Ways to Use Artificial Intelligence in e-commerce

You already know that innovations and artificial intelligence have taken over almost every aspect of a business, and it is no surprise that e-commerce can also benefit from it. Many e-commerce businesses have already integrated solutions developed by any renowned artificial intelligence company to automate their processes, have a better understanding of customers, generate new leads, and to provide a better customer experience.

Many artificial intelligence seed companies have given effective solutions to e-commerce businesses to take advantage of new opportunities and to identify business and shopping trends. Integrating AI is one of the most effective ways to enhance the chances of successful business growth and development.

So how exactly AI helps e-commerce in their business? Let us look at some of the benefits e-commerce has in terms of using artificial intelligence seed programs.

  • Identification and Re-targeting of Customers

Most of the time, the sales team has a hard time keeping track of trending products and leading services in the market and hence fail to target potential customers who have an interest in that product. Artificial Intelligence Company can provide an effective solution to manage such consumer data and keep track of how much time the customer has spent on a specific product. AI algorithms can re-target the customer for the same or related product in the future using this consumer data.

  • Prediction of Lifecycle for Buyers

Artificial intelligence seed systems can make a prediction for a customer during their buying processbased on the buyer’s persona and past buying history. Such machine learning systems predict the category of customer buying like whether they are in recognition, information collection, evaluation, decision making, or buying stage. These algorithms identify the stage and help a customer make product recommendations based on their preference.

  • Creating Efficient Sales Processes

Another benefit of using an artificial intelligence company program is to create an efficient sales process. This is done by having an AI program to target various social media and other online marketing methods to produce effective sales. AI makes related suggestions to customers searching for a product and thus gives an opportunity to e-commerce businesses to make a successful sale. If a business wants to tailor their problem-solving solutions and want their message to reach the right customers on time using various platformsthen integrating AI in the CRM will give you just the activity you need.

  • Customer-Centric Searches

Having customer-centric searches is the key to have a successful sale in an e-commerce business. A shopper is likely to leave if they start their search and do not find what they want, and users often abandon their e-commerce experience due to irrelevant search answers. Artificial intelligence seed programs come to the rescue once more as they target the search query and narrows it down to display only the right results. For a long time, searches were targeted manually using metadata and tagging function. However, AI programs have automated these tagging and image classifications to show the right product description based on targeted queries. These artificial intelligence seed programs narrow the searches based on user intention and show them a relevant result that makes for successful sales for any e-commerce business.

  • Integrating Chat bot

Having a live chatbot feature in a business is necessary to make a successful sale, but human sources cannot remain 24/7 to answer the queries of customers visiting the page. Artificial intelligence companies integrate chatbots along with CRM features to make the business available 24/7 automatically. These bots allow human users to focus on other activities while they take care of customer queries. These bots can easily handle product information, related inquiries, or just general questions based on integrated features. More sophisticated bots can help make a decision for the customer based on their buyer persona and product search.

  • Providing Recommendations

Another benefit of artificial intelligence seed programs is to provide recommendations to customers by identifying their buying behavior and needs. AI tends to gather all the data related to a buyer persona and recommends suitable and relevant products based on their previous activities. Having such automation allows the program to make targeted suggestions to potential customers, so there is a chance to make an effective sale and to add quality customer experience to it.

AI Startup: What Factors make it Successful

Artificial intelligence startups are in full bloom these days, and the focused investments in this sector have grown to billions and are continuously increasing as the transformational realization is made. Data is serving as a new gold rush factor, and as such, everybody is trying to reap the benefits and profits out of it. Some fundamental factors are important for AI startups to consider before they receive any investment. Entrepreneurs need to articulate what solutions they have to provide to real-world problems. Identifying the problem is much more difficult than finding a solution, and so these AI systems need to be based on problem-solving tools. Some major factors that startups need to demonstrate before they gain investment are:

  • They need to demonstrate their mastery over data, and the values as AI needs big data to succeed. Companies can build a data business based on AI or can help the customers add value to their data. Their mastery must be able to demonstrate the reliability, trendsetting feature, and explanation for something.
  • A strong sales and marketing approach is needed for an artificial intelligence startup to make successful sales based on the awareness they create. Effective marketing is often neglected by businesses related to AI and should be considered.
  • The solutions must be targeted towards real business issues. Identify a problem and base your solution around that problem. Keep everything transparent and clear for everyone to see.

Success Factors for an AI Startup

  • Mastering Your Domain

A major challenge for AI startup is to understand which problem can be handled using a technique. The startups that identify their mastery over a domain and become an expert solution provider of that area become successful early on. With time, these companies tend to gain new opportunities by upgrading their procedures and techniques.

