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Tag: Artificial intelligence

  • Vietnamese firms should see Industry 4.0 as a business opportunity: VCCI

    Vietnamese firms should see Industry 4.0 as a business opportunity: VCCI

    The Vietnam Chamber of Commerce and Industry has high hopes that Industry 4.0 will open more doors and opportunities for Vietnamese companies.

    On September 29, the chamber (VCCI) partnered with Vietnam Solomon Technology Company Ltd., to hold a conference in Hanoi, to heighten awareness among local companies about the inevitable transformation to Industry 4.0.

    VCCI deputy chairman Hoang Quang Phong said that finding effective ways to run businesses should be an ongoing discussion for both business owners and regulators in Vietnam.

    He said the fourth industrial revolution will have strong impacts on many industries including manufacturing, automation, transportation, finance, education, healthcare and agriculture.

    Phong believes that artificial intelligence and other technologies will provide a platform for businesses to improve productivity, innovate new products and services, reduce raw material consumption and costs to meet consumer demands.

    New technologies for automation and artificial intelligence were introduced at the conference for businesses to gain an overview of an innovative, sustainable industry in the future.

    For instance, Vietnam, Solomon introduced AccuPick, a technology that can identify complex shapes of an object with high precision in a very short amount of time.

    Solomon also introduced the Delco Eco Farm, and other artificial intelligence based business ideas at the event.The company said AccuPick can be used in automotive, mechanics, food and other industries to boost productivity.

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  • Artificial intelligence to hit Vietnam hard

    Artificial intelligence to hit Vietnam hard

    Vietnam’s among top 3 ASEAN countries that will face AI-related employment problems, a new study has found.

    The study was carried out Cisco, a multinational technology conglomeratem and Oxford Economics, a firm that specializes in global forecasting and qualitative analysis.

    Results of the study were revealed at the World Economic Forum on ASEAN 2018 in Hanoi on Wednesday.

    Cisco ASEAN regional director Naveen Menon said the study looked into 430 jobs in 21 different industries across six different countries (Vietnam, Singapore, Indonesia, Malaysia, Thailand and the Philippines) to project potential impacts over the next decade.

    It found that 28 million workers out of a 630 million workforce in the six countries would be affected by AI.

    Singapore would be the worst hit with 21 percent, followed by Vietnam (13.8 percent), the Philippines (10 percent), Indonesia (8 percent), Malaysia (7.4 percent), and Thailand (2 percent).

    Around 6.6 million out of the 28 million workers are likely to become “redundant” in the next 10 years, Menon said, adding that these people would have to switch jobs, learn new skills, or look for jobs in a different country.

    “For instance, manpower in the Philippines would have to relocate to Vietnam since some particular jobs are no longer needed there,” Menon said.

    Luong Thi Le Thuy, CEO of Cisco Vietnam, acknowledged the potential impacts and said that industries are looking to apply technology to overcome the challenges and grab new opportunities.

    Vietnam has been an attractive destination for foreign investors because of its low labor costs, but this advantage could change in the coming five to 10 years since the majority of Vietnamese workers are still unskilled, she said.

    Cisco recommends that countries and businesses provide opportunities for employees to be re-trained and prepare for “change-ready skills”, she added.

  • Flipkart acquires AI-led startup to get next 200 million online shoppers

    Flipkart acquires AI-led startup to get next 200 million online shoppers

    In a move aimed at getting the next 200 million online shoppers to its platform, e-commerce major Flipkart has acquired Liv.ai, an artificial intelligence-led speech recognition startup. The company, however, did not disclose the deal amount.

    Post the acquisition, Liv.ai will become a Flipkart centre of excellence for voice solutions, and help accelerate an end-to-end conversational shopping experience for its users, Flipkart said in a statement.

    Founded in 2015, Liv.ai is the first Indian company to build speech to text application programming interfaces (APIs) that enable speech to text conversion in 10 Indian languages including Hindi, Bengali, Punjabi, Marathi, Gujarati, Kannada, Tamil, Telugu and Malayalam.

