Piers, congratulations on your appointment as the new CEO of The ai Corporation. Can you share your vision for leading the organization into the fuel and mobility payments sector?

Our vision at The ai Corporation (ai) is to revolutionise the retail fuel and mobility sector with secure, efficient, and seamless payment solutions while leading the charge against transaction fraud. ai delivers unparalleled payment convenience and security to fuel retailers and mobility service providers, enhancing the customer journey and safeguarding financial transactions. 

We believe in fuelling progress by simplifying transactions and powering every journey with trust and efficiency. In an era where mobility is a fundamental aspect of life, we strive to safeguard each transaction against fraud, giving our customers the freedom to move forward confidently. We achieve that by blending innovative technology and strategic partnerships and relentlessly focusing on customer experience: 

Seamless Integration: We’ve developed an advanced payment system tailored for the fuel and mobility sector. By embracing technologies like EMV and RFID, we ensure contactless, swift, and smooth transactions that meet our customers’ needs. Our systems are designed to be intuitive, providing easy adoption and enhancing the customer journey at every touchpoint.

Unmatched Security: Our robust fraud detection framework is powered by cutting-edge AI, meticulously analysing transaction patterns to identify and combat fraud pre-emptively. We’re committed to providing retailers with the knowledge and tools to protect themselves and their customers, fostering an environment where security and vigilance are paramount.

With the increasing demand for sustainable fuels and EV charging, how do you plan to address potential fraud and fraudulent data collection methods in unmanned EV charging stations?

The emergence of new and the continued growth of existing sustainable fuels means our experts are constantly identifying potential risks and methods of exploitation proactively. The increase in unmanned sites is particularly challenging as we observe a steady rise in fraudulent activity that is not identifiable within payment data, such as false QR code fraud. In these circumstances, our close relationships with our fuel retail customers enable us to utilise additional data to identify at-risk areas and potential points of compromise to assist in the early mitigation of fraudulent activity.

Mobile wallets are on the rise in fleet management. How do you navigate the balance between convenience for users and the potential risks of fraud and exploitation associated with these payment methods?

When introducing any new payment instruments, it is critical to balance the convenience of the new service with the potential risk it presents. As with all fraud prevention strategies, a close relationship with our customers is vital in underpinning a robust fraud strategy that mitigates exposures, while retaining the benefits and convenience mobile wallets offer. Understanding the key advantages a fleet management application brings to the end user is vital for understanding potential exposure and subsequent exploitation. That information enables us to utilise one or multiple fraud detection methods at our disposal to mitigate potentially fraudulent activity whilst balancing convenience and flexibility.

The trend of Abuse of Genuine fraud is noticeable despite advancements in mobile wallet payments. How do your AI-driven scoring systems combat this complex fraud type in the industry?

Our teams identify Abuse of Genuine fraud by using enhanced behavioural profiling across extended periods and utilising sector-specific data in full to enable us to create a detailed and accurate profile for both payment instruments and vehicles. Industry-specific data, for example, from fleet odometers, is exceptionally valuable when you are developing a behavioural profile for a specific vehicle. Combined with other methods, this enables us to quickly identify areas of increased spending or a change of spending profile. That insight is vital when identifying Abuse of genuine fraud, as this type of fraud is often perpetrated for long periods of time and in very high volumes.

Opportunistic fraud and overclaiming by legitimate customers can inflate fraudulent values. How can businesses enhance confidence in point-of-compromise identification and distinguish genuine customer behavior from fraudulent activity?

The short answer is that businesses need to ensure that they are working with experts who understand fraud and understand the impact that false positives can have on a fraud strategy. Incorrectly identified fraudulent transactions affect bottom-line losses and can severely harm a business fraud strategy and AI Scoring Systems. 

As a result, we firmly hold that visualising precise trend profiles and pinpointing potential compromise points are as critical as receiving the initial fraud alert. By combining industry-specific data with payment and transaction information, we can often clearly identify deviations from legitimate activities through proper visualisation. This forensic approach enhances our ability to understand and act on fraudulent behaviour effectively.

With the move to open-loop payment capabilities, what measures need to be taken to address the increased fraud and security risks associated with this wider acceptance payment instrument?

