on our website, and turn it into a simple conversation in a chat environment.

Katherine McGee, Head of Digital Product Management at Wells Fargo, elaborated on one of these prompts in an email to Bank Innovation: If a customer receives an incoming deposit which is not in their usual pattern of transactions and is not needed to meet their normal expenses or scheduled payments, we can highlight the deposit and suggest the customer save the funds.

Consistent with our high-tech, high-touch strategy, we’ll continue evolving our best-in-class digital banking capabilities, including Erica, to provide clients relevant, timely guidance and help make managing their finances easier.

Although the demo video below shows how Feedzai&#8217;s software works for eCommerce companies (and is admittedly a little corny), the principles it describes can certainly apply to banks: Feedzai&#8217;s software will purportedly monitor customer payment behavior for deviations from that customer&#8217;s normal payment activity.

The software is explained further in the video below and a promotional video can be found on US Bank&#8217;s website: According to US Bank, using Expense Wizard, a hiring manager can provide a virtual card to a candidate via the app, setting a card limit via US Bank.

PNC invested $1.2.billion over five years, according to its 2016 annual report, into modernizing its “core infrastructure and build[ing] out key technological and operational capabilities,” with the objective of faster, more secure and more stable operations and services.

Still in the early stages of its tech strategy, the company’s initial focus has been on the consolidation of its data centers and a major shift to an “internal cloud environment.” We can presume that the company’s infrastructure upgrades will help them leverage data and implement artificial intelligence and machine learning.

Examples include “data requests from external auditors” and “funds transfer bots” which help “correct formatting and data mistakes in requests for dollar funds transfers.” The video below provides an explanation for how Blue Prism&#8217;s AI software works: Former Senior Executive Vice President and Global Head of Client Service Delivery at BNY Mellon Corp, Doug Shulman, said this about the bank&#8217;s investment in RPA: If you think about smart automation, robotics is a piece, workflow is a piece, and we’re combining smart forms, optical character recognition, workflow and robotics to get momentum around automating tasks.

Tencent

Téngxùn Kònggǔ Yǒuxiàn Gōngsī) is a Chinese multinational investment holding conglomerate founded in 1998, whose subsidiaries specialise in various Internet-related services and products, entertainment, artificial intelligence and technology both in China and globally.&#91;3&#93;

Its many services include social network, music, web portals, e-commerce, mobile games, internet services, payment systems, smartphones, and multiplayer online games, which are all among the world's biggest and most successful in their respective categories.&#91;9&#93;

Tencent controls hundreds of subsidiaries and associates in numerous industries and areas, creating a broad portfolio of ownerships and investment across a diverse range of businesses including search engine, e-commerce, retail, video gaming, real estate, software, virtual reality, ride-sharing, banking, financial services, fintech, consumer technology, computer technology, automobile, film production, movie ticketing, music production, space technology, natural resources, smartphones, big data, agriculture, medical services, cloud computing, social media, IT, advertising, streaming media, artificial intelligence, robotics, UAVs, food delivery, courier services, e-book, internet services, education and renewable energy.&#91;24&#93;

company originally derived income solely from advertising and premium users of QQ, who pay monthly fees to receive added extras.&#91;28&#93;

Now branded as WeChat, the app is one of the world's most powerful social media apps, due to its wide range of functions and platforms, as well as having over 1 billion monthly active users.&#91;40&#93;&#91;41&#93;&#91;42&#93;&#91;43&#93;

On 15 January 2014, Tencent said it will invest HKD 1.5 billion (US$193.45 million) in logistics and warehouse firm China South City Holdings Ltd to develop its e-commerce and logistics business.&#91;53&#93;

On 22 May 2014, JD.com got listed on NASDAQ and Tencent expanded its stake in the company to 17.43% on a fully diluted basis by investing an additional US$1,325 million.&#91;56&#93;

On 17 April 2015, Tencent announced it has bought an additional $400 million worth of shares, rising its stake in the company to about 25%.&#91;59&#93;

