E-commerce Banks On Artificial Intelligence For Better Decision Ability

E-commerce Banks On Artificial Intelligence For Better Decision Ability

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  wwww.digitalerra.com E-commerce Banks OnArtificial Intelligence For Better Decision Ability As India’s largest e-commerce marketplace Flipkart closes in on completing a decade in the business, it is looking to put in use its mammoth pile of data to predict sales of products months in advance. #DigitalErra Thought Corner The company is working on an artificial intelligence (AI) solution that will give it an edge over rivals by helping it make smarter decisions in ordering, distribution and pricing products on its platform. Ultimately, the AI system will allow Flipkart to boost efficiency and reduce the cost of products for customers. “We are trying to predict how many units of what we will sell. This is a very complex thing that is dependent on a variety of inputs such as price, discount or if an event, such as Diwali or Christmas is coming up,” said KrishnenduChaudhury, principal scientist and head of image sciences at Flipkart. AIa key differentiator in e-commerce space MNCs such as Google, Facebook and Microsoft have all focused on investing more in deep learning. And, particularly in e-commerce, there is a tremendous scope of application for AI.
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  wwww.digitalerra.com These days, Amazon’sAI assistant Alexa is one the most talked product. Amazon has added shopping capabilities to the platform so the consumers can add items to the cart just by a voice command. This step would open up more avenues for the company to pitch its shopping services as well. Besides, Amazon is giving away some of its most sophisticated technology such as an open source artificial intelligence framework that the company developed to power its product recommendation system. Now any company, researcher, or curious person can use it for their own AI applications. Similarly, Snapdealuses artificial intelligence, real-time data and other tools to deliver advertising strategies for consumers across platforms and services. Also, e-wallet major Paytm uses AI and data science tools for fraud detection, advertising and merchant analytics. In the fashion retail space, players like Myntra and Abof has an integrated AI-based system using visual imagery to personalize the experience for customers, enabling them to view products they are more likely to purchase. Consumer Experience is what really matters? In a fiercely fought e-commerce market, etailers are betting on the metric of consumer experience. A better decision capability in the hands of online marketplaces can prove decisive in winning and retaining customers. Over the years, companies have had a lot of data to figure out from but not the expertise to leverage it. AI and other deep learning technologies fill that void in a maturing e-commerce industry of India. That is why, globally, even the brick-n-mortar retailers are fast catching up with their online peers in incorporating AI and other tools to offer the best experience. Artificial intelligence is a key differentiator in the fiercely competitive e-commerce business. It will have a direct impact on the way transactions are done, besides, changing the in-store purchasing behavior. Welcome to our 8th Part of Customer Experience Series and today we will learn about the importance of Governance is running a successful customer experience management. Customer experience governance is about helping drive accountability by assigning specific customer experience management tasks to specific people within an organization. It helpsto monitor customer experience quality, improve it on a continuous basis, and keep bad experiences from getting out the door in the first place. The Business Dictionary clarifies governance as “establishment of policies, and continuous monitoring of their proper implementation, by the members of the governing body of an organization. To summarize as it applies to Customer Experience (CX) management:  The company leaders establish and monitor CX policies.  People are empowered and accountable to drive CX success.
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  wwww.digitalerra.com  Mechanisms areput in place to drive CX contribution to the company’s validity and prosperity. Building a blueprint Creating a governance blueprint is important both to set up a mechanism to take decisions on cross-cutting initiatives and to align objectives in each function with the defined aims of customer experience.It serves as a portfolio of actions to deliver on the vision. Addressing the CX challenge is a tough task The business imperative to improve customer experience puts new demands on company management. A financial times article says Chief Information Officers have a demanding task to deliver on CX metric. Increasingly, the technology projects that get backing cluster around digital interactions with customers through web and mobile channels, engagement that requires deep links into content and transaction systems of record. Perspective matters The best customer experience drive begins with a perspective driven by the customer’s wants, not the firm’s organizational structure. That makes the task of governing customer-experience efforts even more unique. Customers form their impression of a product or service through multiple interactions with an organization. The overall impression over the course of an end-to-end journey makes up the whole customer experience. It tellshow different parts of the organization are responsible for delivering the ultimate customer experience. Providing a seamless customer experience thus begins with the customer’s perspective at the center of the organizational structure and requires all parts of the organization to work together in tandem. Here are 6 ways to getting it right:  A customer-oriented top level management that reports to chief executive and that can play a cross-departmental activity and collaboration.  Leaders must serve as role models to deliver CX goals to frontline employees by polishing and reinforcing those goals whenever required.  It is absolutely essential to put in place the correct metrics and incentives that are critical for aligning typically siloed units into effective cross-functional teams.  Organization design must support and not stand in the way of CX goals.  Localized ownership of CX success, deeply and broadly across employees, is key to making customer experience excellence a way of life in your company.  Keep executives and employees motivated to see their jobs in a customer-centered context.
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  wwww.digitalerra.com Some examples fromtop companies steering governance Companies like Zappos, Adobe FedEx, among many others all point to their customer-centric cultures as key to their success. FedEx has a customer experience steering committee that meets regularly. The committee reviews customer experience improvement projects and, in a process that’s described as “very disciplined,” makes decisions about where to move forward. Similarly, Adobe has a customer advocacy council that includes senior leaders from product development, customer support, finance, marketing and business process management. The council meets regularly to review the latest customer insights and metrics. This helps gauge, scope, and priorities issues that they believe will make the biggest improvement to the customer experience. Conclusion Customer experience governance is one of the first things to accomplish in setting up an organization where CX is one of its disciples of working. It’s an exciting component of CX management that requires prudent and creative thinking.