  • Think Outside of the Box

Many artificial intelligence startups today have a focus on voice recognition, image recognition, and robotics mostly. What they fail to realize is the AI is an excellent tool to solve many complex problems in real-world scenarios. Experts recommend entrepreneurs to look for a problem, identify it, and then use AI to address those problems. They will be amazed to see how AI contributes to real-world problem-solving. If you, as a startup, have an active product that can address problems, removing AI from the picture might keep you going. However, if AI is your only dependency, then you need to reevaluate your priorities first. Start to think outside of the box and bring something new to paper rather than making changes in older ideas.

  • Highlight Your Objectives

Another key point of AI startup is to highlight your mission objectives. Since the market has become saturated, many potential AI businesses are looking for the right solutions. While investors have thousands of options to go for while looking for investment in AI, they want to look for an option that brings something new to the table. For a startup, AI should not be the focus, but instead, they need to highlight their mission and objectives. Customers are likely to use a product that will provide them a solution to issues as well as making their life easy. If your mission is to help them save time, money, and make life easier for them, AI is just the thing that can enable you to do it.

  • Understand Your Customers

The most important success factor for an artificial intelligence startup is to recognize and understand their customers. If a startup knows a problem but does not understand their targeted audience, their idea is bound to fail. Most startups get so much tangled in their technological aspects that they forget that whether it is right for customers or not or even if they need it. The dominated engineers in the market start writing codes before they even understand what their customer wants. As an AI startup, you need to do the opposite and put the needs of your customers first. Learn the art of projecting your mission in alignment with the terms that your customers easily understand. Try to remove the tech jargon from your story to make it easy for customers to understand and interpret.

5 Key Reasons for Investors to Fund Artificial Intelligence

Tech trends always receive much hype for better or for worse. The reason behind such promotion is because whenever an unveiling of new technology happens, it brings many promises for true transformational effects. However, some of these much-hyped tech innovations also fail to live up to their promise, leaving the investors skeptical over the buzz of the next big thing.

Although, when it comes to artificial intelligence funding, investors need to take the hype much more seriously. AI-powered tech is already around us and almost every industry ranging from automotive to tech giants to data security companies has integrated the technology to boost their business. If you are still hesitant about the investment based on the growth potential of artificial intelligence in the long-term, consider your AI seed funding decision based on these 5 industry based reasons.

  1. Forecast to Hit Trillions till 2030

The most important reason that attracts new investors for potential AI funding is the estimation that the industry will inject $15 trillion to the global economy until 2030. This is almost a decade from now, but the main question that arises is what it means exactly?

The analysis made for the forecast states that AI will enable the companies to become more efficient and allow them to increase their production across a wide range of sectors that include healthcare, retail, communication, financial services, automotive, energy, transportation, and manufacturing. The cost savings from implementing AI over older systems and generating revenue from new services and hardware underlay a potential for the massive AI seed funding in the coming years.

  1. Great Benefit for AI Chipmakers

Another important reason for potential artificial intelligence investors is the benefit semiconductor manufacturers have gained due to growth in AI innovations. The AI chip market expects to reach up to $19 billion in the coming years. The chief winner among these id NVIDIA, a company whose GPU’s are in use by several tech giants and companies to increase their server’s ability to process images and speech information quickly. The pharmaceutical sector has integrated its computing powers to find a cure for diseases. NVIDIA has started to develop systems to handle the complex data processing required by the automotive industry. The company management believes they will reach a benchmark of $50 billion by 2023. This success story of NVIDIA is a reason alone for investors to consider AI funding now.

  1. Artificial Intelligence Essential for Autonomous Vehicles

Due to a rapid increase in the development and innovation of AI-related prospects, the technology itself has become an integral part of the autonomous vehicle idea. The idea thought of as a fictional dream has become a reality now, thanks to the advancements in AI-based innovations. The introduction of self-driving vehicles has used the AI technology of Alphabet’s subsidiary Waymo which was the first company to launch the first self-driving car last year. The company plans to put their artificial intelligence funding to expand their services and test ways to use autonomous vehicles for freight services before ultimately licensing it to other companies

A prediction made for 2040 states that almost 16% of the vehicles sold manually will be autonomous, which is why everyone from chip manufacturers to ride-sharing companies opts to develop this tech.

  1. Improvement in Data Sorting

AI seed funding is not just about churning out cool new gadgets but also to improve the already existing systems. In the case of data sorting, AI can improve the techniques that will make sharing and protection of data much easier. Data-driven companies use sorting techniques combined with machine learning to get a deeper insight into the customers. This allows them to gain valuable information from the pile of raw data that they produce. With companies collecting and creating a larger amount of data, such tools of AI will become more important in the future.

