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| Image credit: MarTechToday.com |
- "If Amazon’s latest earnings are any indication, product recommendations powered by AI also have been successful. The company reported a third-quarter sales increase of 34 percent to $43.7 billion. The recommendation system is integrated into every aspect of the purchasing process.
- The company’s AI also aids sellers by helping them create product-buyer matches on personalized virtual storefronts to improve the chances of selling their products. The recommendations are based on buyers’ purchase history, background and location, among others. Alibaba claims that through this technology, they recorded a reported 20 percent increase in conversion rate during their 24-hour online shopping event in 2016.
- In an interview (PDF) with MIT Technology Review, Felix Liu, Alibaba’s head of Customer Experience Business Group, explained that AI has helped the company by obtaining massive customer data, discovering key issues and improving the company’s inquiry management channels. In one instance, Liu cited how their chatbot was able to detect abnormal levels of order status inquiries and took only 30 minutes to provide a solution to their affected customers. As Liu put it, 'AI currently helps 100 percent of our customers with inquiries, and resolves 50 percent of them completely.'”
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