Robust security measures are crucial as open-loop payments gain traction in the fleet and mobility sectors:

• Multi-factor authentication, including biometrics, verifies user identity. 
• Machine learning analyzes transactions for suspicious patterns. 
• Encryption and tokenization protect sensitive data. 
• Fraud management systems monitor transactions and notify users of suspicious activity. 
• User and employee education on fraud tactics strengthen security. 
• Collaboration between payment providers allows for sharing best practices and adhering to industry regulations like PCI DSS, creating a secure payment environment. 

These efforts balance security with convenience to ensure safe user experiences.

Innovation is key in the fuel and mobility sectors. How does your technology contribute to fraud prevention while engaging directly with end-users, encouraging community growth, and promoting interaction with brands?

ai’s advanced technology has been developed to shield the fuel and mobility sectors from fraud. Our machine learning detects suspicious transactions, fake accounts, and identity theft in real-time, protecting businesses and helping them stay ahead of evolving fraudster tactics.

In addition to providing our users with a comprehensive rules management platform, our sophisticated fraud management solutions deploy machine learning to optimise rules in production, recommend new rules, and identify underperforming ones to remove. 

We model data in real time to enable probabilistic scoring or transactions to assess the likelihood they are fraudulent, allowing authorisation decisions to be taken in real-time to prevent fraud. By leveraging advanced algorithms and machine learning, our clients can stay ahead of fraudsters.

Our technology also ensures data quality by distinguishing deliberate fraud from genuine mistakes. This empowers businesses to make accurate fraud decisions. Additionally, our collaboration across industries strengthens the fight against fraud through shared solutions and regulations.

Beyond security, our technology fosters positive brand-consumer relationships – enabling our users to provide personalized experiences, loyalty programs, and feedback mechanisms to build a strong community with their customers.

Technology protects against fraud, ensures data reliability, and facilitates meaningful interactions between brands and their communities. By embracing innovation, businesses can safeguard operations while promoting growth and trust.

As vehicles become payment mechanisms, what security considerations and fraud prevention strategies should businesses adopt, especially in the context of innovations like integrating payment choices into vehicles?

As vehicles evolve into payment mechanisms, retailers need to put in place robust security measures and fraud prevention strategies to ensure the safety of financial transactions. Some payment security measures to consider include:

• Encryption – Employ robust encryption protocols to protect sensitive data during transmission and prevent unauthorized access.
• Tokenisation – replacing actual payment card details with tokens – unique identifiers that are useless to fraudsters even if intercepted.
• Secure communication channels – ensuring secure communication between vehicles and payment gateways to prevent/deter unauthorised use.
• Authentication – implementing multi-factor authentication to verify users’ identities will prevent the unauthorized use of payment instruments.
• Secure Hardware – consider using tamper-resistant hardware for payment processing within vehicles.

In terms of fraud prevention strategies, key considerations should include:

• Fraud detection systems – leveraging advanced machine learning algorithms to identify suspicious patterns and activities.
• Know Your Customer (KYC) – Deploy rigorous KYC practices to help verify user identities and prevent fraudulent transactions and account abuse.
• Regulatory compliance – adhering to industry standards and regulations to maintain a secure payment environment is a must, including PCI DSS compliance.
• Customer education – education of end users around safe payment practices and potential risks is the front line for fraud prevention.
• Behavioural analysis – monitoring user behaviour to detect anomalies – which can be enhanced and automated by using machine learning detection models.
• Real-time alerts – setting up real-time alerts to end users for unusual transactions or activities.
• Geolocation verification – validating the location of the transaction against the vehicle’s actual position.
• Device fingerprinting – creating unique fingerprints for each device to detect suspicious behaviour.

Businesses must adopt a holistic, layered approach that combines robust security practices, fraud prevention strategies, and regulatory compliance adherence to safeguard financial transactions while integrating payment choices into vehicles.

Tokenization is being considered to fight fraud. How do you approach this technology, considering potential regulatory requirements, and what implications do you foresee for PSD3?

Tokenization combats payment fraud by replacing sensitive data with meaningless tokens during transactions. This protects actual card details and can also be applied to other sensitive data.

New European regulations (PSD3) emphasize security and user privacy, aligning well with tokenization’s benefits. PSD3 is expected to tighten security measures further and encourage anti-fraud technologies.

While tokenization enhances security, regulations like PSD3 may not definitively address liability for fraudulent token transactions. As tokenization becomes more widespread, clear guidelines for such cases will be essential.

