The Silicon Trend Tech Bulletin

Icon Collap
...
Home / AI / ML / E-commerce Companies Focusing on AI, VR to cut Logistics Expense and Fraud Orders

E-commerce Companies Focusing on AI, VR to cut Logistics Expense and Fraud Orders

Published Thu, Jul 28 2022 05:45 am
by The Silicon Trend

 

ai-3

 

 

 

E-commerce firms have been focusing on AI and VR with a vision to reduce logistics expenses and determine fraud orders, as stated by the global auditing and consulting firm PwC report in 2018. With an emerging middle-class population of more than 500Mn and over 65% of the population aged 35 or below, India represents a highly enthusiastic consumer market for retailers worldwide, said PwC TechWorld report.

E-commerce sectors are transforming their tech practices to maintain their competitive edge. Most of their platforms are increasing investments in AI, AR, analytics techs, conversational commerce, and VR. It noticed that to determine fraud order activities, minimize return rate and reduce logistics expenses, e-commerce firms have been investing in AI and robotics.

 

Also Read: AI Researchers Create a Computer Vision for Accurate Dichotomous Image Segmentation

 

Then there is advanced analytics that allows for better optimization of stock management and content-based customization on a data-driven understanding of consumers' online behavior and preferences. Moreover, blockchain techs enhance fraud detection and enable firms to provide a transparent and secure online platform as it helps identify authenticity in multi-party transactions and expedites payment settlement.

The report further mentioned that frauds or data thefts create financial loss, reputational damage, and loss of business, which is dangerous in the modern global digital economy.

 

Also Read: A Metaverse Marketing Guide: Changing Markets and Looking Ahead