On 16 October 2014, via its wholly held subsidiary Hongze Lake Investment Ltd, Tencent announced that it had bought a 7% stake in lottery technology firm China LotSynergy Holdings Ltd for HKD 445.5 million (US$57.4 million).&#91;60&#93;

On 9 December 2014, Chinese taxi-hailing app Didi Dache announced that it had raised more than $700 million in a funding round led by Tencent and Singaporean state investment firm Temasek Holdings.&#91;63&#93;

In 2016, Tencent, together with Foxconn and luxury-car dealer Harmony New Energy Auto founded Future Mobility, a car startup that aims to sell all-electric fully autonomous premium cars in 2020.&#91;69&#93;

announced Tencent had purchased a 5% stake in Tesla for US$1.78 billion, the automotive control systems of which it subsequently successfully performed penetration-testing until 2019&#91;70&#93;&#91;15&#93;

In a 'direct challenge to Chinese search engine Baidu,' in May 2017 Tencent entered news feed and search functions for its WeChat app, which the Financial Times reported was used by 770 million people at the time.&#91;71&#93;

Tencent has also entered an agreement with the Wuhu City Council to build the world's first eSports town in the Chinese city of Wuhu, which comprises an eSports theme park, eSports university, cultural and creative park, animation industrial park, creative block, tech entrepreneurial community and Tencent Cloud's data center.

The site will be used for the education and accommodation of future eSports players, as well as hosting national eSports events and serving as a hub for Tencent's game development.

At the same period, Tencent introduced its mini-programs feature that allows smartphone users to access mobile apps across the globe on WeChat without downloading them.&#91;84&#93;

In August 2017, after Tencent announced the second quarter 2016 financial report, the stock price rose by 6% in the Hong Kong stock market, and the market value reached US$429 billion.&#91;87&#93;

It is also collaborating with L'Oréal, the world's largest cosmetics company, to explore digital marketing under the Joint Business Partnership (JBP) agreement and unleash new marketing innovations.&#91;91&#93;

In the same month, Tencent announced the company's Q3 results that exceeded optimistic expectations with skyrocketing sales, net income and gaming revenue, while Wechat reached 980 million monthly active users.&#91;21&#93;

The company also broke records by becoming the first Asian company to cross US$500 billion valuation, and surpassing Facebook to enter the top 5 list of the world's biggest firms.&#91;11&#93;&#91;12&#93;&#91;13&#93;&#91;14&#93;&#91;96&#93;&#91;97&#93;&#91;98&#93;&#91;99&#93;

In January 2018, Tencent and The Lego Group, the world's largest toy company, are teaming up to jointly develop online games and potentially a social network aimed at children.&#91;100&#93;&#91;101&#93;

Wanda Commercial will be renamed as Wanda Commercial Management Group, with its new investors on the board, it represents one of the world's largest single strategic investments between internet companies and brick-and-mortar commercial giants.&#91;104&#93;

Tencent said it was looking forward to working with Carrefour to further enrich the retail and service experience of its users and to strengthen Carrefour's services with Tencent's technological capabilities such as mobile payments, digital affiliate programs, customer acquisition and cloud services.&#91;109&#93;

In August 15, 2018, Tencent reported a profit decline in the second quarter of 2018, ending a growth streak of more than a decade, as investment gains slid and the government's scrutiny of the gaming business weighed on the company.&#91;111&#93;

fell 3% in morning trade in Hong Kong after the rare drop in quarterly profit was reported, extending a slide that has wiped nearly $50 billion in market value from the company in that week.&#91;112&#93;

In 2015, Tencent released its multiplayer online battle arena game Honor of Kings (王者荣耀) exclusively for the Chinese market, and by 2017 was both the world's most popular and highest-grossing game of all time as well as the most downloaded app globally.&#91;130&#93;&#91;131&#93;&#91;132&#93;&#91;133&#93;&#91;134&#93;&#91;135&#93;&#91;136&#93;

In 2011, Tencent started hosting massively multiplayer online games such as Call of Duty Online, consisting of previous Call of Duty titles with added content, as well as the game League of Legends, which now it fully owns.&#91;142&#93;

In April 2017, Tencent unveiled its own flagship gaming platform, WeGame which will host games, content, and services from all over the world and will provide gaming info, purchases, downloads, live streaming and community services, creating an open ecosystem for gaming.

