To ease the process and deliver a better shopping experience, companies are investing heavily in artificial intelligence and machine learning.
Product discovery platform Grabshack.com, founded by Robin Srivastava and Harsh Rajat, helps to find and compare best prices on products across 100+ e-commerce websites. The startup uses AI to understand the semantics of websites along with the relations a product has with its pricing, discounts, etc and leverages those relations to find out the best deal (or coupon) available across any e-commerce site.
So, how is Grabshack different from other price comparison websites? Rajat explains, “We search live/real time across hundreds of e-commerce sites (like Google), while other deals and coupons sites in India manually enter deals and coupons on their site (curated list) from which they search.” Grabshack also uses AI to predict what the user might be looking for. For example, if one types ‘eye’ phone, the system will automatically suggest iPhone.
And it is not as if the industry was bereft of AI till date. Puneet Jetli, CEO, Digital Transformation and Enterprise Solutions of IT and consulting services company Happiest Minds says while AI was more like a research project till now, companies are beginning to commercialise it now.
Jetli says that artificial intelligence is more of advanced analytics which factors in real-time data. “The dynamic nature of artificial intelligence makes more e-commerce companies take to it. Data being available on the cloud helps the case,” he added.
The need for AI arises as companies are now adding more products on their platform and thereby data mining, tagging of products to specific categories becomes difficult. “AI uses algorithms which analyse visual quality of products, throw in multiple automatic tags that categorise them,” said Ashwini Asokan, CEO, Mad Street Den.
While manual tagging is prone to errors and is time staking, automatic tagging using artificial intelligence saves time, expenditure and room for error, adds Asokan.
One of the uses of AI at Amazon is to track inventory real-time and alert sellers in case their stock runs out. They also predict weather conditions on routes and consider events like festive seasons, weekends or a political rally. “AI is a means to our end – giving a seamless customer experience. Sellers know when to restock so the customer is not disappointed with ‘out of stock’ prompts. Transit time of the package on different carriers and routes can be predicted to keep the customer informed,” says Rajeev Rastogi, director, machine learning, Amazon.
Apart from using Ixigo’s meta-search engine to find cheapest deals, the tool also covers weather, things to do in a city and even finds offbeat adventure activities, tapping into over 30 million data points across destinations in India and abroad.
At The AI Summit in San Francisco on 28-29 September, CxOs from the world’s leading enterprises will gather to explore the huge opportunity that AI presents the ecommerce industry. To find out more, and to join us at the Fort Mason Center in September, visit: theaisummit.com