There is no doubt that tokenization is a powerful tool against fraud, but balancing security, innovation, and user rights will be essential for any robust payment ecosystem to comply with PSD3.

How do you foresee intelligent fuel management and predictive vehicle maintenance playing a role in fraud prevention and operational efficiency within the fuel and mobility sectors?

Intelligent fuel management and vehicle maintenance powered by AI are revolutionizing transportation. Businesses can optimise fuel usage, predict maintenance needs, and prevent fraud by analysing vast amounts of data, ultimately that translates to reduced costs, improved efficiency, and a more sustainable future.

Here’s how:

• AI optimises routes: Real-time traffic data helps choose the most efficient paths, saving fuel and time.
• Predicting demand patterns: Businesses can anticipate needs and strategise fuel management across different transportation modes, streamlining inventory control.
• Enhanced supply chain resilience: AI forecasts disruptions, identifies inefficiencies, and tracks inventory for better preparedness.
• Proactive vehicle maintenance: Sensor data helps detect potential problems before they become major breakdowns, reducing downtime and repair costs.
• Preventing fuel theft: In-vehicle sensors monitor fuel levels and detect unauthorised access, ensuring fuel security.

Intelligent fuel management and predictive maintenance create a win-win situation for businesses and the environment.

Piers Horak

Chief Executive Officer at The ai Corporation 

Piers Horak is Chief Executive Officer of The ai Corporation (ai). Horak brings over 15 years of extensive expertise in enterprise retail payments, banking, and fraud prevention. Horak is responsible for building on ai’s track record of developing innovative technology that allows its clients and their customers to take control and grow profitably by managing omnichannel payments and stopping fraud.

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Generative AI technology like ChatGPT has brought the world one step closer to the futuristic society envisioned by forward-thinking science fiction writers. But will this future be a utopian or dystopian one? Time will tell. In the meantime, businesses must understand and leverage AI’s burgeoning influence over the zeitgeist to build favorable public sentiment about their brand’s reputation. It has become a make-it-or-break-it moment for corporations in the battle against the spread of AI-led misinformation.  

AI Angst 

Opinions run hot, cold, and everywhere in between when it comes to AI’s possibilities and ramifications. A recent survey by the Pew Research Center found that 52% of Americans are expressing greater concern rather than excitement regarding the increasing dependence on AI. This sentiment has risen by 14% since 2022. The current era represents a Cognitive Industrial Revolution teeming with potential, including AI’s provocative ability to sway public opinion.

Businesses and their communication teams must fortify their message with an if-you-can’t-beat-them, join-them approach, leveraging AI’s influence over public opinion and using that to their advantage. By being open and transparent, companies can direct the narrative and strengthen their brand’s image by becoming thought leaders in their industry—with more communication, not less. 

Better Communication Through Thought Leadership 

Businesses are urged to become thought leaders, effectively communicating their brand message through credible third-party channels such as the media and influencers. The influencer marketing sector is booming and is expected to reach a value of $24 billion by year-end. AI is being embraced by 63% of companies for campaign executions, with 55% utilizing it to pinpoint influencers. Moreover, 33% of the total market capitalization of the S&P 500, attributed to goodwill, is impacted by public relations (PR) strategies and tactics.  Brands must proactively shape and manage their narratives to influence their target audiences. Failure to do so relinquishes control of these narratives to others—rendering marketing, and sales, less effective.

However, implementing this shift necessitates moving away from stale approaches in public relations and public perception. Traditional methods in these areas have been neglected, with only a minority understanding the strategic guiding of public opinion. As AI-generated content becomes more prevalent, the importance of compelling storytelling at the beginning of the customer journey or at the start or top of the PR>Marketing>Sales funnel cannot be overstated. 

Succeeding in this evolving era of cognitive engagement requires focused attention on three crucial areas, each demanding commitment and education:

1. Mastering the Codified Body of Knowledge of Public Opinion 

Companies benefit from becoming better acquainted with the established principles and empirical data that mold public perception. Delving into case studies, contemporary theories, rules of engagement, and the evolution of public relations offers valuable insights into the intricate dynamics that shape public opinion. Armed with this knowledge, organizations can develop strategies, and tailor messages that strike a chord with audiences, enhancing the prospects of broader acceptance and dissemination.