  1. Boost in Cloud Computing Market

Cloud computing services from some of the leading tech giants in the world have started to integrate AI-based technologies to make their services even smoother. Big names like Amazon that holds 32% of the cloud computing market has used machine learning and AI systems to host their cloud-based products. This prospect makes another reason for the investors to place their AI fund in the long run. Companies in the future will integrate AI systems for almost all of their internal and external operations.

Conclusion

The artificial intelligence market is here and is on the verge of constant growth. Forward-looking investors have the best chance to invest their AI seed funding, just like all the big companies have done. Over the next few years, more companies will adopt AI technologies to transform their industry and they are tapping the technology to keep up with their competitors.

5 Critical Points to Consider Before Starting an Artificial Intelligence Company

Many entrepreneurs try to start an AI project by diving straight into data and algorithms before realizing the desired results they need to achieve. Unfortunately, this does not work as anticipated as a successful artificial intelligence company needs a clear vision as its foundation. While AI has experienced a considerable breakthrough in recent years, many entrepreneurs remain skeptic about adopting an evolving, technology-based business model. Having success in AI depends on a huge backup of investments for data, machine and software. But before laying the foundation for your company, consider these 5 critical points in the back of your mind.

  • Sell Solutions not Just AI

As a fast-evolving technology, a good AI output depends on finance and good knowledge; however, most AI companies focus on platforms and algorithms rather than providing solutions by applications. To build a successful company, focus on solving customer problems as a start and gradually scale to a wider platform from experience achieved. The most important thing is to share the knowledge to solve issues rather than keeping it to yourself. Dive into the success stories of successful entrepreneurs, and you will see that they all focused on using AI as a solution rather than just a point of sales.

  • Think Differently

People today use AI mainly for voice recognition, facial identification, or robotics. What they have failed to realize is that AI can act as a valuable tool to provide solutions to several issues. For you to lay the foundation of a successful artificial intelligence company, a vital point to consider is to tap into unexplored areas. Think outside of the box and start visualizing the possible problems that your AI can provide solutions for.

Artificial intelligence itself a field that requires creative thinking, and even if you remove all the common AI products, you still have several options to take advantage of. Start to deviate yourself from what others have already adopted and build your portfolio based on a unique idea that provides a solution to any chief issue.

  • Setup Your Mission

Many entrepreneurs fail to realize the solutions they need to address and struggle to survive as an AI company in the rapidly growing industry. Since the market has gained momentum, start by highlighting a mission statement on which your whole company should rely. You will attract different clients as you will have something to offer that can save them from their problems. These clients stick to you as they know you have the tools, techniques, and services that not only make their lives easy but also save them a lot of time and money. Artificial intelligence is the tool to carry that mission to success.

  • Understanding Your Customers & Industry

While starting with your artificial intelligence company, discover the reasons why a customer should buy your product. Try to get familiar with the client’s needs by thinking like a client yourself. Most entrepreneurs get so caught up in their technological growth that they fail to anticipate why a customer would want the product. They spend a considerable amount of time and money on building a product that they realize later that customers do not even need. So, before building your AI Company, first, determine the needs of customers and then start your services from there.

Another thing to realize during your journey is to understand the industry you have decided to work within. Make sure the cost you deploy for your product entices the customers to move from their current solution to a new one. Allow your AI Company to provide customer satisfaction with better quality, performance, and fewer errors. Some industries do not accept your technology as you are not ready to take the risk yourself. Ensure that you select a good industry niche to adopt this process and work with a smart customer base.

  • Ethical Considerations

Just like any other company, an Artificial Intelligence company also needs a certain set of rules and regulations to act as their code of conduct. While mapping out your idea to the market, consider if there is any potential harm that subjects to your customers or anyone else. This notion holds special importance if your technology scales to millions. You must think about the ethical considerations if you want to develop your technology for public use. Take special consideration for technological ethics and ensure the group effected by your work has a voice.

Conclusion

Entrepreneurs that fully embrace the principles and understand the importance of the points mentioned above realize the potential of their AI company to the fullest. Companies that have just started with their AI journey need more considerate planning and ensure that their AI strategies are built to last. Start focusing on the needs of customers and design your solutions based on those needs.

What Is The True Future That Awaits Us If We Invest In AI?

For years the idea of AI (artificial intelligence) needed creative and catchy scientific theory interpretations in order to grab attention of the general public. Hollywood and sci-fi also played a notable role in it by coming up with different wonderful characters like “Data” featured in Star Trek. It is somewhat true that artificial intelligence in its diverse intriguing forms primarily restricted to the world of flicks and entertainment till only recently.

