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Tag: spend

  • IndiaMart Boosts Spend on AI Solutions, Battling Bogus Listings and Ushering in Enhanced Content Checks

    IndiaMart Boosts Spend on AI Solutions, Battling Bogus Listings and Ushering in Enhanced Content Checks

    IndiaMart, a leading online marketplace in India, intends to significantly boost its investment in artificial intelligence (AI) technologies. The company has announced plans to double spending on AI tools every six months with an aim of mitigating false listings and enhancing content checks, according to a top executive.

    The e-commerce platform operates as a conduit connecting buyers and sellers across a diverse array of categories, including everything from phone accessories and garden equipment to pharmaceuticals and industrial machinery. Unlike many online marketplaces, IndiaMart does not generally oversee the transactions that take place between its users.

    AI to Reinforce Integrity

    To bolster the authenticity and integrity of its platform, IndiaMart has begun utilising AI technologies to detect potential fraudulent accounts through pattern analysis across seller profiles. In addition, the company has introduced real-time voice-to-text tools to expedite processing of buyer requests, tasks previously carried out by call centre staff. This information was shared by Amarinder S Dhaliwal, Chief Product Officer of IndiaMart.

    The issue of counterfeit listings has been a long-standing challenge for the company. In fact, IndiaMart was mentioned in the 2022 ‘Notorious Markets’ list released by the US Trade Representative, which highlighted the issue of counterfeit goods on the platform as a significant concern.

    To combat this, IndiaMart is focusing on the development of AI tools. The company is both creating some of these tools internally and also partnering with external AI firms to tackle the issue.

    Investing in AI

    IndiaMart has been judicious in its approach to AI investment, and has not disclosed its specific budget for this. For context, the company’s total expenses for technology and content in fiscal 2026 amounted to approximately 2.26 billion rupees (US$23.94 million).

    According to Dhaliwal, content on IndiaMart can be classified into two categories: supplier contamination, which refers to sellers with malicious intent infiltrating the platform, and harmful listings, such as drugs or firearms. He noted that AI tools have been instrumental in improving the filtering of such harmful content.

    As of now, IndiaMart facilitates roughly 600 buyer-supplier matches every minute and attracts around 90 million visitors each month. With a current roster of about 220,000 sellers and a buyer conversion rate of nearly 45 per cent, the company is aiming for an ambitious target of hosting 1 million sellers.

    Questions & Answers

    How is IndiaMart using AI to enhance its platform?
    IndiaMart is investing in AI to detect potential fraudulent accounts and accelerate the processing of buyer requests. It’s also using AI to filter out harmful content and counterfeit listings.

    What is the scale of IndiaMart’s operations?
    IndiaMart connects about 600 buyers and sellers every minute and attracts around 90 million visitors each month. It currently hosts approximately 220,000 sellers on its platform.

    What are the company’s future plans?
    IndiaMart intends to double its AI investment every six months to further improve its platform. The company is also aiming to eventually host 1 million sellers.

  • Singapore ranks 2nd in global connectedness

    Singapore ranks 2nd in global connectedness

    Singapore is the world’s most connected and globalized country, according to DHL’s Global Connectedness Index (GCI).

    All but two of the top 10 most globalized countries in the world are located in Europe, with Singapore and the United Arab Emirates as the exceptions.

    The 2016 edition of the report shows that global connectedness, measured by cross-border flows of trade, capital, information and people, surpassed its 2007 pre-crisis peak during 2014.

    In 2015, globalization’s post-crisis expansion slowed, but the data indicate that it did not go into reverse. Currently available evidence — still preliminary in some areas — suggests that the world was about 8% more connected in 2015 than in 2005.

    North America is the second most globally connected region and leads on the capital and information pillars, with the United States as the most connected country in the Americas. Overall the US is ranked 27th out of the 140 countries measured by the GCI.

    North America had the largest gain in overall global connectedness during the past two years,

    followed by South & Central America & the Caribbean. Countries in South & Central Asia and Sub-Saharan Africa suffered a drop in their average levels of global connectedness.

    Suriname, Jamaica and Fiji were the biggest gainers in terms of rank changes from 2013 to 2015, moving up 23 (112th to 89th), 22 (107th to 85th) and 20 (94th to 74th) places respectively.

    Suriname’s rise was driven by a substantial broadening of its international interactions, whereas Jamaica and Fiji increased on both the depth and breadth dimensions of their global connectedness.

    Nigeria, Togo and Nicaragua experienced the largest decreases in terms of overall rank, dropping 28 (67th to 95th), 21 (72nd to 93rd) and 19 (71st to 90th) places respectively.

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