Most e-commerce platforms are focusing in areas such as conversational commerce, artificial intelligence (AI), virtual reality (VR)/augmented reality (AR) and analytics technologies.
E-commerce companies are focusing on artificial intelligence (AI) and virtual reality with a view to cut logistics costs and identify fraudulent orders, said a report by global auditing and consulting firm PwC.
With an emerging middle-class population of more than 500 million and approximately 65% of the population aged 35 or below, India represents a highly aspirational consumer market for retailers across the globe, said the PwC TechWorld report.
“E-commerce players are revamping their technology strategies to maintain their competitive edge. Most e-commerce platforms are upping their investments in areas such as conversational commerce, artificial intelligence (AI), virtual reality (VR)/augmented reality (AR) and analytics technologies," it said.
“AI-based voice-based shopping in vernacular language enables deeper customer engagement and smoothens the transition from offline to online by overcoming the language barrier,” it added. Then there is advanced analytics that allows for better optimisation of stock management as well as customisation of content based on data-driven understanding of consumers’ online behaviour and preferences.
With the help of new-age tech solutions in AI and automation, e-commerce companies can optimize delivery networks, plan dispatches smartly, track shipments as they move and ensure a better last-mile experience to the end customer while reducing operating costs significantly.