    US retail giant Walmart has recently completed its US $16 billion transaction to buy 77 percent stake in Flipkart.

    “The next wave of growth of internet users is coming from tier II+ cities and 70 percent of these current internet users are native/vernacular language speakers and this proportion is only increasing,” Flipkart CEO Kalyan Krishnamurthy said.

    Given the complexities in typing on vernacular keyboards, voice will become a preferred interface for new shoppers, he added. He explained that building a voice interface is complex, especially in Indian context given multiple languages and accents.

    The team at Liv.ai has been able to solve this through multiple technological innovations including deep neural net-based methods and this expertise is a big capability add-on for Flipkart, he said.

    “Ultimately, we want to give our customers a conversational e-commerce experience and believe that with the voice interface the opportunities are endless including discovery, search, engagement, transactions etc,” Krishnamurthy said.

    Flipkart said this will help build voice and speech capabilities to help get next 200 million online shoppers, who will prefer native language interaction on the web. As per industry studies, Hindi internet user base is likely to outgrow English user base by 2021 and along with Marathi and Bengali users, will drive the volume growth.

    Liv.ai co-founders Subodh Kumar, Kishore Mundra and Sanjeev Kumar, along with the entire Liv.ai team will join Flipkart as a part of the deal.

    The team under the leadership of Ravish Sinha, Vice President Flipkart, will act as a centre of excellence to drive further developing the voice solutions, integration with Flipkart app and developing use cases for various categories.

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  • Channeling Artificial Intelligence in beauty

    Channeling Artificial Intelligence in beauty

    Since time immemorial women have been using various aids to enhance their beauty. Between the ancient times and the advancement of scientific techniques, we have seen the phenomenal growth of the beauty and cosmetics business. We have seen the modernisation of beauty treatments from ancient Egypt to the present day. We have also seen and experienced the heights of product innovations, using research and development of cosmetic techniques. New ingredients are being researched and used and then promoted as the next best beauty discovery. Even ingredients from ancient texts are being combined with scientific techniques to formulate beauty products. Each product claims to be better than the previous one.

    We have also been through basic customised beauty care, formulating products for different skin and hair types. Even here, there is a kind of generalisation and the theory of ‘different skin types’ does not take into account the many differences there are between one individual and the other. Through these years, branding has become important. The customer starts believing that using a certain branded product will make her look like the brand’s ambassador. Actually, the product she uses has not really taken into account her personal characteristics and features. But, Artificial Intelligence is changing all of this.

    What is Artificial Intelligence? Actually intelligence itself is difficult to define, so one can imagine how complex the concept of Artificial Intelligence must be! In fact, the definition itself has undergone changes, since the developments have been so rapid. The basic and simple definition refers to ‘machine that imitate human behaviour’. However, this is too simple a definition, because a machine maybe made in a way that it imitates human behaviour, but can it imitate human intelligence? Experts say that computer programmes can be made to imitate human behaviour, but the programme must be such that it ‘must be able to do many different things in order to be called intelligent’.

    As far as Beauty is concerned, programming has helped to prepare a database that can take many individual characteristics into account, so that it is possible to manufacture a product that is specifically meant for an individual, rather than conforming to broader specifications of ‘skin types’. Advances in technology can help to further machine learning with Artificial Intelligence, so that it becomes possible to find a custom made product for each individual.

    When I started my first herbal salon, more than four decades ago, I followed the principle of customised beauty care, at the client card level. The details of the individual client would be noted down in the Client Card. Apart from the basic, details of allergies, history and past treatments would also be noted down. In a way, we were preparing a data base. But, now with computer programming, it is possible to create an immense data base, with more detail. The customer herself can refer to the virtual card and refer to it while searching for a custom based product.

    There are beauty brands abroad, who are adopting Artificial Intelligence to create personalised products that are specifically tailored for customers. The ‘search’ for products will also have to be detailed and specific, so that the customer can make the connection among the different categories of products, ingredients, the different key words in order to select the best suited product. Most online retailing outlets do have ‘chats’ where the customer can be helped to find the products best suited. However, machines will have to be programmed to take many other distinctions into account, like geographical location, climate, skin colour, ethnic background, and so on.

