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10 Benefits of Using Artificial Intelligence in Ecommerce – ReadWrite



Faraz Qureshi

This is very important for a business to have an e-commerce platform to compete with the giant — Merchandise of online vendors. In the competitive marketplace, if your business is not able to make a remarkable appearance online. You may get left behind.

A transformed and revolutionized face of technology has brought us into the digital era where we are more into gadgets, social media, and the internet like never before.

Before the pandemic, life was going smoothly. We constantly witnessed progress and developments emerging in the technological grounds. Artificial Intelligence (AI) took over the world, and several other technologies came into the limelight.

From IoT (internet of things) to Machine Learning (ML), 5G technology, virtual and augmented reality, big data, cybersecurity, cryptocurrency, and Blockchain, the fast-paced development has reshaped the world in the past 10 years.

-The global artificial intelligence software market is predicted to grow swiftly in the coming years, reaching around $126 billion by 2025.

Artificial Intelligence — Breaking into Every Sector Like a Boss

The term, Artificial intelligence (AI) does not need any introduction. This groundbreaking technology is helping out a massive number of businesses to thrive in the industry like a boss. The technology has passed its nascent stage and is now breaking into every sector like never before.

Have a quick glance over last year; 2020 was full of crises, and the pandemic turned everything upside down. People lost their jobs, the unemployment toll reached a larger scale, and coronavirus resulted in many deaths. Fully agreeing with the fact that it was a year of tragedies!

Apart from these losses, the pandemic elevated the tech industry with huge benefits. From the nascent stages to the full-fledged technologies, COVID-19 provided plenty of time to the developing robotics and now here we are.

In 2021, we are entering the world of leading-edge hi-techs! From education to healthcare, retail and e-commerce, banking and finance, logistics, transportation, travel, gaming, and entertainment, Artificial Intelligence is ruling over every sector like a boss.

Artificial Intelligence — An Essential Component of E-Commerce

Let’s keep artificial intelligence in the sector of e-commerce since after the coronavirus. Online businesses and so the e-commerce industry has seen an upward surge. Because of its demand, Entrepreneurs are also opting for online businesses. And are looking forward to being the service provider of their chosen career path.

Here, the technology of Artificial Intelligence is becoming an integral part of businesses. Consumers can use digital ways to come across the services and their products. Also, the interaction and engagement boost with the digital touchpoints.

At this point, it is proven that deploying artificial intelligence in your e-commerce website. It would enhance your efficiency in operations, and your sales would also boost among the audience.

Embrace E-Commerce With Artificial Intelligence

Many e-commerce businesses are already using the technology of Artificial Intelligence to improve the customer’s experience and generate new leads.

Research done in 2019 reflected that the sector of e-commerce is predicted to hit $4.9 trillion in 2021!

Are you confused about how AI is empowering the e-commerce sector? Below are the 10 benefits that are focusing how AI is helpful in the e-commerce industry.

Get a Virtual Personal Assistant

Well, we all are aware of chatbots that completely changed the way of interacting with a business. With the help of chatbots, a person can ask his query 24/7 from the machine and get a correct and instant reply. The virtual personal assistant is the form of a chatbot, but here the VPA is smarter than the chatbot. It is like having somebody who never sleeps.

The VPA can keep you updated with the things that are taking place in your organization. VPA is one of the most significant technologies for the business that AI has developed. Its impact is positive and is helping up to 31% of businesses to grow. In the list of AI-powered solutions for your business, you must get your brand a virtual personal assistant.

Focus on predictive marketing

If your business is not performing up to the mark, then this is high time to think about some positive changes. The customers love to shop via Instagram and Facebook as both the social media platforms are powered by AI and help them understand people’s choices in a better way. Here, predictive marketing and recommendations come into play.

With the help of AI in your business, you would be able to implement predictive marketing. This will optimize your e-commerce site, and customers would love to see their choice of products on the top, indirectly resulting in your sales increment. These calculations are based on the data. That is provided via social media and email so pay attention to make this better.

Personalization can play a game-changer

Embedding Artificial intelligence in your business indirectly means grabbing the technology in your hand for your own ease. Personalization can be a game-changer in this regard. For example, using AI can help you to personalize the marketing campaigns, and in this way, you would be able to interact with your customers efficiently.

Also, with the help of personalized intelligent automation services, your business can respond to the customer instantly. The AI would also enable the business for product recommendations, targeted emails, and personalized ads.

Improved customer service

Make sure to pay keen attention to your customer service department of the business. If that is doing the job right, you would not have to face less traffic and bad reviews of customers. Here the chatbots are in your helping hands, and you need to get them in your business as they will save $8 billion per year in 2022.

Your e-commerce website would be enabled to chat with the customers via chatbot. Up to 67% of the customers are having a conversation with the chatbot, and it is one of the most used technologies powered by Artificial intelligence. As a result, your associated costs of call centers would also be cut down.