2. Understanding Algorithms

By comprehending the algorithms governing social media platforms, search engines, and the media, organizations can enhance their ability to forecast and manage the distribution and reception of their content among their desired audience. This guarantees that their brand message gains momentum and effectively connects with their customers. 

3. Developing Strong Strategic Communications Plans 

As mentioned above, businesses must cultivate persuasive communication strategies capable of quickly adjusting to the unpredictable nature of technology and public opinion. This involves promoting clarity in their brand messaging, maintaining consistency across different platforms through all channels of the PR>Marketing>Sales funnel, and promptly responding to audience feedback. A thoughtful communication strategy integrates crisis management protocols to address any threat to brand messaging proactively.

It’s a Cognitive Revolution

By putting these measures into action, businesses can use AI to their advantage and cultivate a positive public perception, guaranteeing their continued brand relevance that rises above all the digital noise.

Understanding the dynamics of shaping public opinion enables businesses to craft their brand their way. AI is leading a Cognitive Revolution, democratizing technology, and empowering individuals to expand their creative potential. It can be leveraged to be a tool, not a replacement for brand communication. 

Many businesses fail to appreciate their capacity to influence public opinion. By mastering the principles of public perception management, they can elevate their brand awareness, be in more control their brand’s trajectory, and create an atmosphere of public trust in their brand’s message. The more people interested and comfortable in doing business with brands will show in better marketing ROI and sales velocity.

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“Inspire Inclusion” sets the tone for this year’s International Women’s Day theme. It’s a fitting reflection of the ever-evolving nature of marketing, where change is the only constant. The last third-party cookie has finally crumbled, privacy laws are tightening, and now, Generative AI is quickly ushering in a new era of innovation and adaptation.

With mounting research demonstrating that gender-diverse teams outperform their peers time and time again, we turned the conversation over to the exceptional women thought leaders who are at the forefront of shaping the narrative surrounding Gen AI and marketing. 

Let’s dive into their insights and experiences:

Julie Shainock, Managing Director Travel, Transport & Logistics (TTL) at Microsoft

Shainock is responsible for developing Microsoft’s point of view and future strategy for our WW Travel and Transport Industry. She is focused on leading the airlines, hospitality companies, cruise and freight logistics and rail companies to driving innovation that will enhance the customer and employee journey, while driving increased productivity and cost reduction with the use of Microsoft’s technology and its ecosystem of solution partners. 

Generative AI is set to revolutionize the Travel, Transport, and Logistics industries by delivering unprecedented levels of personalization, efficiency, and innovation. It’s not just about automation; it’s about creating intuitive, seamless customer experiences and unlocking new levels of operational efficiency. For organizations to tackle the full potential of GenAI effectively, establishing a clean data foundation and a clear strategic vision for desired outcomes is critical.”

Heather Roth, Director of Digital Strategy, Slalom

Roth has over a decade of experience in digital strategy and analytics, marketing technology, AdTech and marketing transformation for a variety of clients in all key industries, both midmarket and enterprise.

“The promise of Generative AI in marketing has brought forward the importance of data quality and having a strong data strategy. For years, marketers have operated around data owned by publishers, often piecemealed together in different platforms and spreadsheets. The ability to execute on Generative AI tactics is only as good as the data you put into it, which is really driving companies to focus on understanding what data is needed across the business to execute on AI-driven experiences and making investments in owning their data and building out higher quality data inputs. The investment in data maturity has accelerated by years in a matter of months.”

Lisa Gately, Principal Analyst at Forrester (Forrester Blog)

Lisa has 20 years of experience in B2B technology content, communications, events, and services marketing. She helps Forrester clients build and optimize their B2B content engines and transform them into competitive differentiators. Lisa is an evangelist for audience-centric content strategy, content marketing, and content operations.

“During the past year, we’ve seen genAI capabilities appear in the martech stack along with a rise of multimodal capabilities, where AI models can understand, interpret, and generate content across multiple formats like text, images, audio, and video. It can be overwhelming to understand which systems do what tasks and to determine which ones to embrace. However, making time to learn about these capabilities is important. GenAI brings more power to content creation, audience engagement, and personalization. Content use cases aren’t only a practical entry point for scaling genAI adoption; they also represent a large part of an organizations’ activities and offer enormous potential for enhancing the customer experience and speeding time to market. Acting now is essential because the pace of change for genAI will only accelerate.”

