The emergence of artificial intelligence (AI) and machine learning (ML) has transformed almost every industry and how they operate. The same can be said about e-commerce as well. These technologies have simplified many backend aspects of online shopping. Additionally, AI and ML are helping out e-commerce companies in aspects like inventory management and online fraud detection. This actively plays a part in streamlining business operations and bringing more efficiency.
However, instead of building an in-house team for this purpose, e-commerce companies are outsourcing this to firms that have specialization in this matter. Read on to know more about such companies which are making a difference in the online business segment with the latest technologies.
Top 5 AI Startups in E-commerce Industry-
Notably, the reason behind opting for specialised companies is due to their expertise and the kind of innovation they bring to the table. Some of the best AI startups providing e-commerce solutions are:
Manthan was founded in Bengaluru in 2004. It provides CPG analysis solutions to retail companies. Powered by big data analytics, it serves CPG and pharma industries and provides services like merchandise marketing, customer marketing and collaboration of suppliers. It also provides finance and HR analytics along with multi-channel management for better store operation.
2. Intelligence Node
Intelligence Node was founded in 2012 in Mumbai, Maharashtra. It provides AI-based price optimization services on a retail analytics platform. Intelligence Node has been designed for automating retail price strategy for companies. It also offers iN-Competitor, which helps in pricing and data assortment. It has been developed for both online and offline retail companies. It is both a SaaS (software as a service) and a mobile app for furniture, food and grocery stores.
ParallelDots was founded in Gurugram, Haryana, in 2014. It is another image recognition AI-based solution for retail businesses. ParallelDots empowers businesses to reduce time spent in auditing the store and improve the accuracy of data. Its users must click store shelves’ pictures using a mobile app called ShelfWatch or some other third-party app that can integrate ShelfWatch with itself and upload the images on the cloud. These pictures then help to get insights.
Infilect was founded in 2015 in Bengaluru, Karnataka. It provides image and video analytics services that are AI-based. This service is exclusively for retailers who are offline. It also collects the customer data of cameras. The AI tool uses deep learning techniques to provide insights like buying behaviour of customers, footfall count, purchase paths, dwell time and repeated customers and real-time retail execution.
5. Tango Eye
Tango Eye was founded in 2017 in Chennai. It provides analytics solutions based on AI-based image and video analysis. The app is web-based and has the capability of analysing CCTV footage for detecting and identifying third-party intrusion in real time. Users can make a pattern for visibility and shopping patterns all across the stores in real time. It also shows a concentration heat map, customer demographics and feedback analysis. Its uses are not limited only to retail, but also have applications in healthcare, banking and other fields.
E-commerce is a growing business segment and this is true for almost every country. Moreover, associated with these businesses, a separate supply chain is developing. Since managing operations is as vast and widespread as this, one needs the help of new technologies like AI and ML. The aforementioned startups and companies operating in similar lines are offering access to advanced technology to help a business scale up with more efficiency.