    With the help of Artificial Intelligence, the customer may be able to find a skin profile that is totally personalised and unique, so much so that it may not fit any other person. If such detailed data is taken into account by product developers, it maybe possible to make similar products, with or without a particular ingredient, which is suited to one, but not to the other. In fact, one can consider including the medical aspect to find solutions for skin problems. Medical professionals or pharmacists may also be involved to work out the different aspects of the programming.

    It seems the possibilities are limitless with further development of technology. But, I still feel that at some point, the human factor must come in. For instance, only a human being can say whether a particular product feels good or not, whether it really does all that it promises to do. We cannot rely totally on machines and Artificial Intelligence.

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  • Hyundai Mobis finds a job for AI

    Hyundai Mobis finds a job for AI

    Auto parts maker Hyundai Mobis announced Sunday that it has developed artificial intelligence-based software and a chatbot equipped with a deep learning algorithm to speed up its research in smart car technology.

    The artificial intelligence-based software is called Maist, short for Mobis Artificial Intelligence Software Testing, and has been co-developed by a research team at the Korea Advanced Institute of Science & Technology led by Professor Kim Moon-zoo.

    Maist is designed to test different software that is to be installed in cars. According to Hyundai Mobis, installing Maist will double the efficiency of the software development process.

    “About 50-70 percent of the testing process will be done by Maist from now on, allowing researchers to engage in more creative works,” an official at Hyundai Mobis said.

    The chatbot is called Maibot, short for Mobis AI Robot, and is able to search through the lab’s cloud, home to more than 200,000 research cases, to find material that a user is looking for. The algorithm will allow Maibot to become more advanced, Hyundai Mobis said.

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  • How AI affect online grocery shopping experience

    How AI affect online grocery shopping experience

    AI will soon revolutionise the online grocery shopping experience, according to research released today ahead of next month’s Consumer Goods Forum Global Summit in Singapore.

    The research, compiled by IGD, is based on a survey of 223 senior industry members across 42 different markets and a series of in-depth interviews. It predicts digital transformation will reshape online food and grocery retailing. In China, already the world’s largest online shopping market, online grocery sales will grow by 286 per cent within four years and account for 11.1 per cent of the nation’s total grocery spending.

    The online store of the future will contain five key features:

    Personal micro stores

    “Personal micro stores” will offer individualised and online-exclusive products as well as personalised promotions, recommendations, advertising and loyalty schemes. More than two-thirds of respondents (69 per cent) believe some retailers will apply personalised pricing and promotions in future. An additional 77 per cent think almost all digital communication to consumers by retailers will be personal.

    “AI will help to unlock personalisation,” explains Simon Mayhew, online retail insight manager at IGD. “The store’s layout will be dynamic and able to predict the customer’s reason for shopping. So, if you need a meal for tonight, your homepage will display only the relevant solutions. When generally browsing, you will only see the products and pack sizes likely to meet your needs. Many products will only be buyable online where there is no constraint on shelf space, and in high-value categories, there will be customisable products, so you can create your own ideal shampoo or cereal.”

    Smart personal assistants

    Tomorrow’s online grocery stores will act as a smart personal assistant, connecting with various devices, preventing shoppers from running out of products and supporting their lifestyle goals. Nearly two thirds (60 per cent) of the experts surveyed predict that smart devices automatically re-ordering products will become a firmly established way of shopping for many people. The shopping experience will also be more inspirational, through personalised planners and sophisticated digital assistants like chatbots. Seventy-one per cent of respondents expect some retailers to provide a service to offer personalised dietary guidance.

    “Smarter devices will make shopping simpler and more inspiring,” says Mayhew. “The online store will help stop you running out of products. Shoppers will subscribe to have their favourite products delivered regularly and AI will predict when you may run out and make or suggest a reorder. Household devices, such as washing machines, will connect to your store and reorder when necessary. This will lock in customer loyalty.

    “The online store will offer more than just groceries, it will also help around the house. With populations urbanising and tending to live in smaller properties, businesses will offer services that prevent the need for space-hungry appliances, such as home cleaning and laundry.”

