When thinking of eCommerce, the first thing that springs to mind isn’t often artificial intelligence or natural language processing, but simple online retailing. How are AISmartz changing that?
Click a button and the item is in your cart, one more click – or a fingerprint – and it’s on its way to you. But there is often more to it than that. It’s somewhat of an understatement, but eCommerce is competitive. With so much choice, and so much of that choice easily accessed by so many shoppers, companies are turning to artificial intelligence and data to solve their problems.
By 2021, it is predicted that there will be over 2 billion digital buyers worldwide. On average, these shoppers spend around 36% of their budget online. So, how do companies capture that market? Can artificial intelligence be harnessed to supercharge eCommerce?
“AI is the new electricity,” says Manipal Dhariwal, CEO and co-founder of Netsmartz. “It will impact everything from our daily activities to rocket science.”
Netsmartz, a global technology solutions provider, is at the cutting-edge of machine learning and artificial intelligence. From their humble beginnings in Rochester, New York in 1999, with just four team members, they have since gone on to expand into 8 countries, employing more than 1000 people and completing over 2000 projects.
The essence of Netsmartz cannot be distilled into one single element; they offer a suite of services across the wide and varied spectrum of IT. Now, under the banner of AISmartz, they’re turning eCommerce on its head by using artificial intelligence, natural language processing and robust machine learning.
“We founded AISmartz in 2015 with a vision to empower diverse businesses with pioneering technologies like artificial intelligence and machine learning,” says Dhariwal.
“With the increasing demand for smart systems capable of generating automated actionable insights, we decided to launch a venture that is dedicated to delivering these cutting-edge AI and ML solutions.”
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The AISmartz mission is clear. They aim to help customers realise measurable business value by harnessing machine learning and artificial intelligence.
“The AI value proposition is to either lower costs through operational efficiency or to generate higher revenue through informed decision making,” Dhariwal says.
Customer retention, customer segmentation, personalised recommendations, intelligent demand forecasting, adaptive pricing, automated content generation and image analytics are effectively managed using their service.
Their own unique brand of intelligent campaign management has seen AISmartz consistently hold a 98% approval rating from their clients.
However, some clients still face challenges when taking the leap and adopting artificial intelligence.
Outlining a clear definition of what artificial intelligence is intended to solve is a common sticking point. If businesses aren’t able to identify a reason, then using AI for AI’s sake – or simply to stay on trend – is a drain on resources better directed elsewhere.
“AI is not suitable for all types of business problems, some of which are better solved by traditional methods,” says Manipal Dhariwal. “The other common challenges are a dearth of skilled AI talent and lack of quality data for AI.”
As a result of this lack of quality data, AISmartz coach their customers through the adoption process by offering a DQA (data quality assessment) in order to scientifically assess the quality of the data based on numerous metrics. “The insights from the DQA exercise are useful in defining the AI journey for the business.”
Digitise or fall behind
Digital transformation isn’t reserved solely for traditional business models. Even businesses borne out of the digital landscape continually need to adapt and grow as new technologies advance and proliferate.
By successfully integrating features like intelligent pricing, demand forecasting, customer lifetime value prediction, and automating product categorisation, the team at AISmartz aim to counter the disruptive nature of new technologies by harnessing them for sustained success and viability in a competitive marketplace.
“AISmartz has a clear focus to help SMEs adopt AI with minimal friction and at an affordable cost,” Dhariwal says. “In line with this goal, we will also be launching an AI academy to grow our talent pool as well as bridge the skill gap between academia and industry.”