More than two decades after companies such as Amazon took to the internet to sell products, e-commerce has taken over the world. A large portion of global trade occurs online, and companies that use the internet are among the largest on the planet.
These companies have leveraged AI tools for years to boost customer experience by optimizing the search feature, personalizing customer feeds, and recommending products, among features. As the technology advanced, e-commerce companies incorporated tools such as AI-powered chatbots to improve live customer service without significantly upping costs.
According to Wish’s chief product officer Mauricio Monico, artificial intelligence could help increase efficiency in e-commerce. Artificial intelligence or AI has become incredibly popular in recent years amid technological advancements that have significantly improved AI to almost sci-fi levels.
But while many experts, lawmakers and people in the general public are rightly worried about the potential impact of deploying advanced technologies such as artificial technology and machine learning, Monico believes the tools may be instrumental in optimizing e-commerce and ridding it of one of its most enduring issues.
OpenAI’s Contrastive Language-Image Pre-Training (CLIP) model, for instance, is improving merchandising and classification practices to create highly personalized customer recommendations. Such technology allows e-commerce retailers to generate personalized attribute, interest or theme-based tags and product collections for each consumer based on their browsing and purchase history.
The advanced gives online retailers the ability to better understand their customers’ interests and shopping preferences, making it much easier to curate products and collections of products that consumers are much more likely to engage with.
Wish says that Generative AI could allow the company to create a frictionless experience for the customer to help improve the experience and improve customer retention. The technology allows Wish to address broader consumer requests such as “curate a collection of product X for this price” instead of simply facilitating singular product searches. This makes the shopping experience easier and more enjoyable and keeps the customer on the website for longer.
Generative AI will also allow the company to personalize its systems more efficiently and assimilate content-based signals into the search features to enhance product recommendations.
In the future, this technology may allow online retail companies such as Wish to better predict customer demand and enable more efficient management of logistic networks and supply chains by manufacturers and merchants. Furthermore, artificial intelligence could allow for the development of systems that promote sustainability by reducing waste in the supply chain and optimizing the management of inventory.
As enterprises such as NextPlat Corp. (NASDAQ: NXPL) (NASDAQ: NXPLW) keep evolving, the field of e-commerce will see greater adoption of AI and the public will enjoy a better experience using these platforms to access the products and services they need from different industries, such as the healthcare sector.
NOTE TO INVESTORS: The latest news and updates relating to NextPlat Corp. (NASDAQ: NXPL) are available in the company’s newsroom at https://ibn.fm/NXPL
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