    Faster and more efficient

    Tomorrow’s online grocery store will be more efficient for shoppers, making it easier and quicker to order products. Login and payment will be available through facial, voice or touch recognition technology. Shoppers will incur less waste, with a greater choice of pack sizes and meal planners to help manage quantities and advise on using leftovers. A better fulfilment service will be on offer with more deliveries, on time and in full and products delivered at the right quality and freshness.

    “For retailers and manufacturers, the online store of the future provides both opportunities and challenges,” says Mayhew. “Data from the online store will guide product development. Retailers will see gaps in their ranges through unfulfilled search requests and have a better understanding of product quality through ratings, reviews and feedback to chatbots.

    “Fulfilment will benefit from robotics and supply chain forecasting will be more accurate. This will mean online pickers have fresher products to select, helping overcome one of the biggest barriers to shopping online. Unattended deliveries to homes, cars, and even ‘straight to the fridge’, will grow in popularity.

    “Improvements in service will reduce the number of returns and make deliveries quicker. We will see greater collaboration in the supply chain, including manufacturers pooling resources to sell directly to consumers. However, there will also be new challenges and potential inefficiencies. Shoppers will expect faster deliveries, and this means smaller, more frequent orders.”

    Frictionless experience

    Tomorrow’s online grocery store will deliver a frictionless combined offline and online shopping experience for consumers. People will switch seamlessly from shopping online and instore with data cross-referenced between the two. This will help bring more personalisation to the physical store and help shoppers find their favourite products quickly and discover new ones. This is an opportunity that many companies need to work on with over half (53 per cent) of survey respondents saying they haven’t or have only just started to integrate their online and offline teams.

    “Before visiting a physical store, you will be able to look online to check in-store, real-time availability, access product information, get product usage ideas and read reviews”, says Mayhew. “When you arrive at the physical store you will then benefit from personalised offers and recommendations. An online app will help you find products and pay for your shopping without cash.”

    Invisible stores

    Tomorrow’s stores will – at times – be invisible, with shoppers buying products from shoppable digital content such as videos, photos and social media. In the future, people can be shopping at any time. There will be no limits to when you can be shopping. China has been leading the merging of media, entertainment and shopping, and Europe and North America will follow.

    “You won’t even need to visit your online store to buy products,” says Mayhew. “Alongside voice ordering, the majority of digital content you see will be shoppable. You could be watching a video or see a still image and just click on it to buy the product.”

    Danger in downplaying

    IGD’s team says there are three primary reasons why no grocery retailer or supplier can afford to downplay online retail:

    • Across most of the world, online is already a fast-growing channel.
    • Online and offline are merging, with an online store vital to complement physical stores.
    • The digital world evolves faster than the physical one and online stores will become increasingly compelling.

    The research house says tomorrow’s shoppers will expect more choice, convenience, inspiration, personalisation and transparency and online stores will play an increasing part in meeting these needs.

    “Grocery retail is seeing an unprecedented amount of change, driven by changing shopper expectations and the ability to meet these using transformative technologies,” says Joanne Denney-Finch, IGD’s CEO. “This offers great opportunities for companies of all sizes. The winners will put the needs of their shoppers first, be prepared to act decisively, maintain the highest everyday standards and exhibit tremendous agility.”

    The report, free to download from IGD, will be presented in detail at the Consumer Goods Forum Global Summit from June 12-15.

    Peter Freedman, the forum’s MD, says the IGD research report sets out a clear, consumer-centric vision of tomorrow’s online shopping experience.

    “It gives us all something to aim towards and it ties nicely to the theme of this year’s Global Summit – Consumer Centricity in a Data-Driven World.

    “And it highlights the importance of the CGF’s positive change agenda – such as using new technologies to deliver accurate product information on the digital shelf, designing out product and packaging waste, and retailer-manufacturer collaboration for growth.”