Go for optimized search

Every AI expert highly recommends this to have an e-commerce website only when it is optimized. Suppose you can’t keep it optimized with the content and the SEO along with the technologies. Then there is no use in having it. So make sure to integrate AI into your search capability so that your e-commerce store would stand out among the others.

With the help of AI-powered optimized searches, your business would come up with the preferences and needs relating to the audience rightly. Also, this would help to predict that what the customer needs right at the moment. Hence, these would be considered intelligent searches.

Pay attention to social listening

Enabling social listening is going to bring your business a win-win situation for sure. The technology of Artificial intelligence has made businesses able to track conversations on social media networks. So, with the help of keywords and phrases, make sure to listen to social listening.

This is not just a type of monitoring — it is a way to keep a check, which can help your business improve the weak areas. You would be able to get more than the ordinary notifications. And this would make more informed strategic product decisions.

Keep an eye on fraud detection and prevention

Another main reason for embedding AI with the business is to avoid the threats and frauds that are increasing daily for online businesses. For example, the global fraud index for October 2017 reached $57.8 billion, so you need to be careful!

Here, AI and ML are both going to do wonders. With the help of machine learning. Your site can make real-time decisions with risk scoring detecting that humans cannot notice. AI and ML will help you to prevent hacks as well.

The era of automation

The year 2021 is going to be the era of Artificial Intelligence as your business starts to grow. It shows up with so many tasks that are on the loop and are getting repeated. Here automation would come in handy, and it would simplify the frontend and backend workflow.

Automation can take place in almost all businesses. For example, it is a publication of the new product or the scheduling of the sales; automation can help in almost all sectors and make you less bombarded with the same tasks.

Ecommerce offers location-based intelligence

Location-based intelligence is now becoming the core of every AI-powered application and program. Using the data of the customer along with the location. It can help your e-commerce website to make unique and specific decisions and predictions.

Also, with the help of artificial intelligence, technology can be used for other augmented advertising and personalized location-based predictive analysis. This is going to bring your business a huge success.

Concentrate on dynamic pricing

No matter if you have 1000 or 10000 products in your business. Adjusting the prices manually can be highly stressful and hectic. Here, AI comes for your help, and you can use dynamic pricing. So it would easily adjust the price of your inventory based on the data points.

The inventory, capacity and market conditions, and customer behavior along with their needs. And so the demands can help your business set the prices as well whenever the customers are visiting the website.

Wrapping it all up

The aforementioned 10 benefits of Artificial intelligence are being witnessed in the e-commerce sector. Suppose you are running an online business, like or any other business. Then this definitive guide would help your business to embed technology of AI as soon as possible.

Faraz Qureshi

Faraz Qureshi is one of the most eminent and exceptional content writers, who has been a part of the writing industry for quite some time now. He has also been associated with as a research analyst. He has the skills to mold the words that impress others immediately.


Fintech Kennek raises $12.5M seed round to digitize lending



Google eyed for $2 billion Anthropic deal after major Amazon play

London-based fintech startup Kennek has raised $12.5 million in seed funding to expand its lending operating system.

According to an Oct. 10 report, the round was led by HV Capital and included participation from Dutch Founders Fund, AlbionVC, FFVC, Plug & Play Ventures, and Syndicate One. Kennek offers software-as-a-service tools to help non-bank lenders streamline their operations using open banking, open finance, and payments.

The platform aims to automate time-consuming manual tasks and consolidate fragmented data to simplify lending. Xavier De Pauw, founder of Kennek said:

“Until kennek, lenders had to devote countless hours to menial operational tasks and deal with jumbled and hard-coded data – which makes every other part of lending a headache. As former lenders ourselves, we lived and breathed these frustrations, and built kennek to make them a thing of the past.”

The company said the latest funding round was oversubscribed and closed quickly despite the challenging fundraising environment. The new capital will be used to expand Kennek’s engineering team and strengthen its market position in the UK while exploring expansion into other European markets. Barbod Namini, Partner at lead investor HV Capital, commented on the investment:

“Kennek has developed an ambitious and genuinely unique proposition which we think can be the foundation of the entire alternative lending space. […] It is a complicated market and a solution that brings together all information and stakeholders onto a single platform is highly compelling for both lenders & the ecosystem as a whole.”

The fintech lending space has grown rapidly in recent years, but many lenders still rely on legacy systems and manual processes that limit efficiency and scalability. Kennek aims to leverage open banking and data integration to provide lenders with a more streamlined, automated lending experience.

The seed funding will allow the London-based startup to continue developing its platform and expanding its team to meet demand from non-bank lenders looking to digitize operations. Kennek’s focus on the UK and Europe also comes amid rising adoption of open banking and open finance in the regions.

Featured Image Credit: Photo from; Thank you!

Radek Zielinski

Radek Zielinski is an experienced technology and financial journalist with a passion for cybersecurity and futurology.