Joyce Gordon, Head of Generative AI, Amperity

Gordon leads Amperity’s generative AI product development and strategy. She’s also worked on the product development for many investments across the ML and ML Ops spaces, including launching Amperity’s predictive models and infrastructure used by many of the world’s top brands.

Here, she offers insights into using gen AI to gain a leg up on the competition and highlights the crucial significance of a clean data foundation.

“Gen AI is only as good as the data that powers it. And since customer data is notoriously complex, it takes a different AI process to unify it into accurate, comprehensive profiles that can feed your Generative AI tools to get the best results.  

Customer data tools can use AI to power critical processes behind the scenes, including data unification, insights, and predictions, so you have the answers to the questions “Who are my customers? What did they do? And what should I do next?” 

In a world where the same Generative AI tools for activation are available to everyone, the data you feed into your Gen AI systems will be a key competitive differentiator, since it determines the quality of the output. In short, it’s not enough to have AI tools at the last mile — it needs to be part of your approach from the first step.”

In celebration of International Women’s Day, the theme “Inspire Inclusion” brilliantly mirrors the perpetually shifting landscape of marketing, emphasizing the necessity for continual evolution. Amidst the demise of third-party cookies and the tightening grip of privacy regulations, Generative AI (Gen AI) stands out as the vanguard of progress and adaptability. This pivotal moment highlights the critical insights and pioneering efforts of distinguished women leaders in marketing, who are at the helm of steering the Gen AI conversation. Their collective wisdom underscores the importance of embracing Gen AI not only as a tool for innovation but as a fundamental pillar for cultivating growth and establishing meaningful relationships within the rapidly transforming marketing domain.

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Introduction
1. Innovate Customer Journey
2. Design the Right Data Strategy
3. C-suites Collaborate
Conclusion

Introduction

Over the last few decades, innovative technologies have changed the future of business dynamics. Therefore, every industry uses the latest technologies to move forward, and CIOs are responsible for driving such technological changes within organizations. According to Globe Research, it has been witnessed that more than 27.7% of digital transformation for better customer experience (CX) initiates are sponsored or owned by CIOs, which indicates the rapid change in customer expectations. 

For a better understanding and deployment of innovative digital transformation, CIOs need to work closely with other C-suites and department managers to enhance the customer experience and gain a competitive advantage in this digitized world.

In today’s exclusive AI Tech Park article, we will guide you through three innovative ways CIOs can transform the customer experience in modern business.

1. Innovate the Customer Journey

With the recent development of technologies, companies are accelerating their business to attract innovative services and retain customers looking for a better-personalized experience, fast and secure applications, or software. Further, the new applications enable dynamic online ordering operations, such as same-day delivery or pickup, which helps customers interact with the organizations instantly. 

For a better understanding of the applications or software, CIOs and business leaders can come up with an entire customer journey strategy involving the front end and the back end, making sure the circle is completely connected. Let’s consider the example of Zara, a multinational fashion company that announced that they are closing their 1200 stores across the USA and will start investing in developing an integrated omnichannel journey that will cost more than $3.1 million. This revolutionary change will help e-commerce, the supply chain industry, software development companies, and inventory management companies take innovative steps and make proactive approaches to problems and opportunities to identify resolutions.

2. Design the Right Data Strategy

In this cross-collaborative business environment, CIOs must determine how to harvest, leverage, and secure customers’ data on the integrated CX platforms to create a more personalized experience and avoid digital sameness. Such CX platforms provide better accessibility, visibility, and transparency in operational and customer experience data, which mitigates the risks of data breaches and data privacy. 

According to a study by McKinsey & Company, customers will often give up their personal information when they are familiar with the terms and conditions of the CX platforms. Therefore, as a reward for loyalty and trust, CIOs must create data security strategies, along with upskilling and reskilling employees, to understand the commitment to data privacy and the importance of how CX can change the business.

3. C-suites Collaborate

CIOs should collaborate with business leaders across the organization to design and deploy innovative measures to enhance CX at every step of the customer journey. CIOs must follow KPIs while measuring CX, which requires proper customer satisfaction scores such as client retention, average revenue per customer, share of wallet, and customer acquisition cost.