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  • Alibaba demonstrates smart ordering in cafe and restaurants using voice AI

    Alibaba demonstrates smart ordering in cafe and restaurants using voice AI

    Alibaba Machine Intelligence Technologies has unveiled an intelligent speech interaction technology aimed at “smart ordering” in cafes and restaurants. The new technology lets buyers order their food item or coffee by speaking to a smart ordering machine.

    The Alibaba DAMO Academy unit, which focuses on fundamental AI research, said the machine will understand the customer order requests and display the order onscreen in a split second.

    Buyers can modify their orders as many times as they want, and the machine is expected to catch all the changes and update immediately. For example, a customer might say: “I want to order two large cups of cappuccino. Oh, please make them with less sugar and decaf. To go. And sorry. That should be three cups of cappuccino, two large and one small.” The smart ordering machine will then display the full order as two large cups and one small cup of decaf cappuccino, all with less sugar than usual and note that it’s for takeout.

     

    Smart ordering is possible through the team’s latest research in spoken language understanding (SLU), a field that involves both speech processing and natural language processing. First, the team develops a multi-modal speech interaction solution that can capture both voice and visual features, taking into account such things as the speaker’s pace, pauses between words, pronunciation, breaths and facial expression. Next, the team builds a reinforcement-learning model that allows for revisions and intent detection. All are important in the SLU field, making it possible to apply the latest SLU technology into commercial use.

    The solution is currently only for Chinese-speaking customers. The smart ordering machine is expected to roll out to the market in the next few months, and the technology solution will be available on Alibaba Cloud to benefit small and medium-size enterprises.

    Zhijie Yan, Head of Intelligent Speech Interaction at Alibaba Machine Intelligence Technologies said, “Our multi-modal speech interaction solution, underpinned by our insights in spoken language understanding, can be used in different scenarios including food and beverage ordering, customer service, voice commands for home appliances and in smart cars, and voice response to inquiries in shopping malls or airports.” “With the smart ordering machine as a perfect example, we believe the solution would greatly enhance the customer experience and make running a business more efficient,” added Yan.

    In December last year, Alibaba introduced far-field voice-recognition technology to ticketing kiosks in Shanghai metro stations, allowing passengers to use their voices to tell the kiosks their destination, and the machines will recommend the best route.

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  • Citi rolls out Facebook Messenger bot in Singapore

    Citi rolls out Facebook Messenger bot in Singapore

    Citi has launched its first natural language chatbot for Facebook Messenger in Singapore ahead of a wider roll out around the world.

    The bot uses natural language processing to communicate with customers in an intuitive way, addressing their everyday questions about things like real-time account and transaction information.

    Citi says that it has been piloting the bot with 600 customers and employees to refine the service, which also covers credit card bill summaries, rewards and points balances and frequently asked questions.

    The bank has previously said that it plans a second phase to introduce more features such as card activation, ability to lock and unlock credit cards and transaction alerts for cards among others.

    “Facebook Messenger is an exciting new way to access Citi and will greatly enhance our overall customer experience’” says Anand Selva, head, Asia Pacific consumer banking, Citi.

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  • JD.com launches new accelerator to develop AI and blockchain technologies

    JD.com launches new accelerator to develop AI and blockchain technologies

    JD.com, one of China’s largest e-commerce companies, has launched a new accelerator program called AI Catapult that focuses on blockchain and artificial intelligence startups.

    Based in Beijing, AI Catapult will start with an inaugural roster of companies that include Bluzelle, a blockchain startup based in Singapore providing database services, Bankorus, a leading Chinese robo-advisory provider, CanYa, an Australian cryptocurrency startup, Nuggets, a London-based e-commerce payments and ID platform built on blockchain technology, Republic Protocol, an open source decentralized dark pool exchange, and Devery, a blockchain-powered product verification protocol.

    JD.com said the purpose of the program is to partner with innovation startups to build new businesses and create real-world applications of their technologies at scale.

    Uri Ferruccio, the director of strategy and investment for JD.com’s AI Platform and Research Division, said AI Catapult “will support JD.com as it explores how AI can improve the scalability, security, privacy and efficiency of blockchain, and enable novel and improved applications in areas such as distributed AI.”

