#AI
in #eCommerce: #Stocks to Watch: (OTCPINK: $GTCH) (TSX: $CVO.TO) (NYSE: $CRM)
(NYSE: $WMT) @coveo @salesforce @Walmart
#Artificialintelligence
How
#ArtificialIntelligence is Being Leveraged in the #Online #Retail Space
Vancouver, Kelowna,
Delta, BC – March 22, 2022
– Investorideas.com,
a global investor news source covering Artificial Intelligence issues a report on how AI technology
is accelerating e-Commerce revenue, featuring emerging tech company, GBT
Technologies Inc. (OTCPINK:GTCH).
Read
this article, featuring GTCH in full at https://www.investorideas.com/news/2022/technology/03221AI-eCommerce.asp
It’s no secret that the adoption of e-commerce
benefited enormously from the COVID-19 pandemic – when many people were
less able or willing to shop at brick and mortar retailers – but it is also
witnessing growth as a consequence of increasing convenience afforded by the
use of new technologies, such as artificial intelligence. In fact, a report
published by Vantage Market Research finds that the global AI
in Retail market will grow from $2.93 billion USD in 2021 to $17.08 billion by 2028.
While this report encompasses brick and mortar outlets as well, it is still
indicative of the general trend toward AI adoption both on and offline.
Some of the principle ways AI is being leveraged in
e-commerce, according to an article from betanews, is through the application of
real-time data analytics, interactive experiences such as virtual shopping
rooms, personalization based on demographics and search data, and enhanced
customer service and customer relationship management (CRM) through the use of
virtual assistants and chatbots.
GBT Technologies Inc. (OTC PINK:GTCH), a development-stage company
which considers itself a native IoT creator, developing Internet of Things
(IoT) and Artificial Intelligence (AI) enabled mobile technology platforms,
recently announced that it had entered into a revenue
sharing agreement with online retailer Mahaser LTD dba Ravenholm Electronics, commencing March 1,
2022. For the agreement, GBT is testing its AI platform - AVANT! AI –
“to identify opportunities with respect to e-commerce sales through the world's
biggest online retail platform.”
Ravenholm Electronics itself is an e-commerce retailer
with 5+ Best Seller Tags, specializing in video game products and accessories,
and boasts over 2,000 active, profit-driving SKUs (stock-keeping units).
Operating as it does in the video game niche, Ravenholm with the assistant of
GBT AI platform - AVANT! AI, has
and is poised to continue riding the surge in that market’s revenue seen in the
last five years – the Video Game Industry is expected to reach $180 billion in
comprehensive earnings. Indeed, Ravenholm Electronics already reports a 70
percent year-over-year earnings growth as of 2021.
Through its revenue sharing arrangement with Ravenholm,
GBT has already sold 666 items generating sales of $152,979 since Match 1, 2022
to date representing an approximate average of $229.70 per item/order. GBT’s
CEO, Mansour Khatib, said:
"We
were pleased to announce this new stream of revenue. As a reminder, we entered
into a revenue sharing agreement for a term through the end of the year with an
option to extend for additional terms. This opportunity may allow us to expand
our operations to different domains, which potentially can complement our
products when and if introduced to the market. Currently, we operate the
e-commerce platform from West Hollywood, California and we are selling
currently in the United States, Canada, Mexico and Brazil.”
Another firm exemplifying the use of AI as an
e-commerce solution is Coveo Solutions Inc. (TSX:CVO), which recently announced that it has enabled AI-powered search
and recommendations capabilities on Salesforce AppExchange (the cloud computing
marketplace of Salesforce, Inc. (NYSE:CRM)), thereby allowing customers to
connect with Coveo experts in real time and make better business decisions.
This, according to the press release, enables intelligent service – including
proactive recommendations and insights – and smart B2B or B2B2C commerce
experience.
Retail giant Walmart (NYSE:WMT)
announced the acquisition of Israeli AI startup Zeekit that offers
a virtual fitting room platform that employs real-time image technologies,
computer vision and artificial intelligence. Recently Walmart announced the launch of the platform for users
of the Walmart app and Walmart.com. Debuting with the “Choose My Model
experience,” the feature allows customers to “determine the model who best
represents their height, body shape and skin tone to understand how an item
will look on them.” According to an article from PYMNTS.com, “Walmart’s U.S. eCommerce sales were
up 11% in the most recent fiscal year and jumped 90% from two years ago.”
Denise Incandela, EVP of Apparel and Private Brands, Walmart U.S., explained:
“Zeekit
was built with a vision to provide every person the chance to see themselves in
any item of clothing found online, and that is a vision we share. Our new
Choose My Model capability is just the beginning. We are also working to launch
a virtual try-on experience for women’s apparel, moving with speed to bring
this groundbreaking technology to our customers. With Zeekit’s visionary team,
powered by the Walmart Global Technology platform in partnership with our
Fashion Merchandising and ecommerce Site Merchandising organization, we have
the incredible opportunity to revolutionize how our customers shop for clothes
online.”
With e-commerce’s seemingly inexorable takeover of
retail market share, and the already obvious benefits of AI technologies in the
online retail space, it seems all but assured that the prevalence of AI in
e-commerce will persist.
Read and hear other editions of the
AI Eye
For a list of artificial intelligence stocks
on Investorideas.com visit here
About
GBT Technologies Inc.
GBT
Technologies, Inc. (OTC PINK: GTCH) (“GBT”) (http://gbtti.com) is a development stage company which considers
itself a native of Internet of Things (IoT), Artificial Intelligence (AI) and
Enabled Mobile Technology Platforms used to increase IC performance. GBT has
assembled a team with extensive technology expertise and is building an
intellectual property portfolio consisting of many patents. GBT’s mission, to
license the technology and IP to synergetic partners in the areas of hardware
and software. Once commercialized, it is GBT’s goal to have a suite of products
including smart microchips, AI, encryption, Blockchain, IC design, mobile
security applications, database management protocols, with tracking and
supporting cloud software (without the need for GPS). GBT envisions this system
as a creation of a global mesh network using advanced nodes and super
performing new generation IC technology. The core of the system will be its
advanced microchip technology; technology that can be installed in any mobile
or fixed device worldwide. GBT’s vision is to produce this system as a low
cost, secure, private-mesh-network between any and all enabled devices. Thus, providing
shared processing, advanced mobile database management and sharing while using
these enhanced mobile features as an alternative to traditional carrier
services.
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