Every day we hear a new word or learn a new concept. The internet gives volumes of information in a click. Knowledge also depends upon your interest areas. People love to know and talk about the 'trending' things happening around them.
Artificial Intelligence & Blockchain are 2 terms in the technology domain which are still untouched by many.
Along with giving an insight on these concepts, this article attempts to figure out how can Artificial Intelligence and Blockchain prove to be an essential tool to maximize business opportunities and add value to the existing business, especially in the B2C segment.
Artificial Intelligence: Decoding the system
AI is modern computer software which responds in a much smarter way, very identical to the way humans thinks. The software is a mix of science and engineering logic to make intelligent computer programs which are responsive in nature. By early 21st century, AI was predominantly used for logistics, medical diagnosis data mining and other areas. The success was phenomenal as the 1st computer chess playing system beat the reigning world chess champion - Gary Kasparov on 11th May 1997. In the coming days, AI will drive faster business decisions in marketing, e-commerce and other areas of business.
AI in B2C business: The expansion continues
While it may not be so known to end customers, AI has made some interesting advancements in the B2C segment in the last few years. In the B2C industry, sales data is linked with the customer data and when you run this information as per the AI algorithms and logic, you get detailed information about the business, customers, patterns, and inventory. Marketers and business owners have realized the lethal combination of data and AI software's to improve their campaigns and provide better customer experience. In B2C sector, AI is capable to provide significant benefits to both the customers and sellers.
Some key areas where AI can make big progress are:
- Improved customer experience: As per the current trends, AI might double the rates of economic growth by the year 2035. By adding cognitive computing matched by thinking power, the overall customer involvement is definitely on the rise.
- Gesture recognition: Yet another revolutionary concept which has transformed the thought process of traditional business owners. This computer interface can interact with customers in terms of promoting offers, providing information about the store, answering a specific query related to a store enlisted in the program. Customers increasingly want the brands to offer responsive and personalized services.
- Optimizing the Supply chain: Supply chain management is the biggest factor which affects the bottom line in retail market. Prescriptive demand models can generate accurate forecast for demand and supply. This leads to effective utilization of operational funds.
- Intelligent assistant for shoppers: Consumer experience will rise to another level by the use of language interfaces and machines that are more responsive. The framework of the digital assistance is faster and viable when it comes to assisted shopping.
- Improved Marketing: The retail market can show greater sense of confidence and effectiveness by using the prescriptive and predictive modelling based on sales, campaigns, offers, and competitors event related data.
Blockchain: The concept
In a layman's word, Blockchain is a method which records every transaction or 'Digital' ledgers' as it occurs. It locks the data in encrypted format in blocks. The block is distributed over the computers within the network. Because of this 'De-centralized' technology, Blockchain has applications across every digital record and transactions. Companies like IBM and Microsoft are constructing customized Blockchain for their clients using their 'cloud' infrastructures. Startups use this technology for making global payments.
Block chain wave in B2C Business
Until now, Blockchain was a primary tool for the financial industry only. However, there are numerous ways where this technology can create benefits for the retail sector and customers. This 'digital' ecosystem includes a lot more than just financial transactions alike:
Product Transparency: For many customers, lack of transparency in getting the finer details of a product can lead discontent. Through Blockchain technology, brands can create portals that can assist customers to learn more about the product. Recently a UK start-up made a platform where brands share the origin and histories of a product. So obviously, organizations that share this level of information and maintain transparency are more likely to be favoured by consumers.
Shipping: Shipping and tracking have always been a nightmare for the courier companies, and with manifold increase in sales, the issue has only got bigger. The concept of Blockchain is helping organizations to modernize the global supply chain system. This technology can create a complete decentralized network that connects all parties in the international trading supply chain, helping to minimize issues involved in international trade. Connecting all parties to the decentralized Blockchain system allows direct exchange of documents, which helps to solve one of the biggest grey areas in shipping industry.
Check on fraudulent/counterfeit products: Duplicate products have been a scar mark over big brands and the entire retail business is affected. Implementing Blockchain smart solutions on a wide variety of items such as luxury products, jewellery or even electronics is the possible answer to stop fraudulent activities. With a digital ledger record, items are certified; hence locating the stolen merchandise will be an easier task. Moreover, to stop the production of duplicate goods, 'Block Verify' system can ensure the transparency of exchanges, helping in tracking stolen merchandise or fake transactions.
The features listed above are just the tip of the iceberg. There's a lot more AI and Blockchain concepts can do for B-C sector. While big retailers have clearly benefitted from adopting these technologies, a lot of study and innovation is still yet to complete. Unless this system reaches to the hands of smaller retailers, the work has to go on.
Similarly, Blockchain concepts need more identity and support at the grass root levels.
The fierce competition at the B2C Industry, adapting AI and Blockchain services will be a game changer, as both the customer and the companies will be in a win-win situation