    Bowen Zhou, vice president of JD.com’s AI Platform and Research Division, added, “We are excited to work with some of the world’s most innovative startups to explore ways we can scale these cutting edge technologies for the future of retail and other industries, as well.”

    The program will begin in March and will provide selected startups with the opportunity to cooperate with business units throughout JD.com’s retail business and implement their technologies.

    The firm also plans to invest in the growth of the AI and blockchain ecosystem through future commercial, strategic and research partnerships.

    JD.com already uses blockchain technology in its supply chain to track products and AI to control its logistics drones and automated package sorting centers. The firm joined the Blockchain in Transport Alliance earlier this month to explore the use of blockchain for global freight and logistics. It is also working with Walmart, IBM and Tsinghua University National Engineering Laboratory for E-Commerce Technologies on blockchain applications for food tracking, traceability and safety in China.

    JD.com has over 266 million customers and recorded 658.2 billion RMB, or about US$100 billion, in gross merchandise value in 2016.

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  • Coty focuses on AI with growth accelerator competition

    Coty focuses on AI with growth accelerator competition

    Coty, the global beauty company, is to begin a new technology start-up programme which will offer $100,000 in cash prizes for the best pitches involving artificial intelligence (AI) solutions.

    The digital accelerator start-up programme will ultimately see eight companies work with Coty’s brand portfolio which includes GHD, Burberry and Covergirl, and will see a focus placed on a number of digital capabilities including AI.

    Dates for submitting AI pitches using one of Coty’s brands will be accepted by 12 March, with a concise description of brand benefit expected, including metrics.

    A follow up presentation for potential winners will take place at Coty’s brand leaders Digital Accelerator Summit in London and New York on 27 and 28 March. Prizes will range from between $10k – $50k with strategic support offered by the digital team at Coty.

    Publicis’ media group, Zenith will be involved in summit, working alongside the company’s inhouse agency, Beamly as the business aims to foster its own ‘act like a start-up’ ethos, with AI one of its key priorities for development, explained Jason Forbes, chief digital and media officer for Coty.

    “At Coty, we’re focused on transforming our digital capabilities across the organization, and the launch of the Digital Accelerator represented another step in this transformation. I’m thrilled to take this initiative a step further by bringing external start-ups into the mix. Coty has a growing expertise in partnerships with a breadth of start-ups to drive growth across our brands,” he commented.

    Fred Gerantabee, Coty’s VP of digital innovation, added: “Partnerships between Coty and emerging companies such as Beamly and Holition, which launched our first an app free Augmented Reality (AR) experience exclusively for Covergirl, is an indication of how we’d like to bring disruptive new approaches to the market in partnership with unique new players in AI, AR, voice and other rapidly growing technologies. We intend to foster these relationships and looks forward to more examples like this coming out of our Digital Accelerator summits.”

    Benoit Cacheux, global digital & innovation Lead at Zenith, said, “We’re really excited to work closely with Coty across this important strategic capability. Zenith and Publicis Media have been able to unlock a suite of great AI start-ups and we look forward to introducing more through this important initiative.”

    This is the second year of the digital accelerator programme which aims to develop the digital capabilities of Coty overall.

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  • Retail AI startup Capillary Technologies raises $20 million

    Retail AI startup Capillary Technologies raises $20 million

    Capillary Technologies on Wednesday announced the raising of approximately $20 million over the past year from its existing investors, including Warburg Pincus and Sequoia Capital. The cloud-based software solutions startup uses artificial intelligence to enable top retailers such as Walmart, Starbucks and Dubai-based Al-Futtaim to smartly engage with their customers.

    With these funds, Capillary expects to strengthen its new product development, powered by AI and Machine Learning catering to Asia and other upcoming emerging markets. The company said it also plans to invest in the newly launched Consumer Goods vertical with its solutions.

    “More than 70% of these funds would be [spent] on AI and machine learning products,” said Aneesh Reddy, co-founder and CEO of Capillary Technologies. “We have a 25 member team for it. We are also funding a research team at IIT-Kharagpur.”