CIOs and IT professionals need to build agile platforms to measure the above key metrics, ensuring that the organization is enhancing CX, which will work as a revenue generator serving end customers. With such understanding, CIOs can drive better innovation at all levels with the motivation of improving the customer experience to new heights.

Conclusion

Digital transformation, especially to upgrade the customer experience, is a journey; therefore, CIOs must be ready to restructure their strategies numerous times so that they fit their business objectives and goals. However, to embrace such change, CIOs are required to collaborate with every business leader and employee in the organization to increase the speed of executing data strategies, improve the customer experience, and conduct continuous reassessment of the change management process.

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Table of Contents

Introduction

1. Why Are Retailers Embracing AI Shopping?

1.1. AI Helps Enhance the Customer Experience

1.2. AI Driving Sustainability in Retail

1.3. AI in Tracking and Analyzing Customers’ Behavior

2. Case Studies

2.1. Google and Microsoft’s AI-generated Gift Choices

2.2. Simon offers gift purchasing with the AI Search Tool.

Conclusion

Introduction

The holiday shopping experience has come a long way, from customers battling crowds of shoppers in a busy mall or market to the convenience of browsing online. Today, artificial intelligence (AI)-powered shopping solutions have changed the game entirely. Even retailers have embraced the competitive advantage of AI shopping, with the expectation that AI will drive their sales in the holiday season of 2023.

This article will discuss how retailers can excel in holiday sales with AI-powered gift choices.

1. Why Are Retailers Embracing AI Shopping?

According to a global survey, around 71% of retailers have embraced AI this holiday season with the belief that it will enhance the shopping experience for their customers, with 69% expecting AI to boost seasonal revenue and increase customer satisfaction. This optimization fueled the belief that customers will purchase more when AI is embraced by retailers. Let’s see why in-store or online retailers are embracing AI shopping with some examples:

1.1. AI Helps Enhance the Customer Experience

Thanks to AI, retailers can make the customer journey much more convenient and engaging. Customers no longer have to wait in long lines when they adopt the buy-online and pick-up-in-store concepts.

A great example is Zara’s AI robot, which elevates the in-store shopping experience. Zara introduced AI robots, which help customers avoid long lines and reduce their waiting time; rather, customers can buy the product online and visit the shop to pick it up. The robot further fetches the product from the back of the automated retail store and speeds up the in-store collection process.

1.2. AI Driving Sustainability in Retail

According to the IBM Institute of Business Value, around 84% of customers prefer sustainable brands, and AI has the potential to achieve zero-waste initiatives. This is a good example of on-demand manufacturing, where it not only solves the problem of personalization for customers but also leads to fewer returns and a decrease in CO2 emissions.

One of the best examples is that H&M Group has harnessed the power of AI to make fast fashion sustainable. In 2021, H&M launched the Body Scan Jeans pilot project, where customers could have their bodies 3D scanned in-store, enabling them to try different denim colors and styles virtually. Following that, the machine learning program can convert the body scan into a paper pattern and measurement list, and then the customers could pick up the personalized jeans in-store.   

1.3. AI in Tracking and Analyzing Customers’ Behavior

Numerous AI-based solutions on the market enable retailers to track and analyze consumers’ behavior on brands’ websites or mobile apps. By analyzing a customer’s behavior, retailers can better understand what influences consumers’ buying decisions and personalize the online shopping experience, which greatly impacts the conversion rate.

Let’s take, for instance, Jazmin Chebar uses Cappasity, a cloud-based AI platform, to deliver a better shopping experience. Cappasity provides an AI-based analytics system that allows Jazmin Chebar to see how their customers interact with the 3D content and what they like and dislike about the product, which eventually creates better engagement between customers.

2. Case Studies

2.1. Google and Microsoft’s AI-generated Gift Choices

Numerous tools and applications help retailers provide AI-generated gift choices this holiday for their customers. Tech giants like Google and Microsoft have recently launched AI-generated shopping and gifting software to help your customers find the ideal gift.

Google and Microsoft have invented an artificial intelligence (AI) tool that can help customers find an ideal gift this holiday season. For example, if you are shopping for a 5-year-old boy, these tools can help you find the right gift, which is available online.

On the other hand, e-commerce retailers gain leverage as customers find the potential website where they can find the right product at the correct price.

