Rather than paying millions to conduct study groups and acquire vast reams of inside market data, small businesses of the near future might be able to score high with their customers by using AI to predict the potential future actions of customers. In other words, AI could help you sell products to people on your site for pennies to the dollar compared to the ways large corporations currently find out what next to sell and how to sell it.
AI Democratizes the Recommendation Engine
From www.pymnts.com
2022-04-12 08:02:23
Excerpt:
….35% of Amazon’s sales result from product recommendations, but few (if any) competing eCommerce players have recommendation technology to rival them.
Speaking with PYMNTS’ Karen Webster, Edholm explained that the “related products” widgets served up by Amazon “use some form of artificial intelligence, and AI today needs a lot of data to function properly. Most eCommerce merchants don’t have as much data as Amazon,” he said.
“The ‘related product’ widgets you see on Amazon we democratize, [providing the ability for] great recommendations for all eCommerce stores.”
Depict.ai’s disruptive innovation is creating a recommendation engine with which any eCommerce site can integrate “to provide recommendations without as much data, and through that to create really high-quality recommendations and provide much better value.”
Absent a pond of data on a given shopper or group persona, recommendations are using AI to gain an understanding of consumers as they shop based on real-time observations.