    The firm would also use the money to further strengthen its presence in China and the Middle East, besides penetrating further into Southeast Asia. The company said it will soon be opening its second office in China in Guangzhou and then another one in Beijing later this year.

    “We are pleased to continue to be a part of the company’s journey as the team further scales the business,” said Vikram Chogle, Principal, Warburg Pincus, in a statement.

    Reverse innovation

    Capillary, founded by IIT-Kharagpur graduates Aneesh Reddy, Krishna Mehra and Ajay Modani, launched the firm in India to solve the key pain points of the local retailers. Its innovation which helps retailers understand customer purchase behaviour through artificial intelligence later found the market in other countries.

    Capillary’s technology has now been used by more than 300 top brands across 25,000 stores in over 30 countries to enable easy and seamless consumer experiences. Some of them include Pizza Hut, Giordano, Bata and Puma. The firm expects to achieve a revenue of $100 million in the next three years, according to Mr. Reddy of Capillary.

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  • Retailer spending on AI to rise, says Juniper Research

    Retailer spending on AI to rise, says Juniper Research

    Juniper Research predicts global retailer spending on AI will reach US$7.3 billion a year by 2022, up from an estimated $2 billion for this year.

    Its report AI in Retail: Disruption, Analysis and Opportunities: 2018-2022 says retailers will heavily invest in AI tools that let them differentiate and improve customer services. These range from automated marketing platforms that generate tailored, timely offers to chatbots that provide instant responses to customers.

    Juniper found that spending will be strongest in customer service and sentiment analytics, where AI can be applied to understand reactions to purchased products and service received.

    It predicts retailer spending share in 2022 as:

    1. Customer service/sentiment analytics, 54 per cent
    2. AI-based automated marketing, 30 per cent
    3. Demand forecasting, 16 per cent.

    Juniper predicts retailers will use AI insights to design product ranges as well as create targeted promotional offers.

    “Retailers are looking to replicate the success of Amazon in making AI a core part of their business,” says research author Nick Maynard.

    He says retailers will increasingly turn to tactics such as AI-optimised pricing and discounting, as well as demand forecasting.

    With the advent of specific days for shopping, such as the Black Friday phenomena, understanding customer demand and planning appropriately is more important than ever, says the report.

    Juniper says retailers need to invest in this area in order to stay competitive, particularly in low-margin retail segments. Also, the cost of AI tools, now uneconomical for many players, will drop by 8 per cent over the next four years, helping realise 300 per cent growth in software spend.

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  • JD.com and Fung Retailing form Artificial Intelligence partnership

    JD.com and Fung Retailing form Artificial Intelligence partnership

    JD.com is both the largest e-commerce company in China, and the largest Chinese retailer, by revenue.

    The retailing businesses of the Fung Group are brought together under privately-held Fung Retailing Limited and it is a Hong Kong-headquartered multinational group whose core businesses are engaged in trading, logistics, distribution and traditional and digital retailing.

    The agreement between the two companies calls for the establishment of an AI Boundaryless Retail Center that will oversee and manage cooperative research and development projects, and facilitate the sharing of information and expertise relating to AI technology.

    Leveraging AI, and combining JD.com‘s extensive online expertise and Fung Retailing’s offline expertise, the two companies aim to develop a new retail format for China and Asia.

    This includes creating an AI-driven retail system that seamlessly integrates online and offline retail platforms; developing an end-to-end system that enables the management of products, pricing, storage, order and payment; and enhancing consumer experience through solutions such as AI-driven virtual fitting, unmanned stores and smart shopping assistants.

    Speaking at the signing, Sabrina Fung, Group Managing Director of Fung Retailing Limited said, “When it comes to the future of retail, and driving the customer experience, AI is an essential component. Across our retail portfolio, AI is a focal point and this co-operation with JD will, without doubt, accelerate our progress.”

    Bowen Zhou, Vice President of JD.com and Head of JD’s AI Platform and Research said, “As one of the largest retailers in the world, we believe that figuring out how to deploy AI solutions is critical to our future success. Drawing on Fung Retailing’s global offline retail expertise, this partnership will be important for us as we deliver our retail vision.”