WeGame is an upgraded version of TGP (Tencent Games Platform) that already has more than 200 million active users (compared to Steam's 125 million) and over 4.5 billion downloads, and is widely considered as a direct competitor to Steam.

The gaming platform will support both Chinese and global users through a single storefront and is due to go online on 1 September 2017, Tencent has stated that the platform will focus on PC and standalone games and will no longer host web or mobile games, and will provide support to small and indie companies.

There are expectations that WeGame will grow huge and successful globally with its new focus on Western users, combined with the massive buying power of today's Asian consumers.&#91;146&#93;&#91;147&#93;&#91;148&#93;&#91;149&#93;&#91;149&#93;&#91;150&#93;

腾讯影业), a film distributor and a production company that creates and distributes films based on books, comic books, animated series and video games.&#91;166&#93;

It also entered a partnership with Alibaba Group on music-streaming rights sharing, the deal aims to protect licensed streaming services offering copyrighted content of the music industry, encouraging more high-quality and original music, as well as developing China’s fast-growing streaming market.

Alibaba will gain the rights to stream music from international labels, which already have exclusive deals with Tencent, in return for offering reciprocal rights to its catalogue of Chinese and Japanese music.&#91;172&#93;&#91;173&#93;

On 31 December 2015, JD announced that they will stop supporting services on Paipai.com after being unable to deal with issues involving fake goods, and had integrated the Paipai.com team within its other e-commerce platforms.

can make insurance purchases, inquiries and claims directly through national-level platforms on the firm's vastly popular instant messaging and lifestyle platform WeChat and its popular instant messaging platform QQ.&#91;196&#93;

The Tencent products supplied for testing were found to contain optimisations that made the software appear less exploitable when benchmarked but actually provided greater scope for delivering exploits.&#91;207&#93;

AI in Retail Market is Forecasted to Hit $4,337.1 Million by 2024: P&S Intelligence

The factors contributing in the growth of market include, growing penetration of IT technologies in retail industry, increasing mobile internet penetration, growing e-retail industry, and increasing investments in AI by retail companies, according to P&S Intelligence.

The major factors driving the market growth include high internet and smartphone penetration and the factor of greater convenience associated with online shopping have led to the growth of the e-commerce industry in the region, which, in turn, has contributed to the growth of the AI in retail market.

Browse Report Description With Detailed TOC on 'AI in Retail Market Research Report: By Offering (Chatbot, CRM, SCM, Price optimization, Recommendation engine, Visual search), Technology (Machine Learning, NLP, Computer Vision), Regional Insight (U.S., Canada, U.K., Germany, France, Russia, Italy, China, Japan, South Korea, India, Australia, Brazil, Mexico, U.A.E., Saudi Arabia, Turkey, South Africa) – Global Industry Analysis and Growth Forecast to 2024' at:https://www.psmarketresearch.com/market-analysis/artificial-intelligence-in-retail-market The retail market is rapidly evolving globally, more so because the incorporation of AI in operations has allowed retailers to predict consumer behavior and offer personalized services, thus enhancing customer experience and satisfaction.

By leveraging AI technologies, such as accurate demand forecasting, real-time customer intelligence, and supply chain planning, retail firms greatly benefit from streamlined and automated operations, which are further helping them achieve organizational growth goals.

Facial recognition, a kind of computer vision technology, is gaining traction in the retail industry, as it facilitates increased customer satisfaction and improved staff management besides providing retailers with valuable insights related to customer preferences.

Providing the plinth of market intelligence, P&S as an enterprising research and consulting company, believes in providing thorough landscape analyses on the ever-changing market scenario, to empower companies to make informed decisions and base their business strategies with astuteness.