Because of some incredible artificial intelligence startups and increased availability of AI investment, very capable AI technology has finally started to cement its place in the routine lives. With every single passing year, models of AI are increasingly getting sophisticated and offering more utility to people who belong to different fields. Definitely, they do not appear to be fully function cyborgs as yet. But many of them are surely the seeds from which a lot more advanced and superior technology will evolve ultimately.

Even though hundreds of budding companies and startups that are primarily based on AI are trying to make their way to the mainstream global business arena, a lot of them could not succeed because of the lack of finance. If such ventures get the adequate amount of artificial intelligence investment, following are some exhilarating advancements you could expect in the near future.

Better Decisions

These days, a lot of midsized to giant corporate firms make their decisions by largely relying upon the information and data that is collected by their information system. Merging these decision making management systems with artificial intelligence technologies will take the accuracy of decisions to the next level. The proficiencies of artificial intelligence can also assist management decision systems when interpreting the data of customers into predictive models of different major trends. A wide range of demographic factors can be employed to accomplish this with the help of AI.

Prospect of Revolutionized Methods of Programming

Decent AI investment can introduce humanity to an absolutely new world in which you might be able to carry out those things you never dreamt of doing before. Artificial intelligence essentially serves and connects us as a unique transition between various discrete actions. It does mean that AI allows us to participate in multiple activities simultaneously, for instance instantaneously translating code into different other languages. The incorporation of AI with current technology can truly revolutionize the way computer programming is done these days.

Interacting with Computers and Machines in New Ways

Artificial intelligence unearths unbelievable horizons of the interface approaches that too with the minimal effort. With the arrival of keyboards, mouse and other peripheral devices, we have been utilizing computer systems in a more convenient and progressive way. In order to communicate digitally, we developed and learned coding and programming languages to achieve exclusive results. Artificial intelligence can help in simplifying these codes and interpreting input with the help of sensors and cameras.

In the future, instead of writing a line of code, you will be able to give commands to the computer systems with the help of human gestures. It is safe to say that this tremendous approach will pave a road to the mindboggling utility of robots in daily lives. However, to get to this level a great deal of artificial intelligence investment will be required.

More Precise Predictions

Predictions are not merely restricted to the games of chance like roulette. As a matter of fact, scientific and statistical predictions are employed in an extensive range of fields, including diagnosing various diseases, checking and forecasting the weather patterns, and many more.

Artificial intelligence offers a plethora of more variables and assists in processing all of them through a programmatic approach that is considerably simpler and gives higher level of accuracy and confidence. In other words, AI has the competence to maximize the utility of data which is already available.

Affects on Fintech

The infusion of finance and technology has given birth to a field that is now widely known as fintech. However, the utilization of technology in finance can be fostered even further with the introduction of artificial intelligence. AI has an inherent competence to collect and process insanely huge volumes of data, which is simply perfect for the transformation of a sector like finance. AI can enable investors in analyzing colossal amounts of fiscal data to make various predictive decisions especially in the areas like stock market.

The Ultimate Photoshop Solution

For some people editing their pictures is quite a big deal, and artificial intelligence can come off as a huge help in this regard. In the future, with the right AI investment it might be possible to develop those programs that can automatically edit pictures or videos the moment they are captured. The emergence of this technology in its completely advanced form can totally transform the whole photography industry. Professional editing tools like Photoshop will relegate overnight as well.

What Are The Top 5 Challenges Faced By The AI-Startups?

While artificial intelligence is managing to penetrate diverse industries and sectors by attracting AI investment, including financial services, education, healthcare, e-commerce and many more, this advanced field is facing quite a few serious challenges. Artificial intelligence is suddenly just about everywhere and there is hardly any industry that has not felt the effects of hype created by it.

However, with all the excitement about artificial intelligence and new ventures that are pushing their ideas around it, there is an apparent difficulty in evaluating and comprehending the prospects, dearth of entrepreneurial know-how, shortage of solid talent, and even in some cases there’s criminal deficiency of substance.

There is no doubt about this fact that some AI startups are doing incredibly well and successfully transforming their ideas into reality. However, the focus of this post is to identify those challenges that are impeding the growth and success of budding AI startups.

1. Computing Isn’t Adequately Advanced

Deep learning and machine learning are some of the top and most effective artificial intelligence techniques. They need a consistent series of complicated calculations that are made rather swiftly (in nanoseconds or microseconds). This shows that these techniques of artificial intelligence make use of a tremendous amount of processing power.

Artificial intelligence has been a hot topic of discussion amongst experts for quite a few years now. One thing that keeps on coming out of these highly technical talks is the absence of adequate amount of power that is required to optimally execute these artificial intelligence techniques.

