By | BAISHALI MUKHERJEE, Freelancer, Entrepreneur India | https://www.entrepreneur.com
The e-commerce market is growing fast in India. From communication to buying products and from booking a cab to ordering dinner, everything happens through smartphones and tablets these days.
ASSOCHAM-Forrester study has revealed that India’s e-commerce revenue will jump from $26 billion in 2016 to $103 billion in 2020 and the country is expected to generate $100 billion online retail revenue out of which $35 billion will be through fashion e-commerce. Online apparel sales are set to grow four times in coming years.
Leading e-commerce giants like Flipkart, Snapdeal, Jabong, and Myntra are trying their best to get a share of this growing market. Many are coming up with similar image-based search platforms to assist clients shop online with greater ease.
Identify And Address Real-world Problems
“To be realistic, in its early stages, there is very little room for any new business to create and sell something very revolutionary in the market. You have to be the part of the system to change it. One of the simplest ways to be relevant and survive in a market is to first target those real-world problems that primarily affect your target audience directly. It can be either B2B or B2C. Once you start solving such real-world problems for your target domain, you will start becoming relevant and once you become relevant, there will be an opportunity to grow and innovate and further re-innovate,” opined Rai.
Artificial Intelligence Disrupting E-commerce Through Automation
Rai highlighted that e-commerce had various components, but if we divided the task for any e-commerce platform into two broad segments it would be logistics and cataloguing. “Cataloguing can be sub-divided into seller on boarding, product description generation, indexing and search, setting the relevancy of the products, recommendations etc. These cataloguing tasks are easy to automate through various Artificial Intelligence (AI) algorithms and, in fact, many organizations already have started adopting these AI technologies to automate various such tasks like image search, meta-tag generation, trend analysis, recommendation and analytics,” he added.
“The next stage where e-commerce will see its biggest disruption will be its integration and collaboration with connected eco-system where users’ purchasing behaviour as well recommendations for the same will be influenced by the various hardware components they interact with and these interactions will be empowered by various set of AI algorithms,” pointed out Rai, a Masters from University of Manchester in Artificial Intelligence.