E-commerce companies focus on artificial intelligence (AI) and virtual reality with a view to reducing logistics costs and identifying fraudulent orders, according to a report from the global audit and consultancy firm PwC.
With an emerging middle class population of more than 500 million people and about 65% of the population aged 35 or younger, India represents a very ambitious consumer market for retailers around the world, according to the PwC TechWorld report.
“E-commerce players are renewing their technological strategies to maintain their competitive advantage. Most e-commerce platforms increase their investments in areas such as conversation trading, artificial intelligence (AI), virtual reality (VR) / augmented reality (AR) and analytical technologies, “the report said.
It noted that to identify fraudulent orders, reduce returns and also reduce logistics costs, e-commerce companies invest heavily in robotics and AI. “AI-based voice-based shopping in the local language allows deeper customer engagement and makes the transition from offline to online smoother by overcoming the language barrier,” he added.
In addition, there are advanced analyzes that allow for better optimization of inventory management, as well as adapting content based on a data-driven understanding of online behavior and consumer preferences.
Also, there are blockchain technologies that improve fraud detection and enable companies to offer a safe and transparent online resource as it helps in determining authenticity in multi-party transactions and speeds up payment settlement, PwC said.
“Almost all customer interaction for online retailers is over the phone or e-mail and includes bank details or personal information; e-commerce sites are particularly vulnerable to cyber attacks.” Security measures have increased significantly, “said Sandeep Ladda, PwC India Partner.
The report further emphasized that fraud or data thefts cause not only financial loss, but also reputation damage and consequently loss of business, which is harmful in today's global digital economy. According to research from the Ponemon Institute, India recorded the largest average number of record breaches in 2017 with 33,167 (global average = 24,089).
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