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Fortune 500’s race for generative AI breakthroughs



Deanna Ritchie

As excitement around generative AI grows, Fortune 500 companies, including Goldman Sachs, are carefully examining the possible applications of this technology. A recent survey of U.S. executives indicated that 60% believe generative AI will substantially impact their businesses in the long term. However, they anticipate a one to two-year timeframe before implementing their initial solutions. This optimism stems from the potential of generative AI to revolutionize various aspects of businesses, from enhancing customer experiences to optimizing internal processes. In the short term, companies will likely focus on pilot projects and experimentation, gradually integrating generative AI into their operations as they witness its positive influence on efficiency and profitability.

Goldman Sachs’ Cautious Approach to Implementing Generative AI

In a recent interview, Goldman Sachs CIO Marco Argenti revealed that the firm has not yet implemented any generative AI use cases. Instead, the company focuses on experimentation and setting high standards before adopting the technology. Argenti recognized the desire for outcomes in areas like developer and operational efficiency but emphasized ensuring precision before putting experimental AI use cases into production.

According to Argenti, striking the right balance between driving innovation and maintaining accuracy is crucial for successfully integrating generative AI within the firm. Goldman Sachs intends to continue exploring this emerging technology’s potential benefits and applications while diligently assessing risks to ensure it meets the company’s stringent quality standards.

One possible application for Goldman Sachs is in software development, where the company has observed a 20-40% productivity increase during its trials. The goal is for 1,000 developers to utilize generative AI tools by year’s end. However, Argenti emphasized that a well-defined expectation of return on investment is necessary before fully integrating generative AI into production.

To achieve this, the company plans to implement a systematic and strategic approach to adopting generative AI, ensuring that it complements and enhances the skills of its developers. Additionally, Goldman Sachs intends to evaluate the long-term impact of generative AI on their software development processes and the overall quality of the applications being developed.

Goldman Sachs’ approach to AI implementation goes beyond merely executing models. The firm has created a platform encompassing technical, legal, and compliance assessments to filter out improper content and keep track of all interactions. This comprehensive system ensures seamless integration of artificial intelligence in operations while adhering to regulatory standards and maintaining client confidentiality. Moreover, the platform continuously improves and adapts its algorithms, allowing Goldman Sachs to stay at the forefront of technology and offer its clients the most efficient and secure services.

Featured Image Credit: Photo by Google DeepMind; Pexels; Thank you!

Deanna Ritchie

Managing Editor at ReadWrite

Deanna is the Managing Editor at ReadWrite. Previously she worked as the Editor in Chief for Startup Grind and has over 20+ years of experience in content management and content development.

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UK seizes web3 opportunity simplifying crypto regulations



Deanna Ritchie

As Web3 companies increasingly consider leaving the United States due to regulatory ambiguity, the United Kingdom must simplify its cryptocurrency regulations to attract these businesses. The conservative think tank Policy Exchange recently released a report detailing ten suggestions for improving Web3 regulation in the country. Among the recommendations are reducing liability for token holders in decentralized autonomous organizations (DAOs) and encouraging the Financial Conduct Authority (FCA) to adopt alternative Know Your Customer (KYC) methodologies, such as digital identities and blockchain analytics tools. These suggestions aim to position the UK as a hub for Web3 innovation and attract blockchain-based businesses looking for a more conducive regulatory environment.

Streamlining Cryptocurrency Regulations for Innovation

To make it easier for emerging Web3 companies to navigate existing legal frameworks and contribute to the UK’s digital economy growth, the government must streamline cryptocurrency regulations and adopt forward-looking approaches. By making the regulatory landscape clear and straightforward, the UK can create an environment that fosters innovation, growth, and competitiveness in the global fintech industry.

The Policy Exchange report also recommends not weakening self-hosted wallets or treating proof-of-stake (PoS) services as financial services. This approach aims to protect the fundamental principles of decentralization and user autonomy while strongly emphasizing security and regulatory compliance. By doing so, the UK can nurture an environment that encourages innovation and the continued growth of blockchain technology.

Despite recent strict measures by UK authorities, such as His Majesty’s Treasury and the FCA, toward the digital assets sector, the proposed changes in the Policy Exchange report strive to make the UK a more attractive location for Web3 enterprises. By adopting these suggestions, the UK can demonstrate its commitment to fostering innovation in the rapidly evolving blockchain and cryptocurrency industries while ensuring a robust and transparent regulatory environment.

The ongoing uncertainty surrounding cryptocurrency regulations in various countries has prompted Web3 companies to explore alternative jurisdictions with more precise legal frameworks. As the United States grapples with regulatory ambiguity, the United Kingdom can position itself as a hub for Web3 innovation by simplifying and streamlining its cryptocurrency regulations.

Featured Image Credit: Photo by Jonathan Borba; Pexels; Thank you!

Deanna Ritchie

Managing Editor at ReadWrite

Deanna is the Managing Editor at ReadWrite. Previously she worked as the Editor in Chief for Startup Grind and has over 20+ years of experience in content management and content development.

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