E-commerce Meets AI

How Artisan Venture Lab sees AI influencing e-commerce solutions today and in the future.

While some industries are evolving with AI in a slow, methodical way, we’re seeing the adoption of AI solutions in e-commerce at an accelerated pace. With close to 16% of retail sales coming from online shopping and over 70% of consumers expecting a personalized experience in their shopping, Artisan Venture Lab is actively researching, prototyping, and recommending ways for our e-commerce clients to utilize generative, classification and machine learning AI to dramatically improve performance and profitability.

AI can be beneficial for both the business and the consumer. Using AI for data transformation, yield optimization, deeper product personalization and recommendations, businesses can improve efficiency and close rates and customers make their purchase with confidence. Artisan Venture Lab has partnered with Contextual, a leading AI orchestration platform, to deliver on a range of AI solutions that enhance workflows, streamline tasks and optimize experiences for our clients’ online shopping experiences.

Data Transformation and Ingestion
One of the challenges in e-commerce you may be facing regarding products, is sourcing from hundreds, if not thousands, of locations. Each product may come from a different primary source and transforming that into a central product feed (database) with new products and pricing daily becomes challenging. By using available AI data sources combined with generative AI to classify and enrich disparate data structures, we can create one singular feed that powers your e-commerce platform as well as marketing and promotions. This AI Data Transformation concept within Contextual is characterized by owning your own data sources, owning your distinct models and ultimately owning how the AI results are made manifest in your business.

Pricing and Inventory Optimization
Analyzing and making recommendations based on real time data is one of the most powerful applications of AI. Extending on the integrated product feed described above, we see our customers seeking to then cross reference that information with third party product pricing to ensure that an optimum price is being offered in the exact moment for the precise customers. That can be done by using an integration with Browse.ai, which will check other competitor sites. With proper prompt engineering within Contextual, we can eliminate unexpected prices, identify trends that may impact our customers’ businesses and then either alert or automate dynamic AI-driven price changes.

Dynamic promotions and schedules based on micro-level events
AI algorithms can analyze customer data to provide personalized product recommendations. However, AI can go further and mix that customer data with public data to dramatically increase sales and revenue. As an example, AI can make sure that the right products are being shown to a user at the right time. By integrating historic purchases, local events, public weather information, cost-of-living detail and more, AI can create personalized go-to-market campaigns and offers that are targeted to the individual.

While this is only a few examples, by partnering with and building on Contextual’s AI Orchestration and workflow platform, we can deliver these solutions, and others, in a quick and efficient way. Want to learn more, contact us at AVL or Contextual.