E-tailers will now focus on AI and Virtual Reality (VR) to reduce logistics price and false orders

03 Jul

E-commerce Businesses are focusing on artificial Intelligence and virtual reality with a view to decrease logistics costs and also identify fraudulent orders, stated a report by international auditing and consulting company PwC.

Having an emerging middle-class population of over 500 million and roughly 65 percent of their people aged 35 or under, India represents an extremely aspirational consumer marketplace for merchants throughout the world, stated the PwC TechWorld report.

"E-commerce gamers are revamping their technologies approaches to keep their competitive advantage. Many e-commerce platforms are increasing their investments in regions like regular commerce, artificial intelligence (AI), virtual reality (VR)/augmented reality (AR) and analytics technology," it stated

It found that to identify fraudulent orders, decrease the return rate and cut down on logistics price, e-commerce organizations are buying robotics and AI services heavily.

"AI-based voice-based purchasing in vernacular language empowers deeper customer participation and smoothens the transition from offline to the internet by beating the language barrier," it said.

Then there's innovative analytics which allows for far better optimization of inventory management in addition to customization of articles predicated on data comprehension of customers' online behavior and tastes.

Additionally, There are blockchain technology that Enhances fraud detection and empower businesses to supply a stable and clear online moderate as it aids in discovering credibility in multi-party trades and reevaluate payment settlement, PwC stated.

"Virtually all consumer interaction for internet retailers happens via telephone or email and entails banking info or private information, e-commerce websites are especially vulnerable to cyber-attacks.

"Considering that the current incidents of information breaches and alleged abuse of consumer data, the demand for adopting proper security measures have increased considerably," said Sandeep Ladda, PwC India Partner.

The analysis further emphasized that data or frauds thefts cause not simply monetary loss but also standing harm and consequently a reduction of business, that can be detrimental in the present global digital market.

Based on research in the Ponemon Institute, in 2017, India listed the biggest average amount of broken documents in 33,167 (global averages = 24,089).

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