    Other areas of focus within the agreement include cooperation on the construction of AI infrastructure, as well as smart retail, creating AI-driven solutions that break down the barriers between online and offline, and exploring the intersection of AI and fashion.

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  • Retailer spending on AI to rise

    Retailer spending on AI to rise

     

    Juniper Research predicts global retailer spending on AI will reach US$7.3 billion a year by 2022, up from an estimated $2 billion for this year.

    Its report AI in Retail: Disruption, Analysis and Opportunities: 2018-2022 says retailers will heavily invest in AI tools that let them differentiate and improve customer services. These range from automated marketing platforms that generate tailored, timely offers to chatbots that provide instant responses to customers.

    Juniper found that spending will be strongest in customer service and sentiment analytics, where AI can be applied to understand reactions to purchased products and service received.

    It predicts retailer spending share in 2022 as:

    1. Customer service/sentiment analytics, 54 per cent
    2. AI-based automated marketing, 30 per cent
    3. Demand forecasting, 16 per cent.

    Juniper predicts retailers will use AI insights to design product ranges as well as create targeted promotional offers.

    “Retailers are looking to replicate the success of Amazon in making AI a core part of their business,” says research author Nick Maynard.

    He says retailers will increasingly turn to tactics such as AI-optimised pricing and discounting, as well as demand forecasting.

    With the advent of specific days for shopping, such as the Black Friday phenomena, understanding customer demand and planning appropriately is more important than ever, says the report.

    Juniper says retailers need to invest in this area in order to stay competitive, particularly in low-margin retail segments. Also, the cost of AI tools, now uneconomical for many players, will drop by 8 per cent over the next four years, helping realise 300 per cent growth in software spend.

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  • Adrian Cheng invests in AI for retail and hospitality

    Adrian Cheng invests in AI for retail and hospitality

    ObEN Inc., an artificial intelligence (AI) company that is building a decentralized AI platform for intelligent avatars, and announced that it has raised $10 million from K11, founded by entrepreneur Adrian Cheng.

    This strategic funding continues the growth of ObEN’s AI technology which enables users to quickly create a Personal AI, an intelligent 3D avatar that is authenticated and registered on the blockchain. This brings ObEN’s total funding to date to more than $23.7 million.

    The funding from K11 will drive product development, deployment on the blockchain, and will help ObEN integrate their technology in retail, real estate and hospitality applications.

    “ObEN is at the forefront of creating intelligent avatars that enhance the consumer experience,” says Nikhil Jain, co-founder and CEO of ObEN. “With this strategic investment from K11, we are able to reach millions of new customers and create experiences that will shape the future of retail.”

    K11, the brainchild of entrepreneur and business innovator Adrian Cheng, is a pioneering multi-faceted brand rooted in culture and interconnected by three core values: art, nature and people. Its ecosystem features the world’s first museum-retail concept, K11 Art Mall. Its Hong Kong and Shanghai flagships opened in 2009 and 2013 respectively. ObEN marks the first AI technology investment from the company.

    Motivated by the belief that the future of retail lives in the worlds of AI, AR and VR, the strategic alliance offers opportunities for intelligent avatars, personal concierge services and new virtual shopping experiences. ObEN’s Personal AI (PAI) quickly creates a 3D avatar that looks, sounds and behaves like the user, and can do things on their behalf. Furthermore, ObEN’s PAI is being deployed on the blockchain, which provides an unprecedented level of security.

    With a PAI concierge, customers are offered up to the moment information, retail guides and endless shopping tips to help keep each outing as fulfilling as possible. In addition, through projects like AI Stars, a joint venture between ObEN and S.M. Entertainment, celebrities will be able to create unique cross cultural experiences for consumers and retail outlets alike.

    “ObEN’s Personal Artificial Intelligence (PAI) platform simplifies the implementation of artificial intelligence technologies for real life applications,” said Adrian Cheng, founder of K11. “K11 is committed to localizing the PAI platform and bringing an immersive AI experience for visitors at all K11 projects.”

    ObEN’s Personal AI technology will be available in early 2018. Learn more at projectpai.com.

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