AI IN PAYMENTS AND COMMERCE
The blog is about how Artificial Intelligence (AI) can help boosting retail efficiency and profitability
across digital and physical retail channels, setting off a wave of excitement and investment among
companies. The articles take a hard look at the retail use cases where AI can make an impact, explore
noteworthy examples of retailers implementing the technology, and weight the benefits of investing in AI
today.
THE FUTURE OF RETAIL Spending by retailers on AI is expected to reach $5 billion by 2022 and AI is
projected to boost profitability nearly 60% for retail and wholesale by 2035. AI’s future in retail is the
brightest in three areas: personalization, search, and chatbots. Brands that use personalization see sales
rise by up to 10% and personalized product recommendations are especially effective. Machine learning
(a branch of AI that automates the building of analytical models, allowing a machine to act without being
programmed) is the AI behind personalization and it enables large-scale data analysis that can be used in
predicting consumer trends and behaviors and thus help retailers reach impatient mobile users quickly and
efficiently.
IMAGE RECOGNITION AND FASHION TRENDS Artificial Intelligence, such as image recognition, is
helping companies better understand what the consumers want when they are browsing the online catalog.
Flipkart, an India-based online retailer, is trying to forecast fashion trends with said technology. Using the
mobile application, Flipkart is collecting photographic data submitted by its users. Currently, the system
would recommend items with similar style to the customer based on the pictures the customer uploaded.
Not wanting to settle there, Flipkart is now trying to augment this function into forecasting future fashion
trends. Flipkart is just tiny snapshot of the currently online retail industry. Big companies like Google and
Facebook have data collected from social media and online search and they can use these chunks of data
to figure out how customers’ online shopping behaviors. Consequently, these companies can utilize said
data and algorithms to make user-specific ads to nudge customers into purchasing sponsored products.
https://intelligence.businessinsider.com/post/using-artificial-intelligence-to-predict-fashion-
trends—ebay-earnings-reveal-struggles—google-releases-new-beacon-standard-2015-7
MCDONALD’S AND ARTIFICIAL INTELLIGENCE Fast food giant McDonald’s has recently taken