2.2. Simon offers gift purchasing with the AI Search Tool.

This AI shopping tool was an experiment that turned out to be profitable for in-store shoppers and employees. The Simon search tool assists customers looking for in-stock items at participating retailers by visiting Simon’s property before and during their visit. This allows customers to select and buy their desired gifts from their desired retailers.

Simon Chief Marketing Officer Lee Sterling stated, “Shopping at our centers during the holiday season is always festive, and we are excited to make the experience extra special this year with our Simon ‘helper elves’ who will be using customized AI technology to make gift finding easier for busy shoppers.”

Conclusion

To sum up, retailers that leverage AI can bring a better in-store and online experience to their customers at the next level. Visionaries believe AI has the potential to bring a lot to the table, especially for retailers who are looking for more personalized experiences, sustainability, and better insight into customers’ behavior during online purchases. So, for the 2023 holiday season, retailers need to strategize their traditional marketing techniques and think of a broader picture with AI.

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E-Commerce has dramatically improved the lives of many in the West. Thanks to advances in technology, traders can now buy and sell goods far more quickly, efficiently and securely than ever before.

But not everyone has been able to benefit from these new technological capabilities. Millions of businesses in emerging markets and developing economies (EMDEs) have been locked out of E-Commerce, often because they don’t speak the same language as the finance or technology provider offering that solution. Or, in other cases, adoption of the technology has been far too slow to be effective.

This puts them at an immediate disadvantage, given that the global E-Commerce market is expected to peak at $3.65 trillion in 2023, according to Statista. That means that as companies in developed countries continue to prosper, those in EMDEs will only fall further behind.

So how can their future prospects be improved? The answer is through the use of artificial intelligence (AI).

How AI can unlock Open Commerce’s potential?

AI comes in many different forms. But essentially there are two types that can improve the fortunes of EDME traders: generative and conversational AI.

Generative AI

Almost everyone has heard of ChatGPT and its capabilities. Along with Google Bard, Midjourney and many others, this form of generative AI is designed to create new and unique content.

Another type of the technology is behavioural AI. It works by quickly analysing a customer’s browsing and buying history as well as other key behavioural information. That data is then used to generate targeted images, campaigns and offers in real-time that both match their interests and improves their overall shopping experience. If done successfully, the end result is greater sales.

Behavioural and generative AI have huge potential, with Juniper Research forecasting that retail sales from chatbot-based interactions will reach $112 billion by the end of 2023 alone. As the technology continues to be developed and evolve, so, increasingly, it will be used in an even wider range of applications that will stand to benefit both the business and the end customer.

Conversational AI

The most powerful form of AI is that which engages in conversation with the customer. Conversational AI uses natural language processing both to understand and process human language. But perhaps, more usefully, it can also analyse the meaning of text and speech, and respond accordingly.

This can help traders who have previously been excluded from E-Commerce because they don’t speak the same language as the markets they want to reach, by providing them with an instant and accurate translation. For example, in Nigeria alone, there are more than 500 languages spoken, which means that, if the business owner or manager doesn’t speak other languages than their own, they can’t buy or sell outside of their community. By using conversational AI, however, a trader who speaks, say Hausa, can now do business with another trader who speaks a completely different dialect or language, not only within Nigeria, but anywhere in the world, from the UK to China.

However, conversational AI is most commonly used for online searches. By entering what they are looking for in the search bar on the company’s website, if correctly programmed, a prospective customer can find almost anything they want in just a matter of seconds. Based on what it has been asked and the data it has been trained on, the AI interprets these search queries and, accordingly, provides responses.

This can make the customer journey both quicker and easier, resulting in better engagement and satisfaction. From a business’s perspective, as well as improving conversion rates, it can also increase productivity and operational efficiency, eliminate human error and reduce costs.

How far can AI go in E-Commerce?

The potential for AI is almost limitless. Conversational AI could be used for automated negotiation, for example. In the future, businesses could potentially use a sales bot to manage and carry out all their transactions. This will enable the customer to build up a proper relationship with the company and negotiate terms and special offers, without having to interact with a human. In addition to improving service and sales, it will also reduce expenses and drive greater efficiencies.

AI has already proven its worth in many parts of society, improving outcomes for millions of people. But it’s for small businesses in the developing world where it holds the most value. By being used to level up E-Commerce across the board, it can unlock their growth potential, as well as to close the gap to the large online retailers such as Amazon.

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