Plus, if at some place such advanced technologies are available which can effectively accommodate deep learning and machine learning, they happen to be extremely expensive. Startups find it difficult to draw artificial intelligence investment of that level.

In addition to it, systems that allow parallel processing and cloud computing have created some hope to execute these AI techniques for short periods of time. However, once the volumes of data go up, cloud computing no longer works as a dependable solution.

2. Low Actual Implementation of AI

Artificial intelligence is apparently getting a lot attention, but the problem is there are mot many AI based solid use-cases that are available in the marketplace. It does not really matter how popular the idea of artificial intelligence is becoming. Without proper application of artificial intelligence that can truly serve businesses in different ways, AI startups will keep on struggling to convince corporations to invest a considerable amount of money in their projects.

In addition to it, there aren’t so many experts who have the skill to make corporations comprehend how AI can play an integral role in radically increasing their productivity. To resolve this problem, it is crucial for the AI startups to resolve apparent problems of businesses with unprecedented levels of precision and accuracy.

3. Lack of Provability

AI startups that are working on diverse range of products and solutions fail to coherently demonstrate their vision as well as exactly what they aim to accomplish by making the most out of their artificial intelligence techniques. AI is still a pretty new concept, and the potential users of this technology have their doubts regarding how it takes various decisions, plus whether the decisions made by it are reliable or not.

In order to clear this fog of confusion, AI startups have to come up with those algorithms that are transparent, provable and explicable. The main goal of AI startups should be to convince business corporations that their artificial intelligence solutions are consistent and reliable. That is the only way to get AI investment.

4. Algorithm Biases

A substantial issue with artificial intelligence systems is that the efficiency and dependability of these solutions is based on the data which they process. Usually bad data is associated with racial, gender, communal or ethnic biases. Some proprietary AI algorithms are utilized to find different things, such as loan defaulters, granted bails etc.

In case, an AI startup develops and deploys an algorithm in which some sort of bias is hidden and this algorithm is utilized by organizations to makes critical decisions. Under these circumstances, it highly likely that such algorithm will generate outcomes which are unfair and unethical. It is the responsibility of AI startups to make sure that their algorithms and solutions are bias-free.

5. Data Security and Privacy

Most of the AI based applications make use of huge data volumes in order to make smart decisions and constantly keep on learning. Machine learning programs rely on data that is usually sensitive. Because of the colossal quantities of data sometimes it becomes hard for AI startups to ensure its protection and integrity.

Loopholes in data security and privacy can make organizations as well as individual customers feel uncomfortable about the AI solutions offered to them. It can lead to demonstration of reluctancy by business organizations to integrate the AI technology into their current systems, due to which AI startups can lose artificial intelligence investment.

Key Questions to Ask Before Investing in AI Startups

For any non-technical investor, the term Artificial Intelligence or AI can either be a celebration or gloom. Celebration in a way because adding a few AI startups to their investment portfolio establishes their deal flow smoothness as justified in the eyes of their lending partners. Gloomy in the sense that almost every startup uses the same terms and prospects to increase their value. The artificial intelligence seed investment is more than just an exchange of money; they need to mentor the entrepreneurs, make introductions, and do anything to make their portfolio company a success. This makes money and technical knowledge about the industry essential for the successful investment procedure. But before you reach an agreement with any startup, meet the team doing the work and speak with them. Ask them some questions to get a vibe for how they conduct their operations.

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Top Artificial Intelligence Trends for 2020

Artificial intelligence today has taken the world by storm and this technological marvel has integrated itself as an essential part for almost every machine and application.  Each year there is a new trend present that sets itself as a benchmark for the following year. AI startups today are not only working to incorporate into various forms of technology but also making a breakthrough in the fields of health, agriculture, automobile and architecture.

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Reimagining An AI-integrated World – Human + Machine

Before delving into the idea of world that features an intricate blend of machine and human beings due to blessings of artificial AI investment, it is imperative to know what artificial intelligence really is. AI is a general and broad terminology that was reportedly coined in the mid 1950s. Artificial intelligence is referred to virtually any kind of computer program that is capable of engaging in activities which are humanlike, such as problem solving, planning and learning. These are software and machines with the competence to learn things from experience.

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73% Of Games Bosses To Boost AI Investment

The future of artificial intelligence (AI) is so important to the games industry, the majority of decision makers in the sector are planning to increase their investment in AI in 2020.

According to a recent survey by content production studio Virtuos, 73 per cent of major players in the games industry stated they are planning to prioritise AI when it comes to new technologies they will invest in next year.

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