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AI Chatbots Can Help Retailers Convert Live Broadcast Viewers into Sales!

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Do you remember the simpler times when we imagined: “one day, robots will roam the streets and act like people”? It sounded unrealistic, that something other than humans will be able to perform our functions. However, now when technology advances at an unbelievable rate, this is becoming more tangible than ever. It’s no longer a fruit of our imagination, not with chatbots acting like humans and machines doing tons of our work.

BusinessInsider estimates that the chatbot market size will grow to $9.4 billion by 2024 compared to $2.6 billion in 2019. This equals a compound annual growth rate of a whopping 29.7%. What does this tell us?

It tells us that businesses are investing heavily in this new technology. AI-powered chatbots have tremendous benefits for businesses. They offer instant assistance to customers and leads, helping retailers get more sales. If you’ve been looking for ways to boost your live broadcast strategies, this is definitely a great way to do it!

But, before we get into it, let’s see what a chatbot is.

What Is a Chatbot?

A chatbot is a program on a computer designed specifically to simulate conversations with users over the Internet. Think of them as virtual assistants, but the customer is not speaking to an actual human on the other side. In this case, they talk to automated tools capable of generating instant or text messages to respond to the most common questions.

Naturally, since AI-powered chatbots aren’t humans, they have their limitations. Still, if you compare the current chatbots with those from just a few years back, you’ll notice that they’ve gotten much ‘smarter’ by now. Sometimes, it is even hard to distinguish whether you’re talking to a human or a computer.

To perform its function, a chatbot will use advanced machine learning and natural language processing algorithms. The latter is also known as NLP, which refers to the ability of the computer to process, understand, and respond in a human language. The two processes involved to make this happen are Natural Language Understanding (when the bot comprehends the human text) and Natural Language Generation (when the bot transforms data into text and responds to the human.

Generally speaking, there are three different types of chatbots people can find on sites these days:

  • Rule-based – the user needs to click on buttons and use predefined options to get his answers
  • Intellectually independent – the chatbot uses ML to learn from the users’ requests and inputs (they learn phrases and keywords that trigger a reply)
  • AI-powered – these are the most advanced, smartest bots of them all. They use AI, ML, and NLP to combine the qualities of both rule-based and intellectually independent bots.

The perks of using chatbots for retailers

From a business perspective, chatbots are a great way to keep interested parties in the loop, provide them with immediate answers, and generate more leads. Such innovations may come with downsides of their own, but for you as a retailer, this is a great tool.


If your business is customer-centered, which it should definitely be, anything that boosts the user experience is a good thing. Just think of this scenario.

You constantly create live broadcasts, but these aren’t as effective as you want them to be. When you’re done, you get only a few questions from leads, or your leads are long gone before you can answer them all. With an AI-powered chatbot, this will no longer be an issue.

That’s the most amazing use of chatbots to this day – being able to get answers to people when you cannot do it on your own. Let’s see how this works.

Chatbots facilitate better live communication

You’ve figured out how to share your message and, now that live broadcasts are so popular, what better way to do it than via a live video? There are plenty of ways to make this happen, as well as amazing tools and tricks that make it possible. Whisby not only explains what is live broadcasting, but they provide you with brilliant solutions that attract your target audience.

When you have your live broadcasting prepared and are ready to start, consider this – how will you respond to interested parties if you have to lead the broadcast? Will you be able to answer all questions before the interested party leaves?

Ideally, you should have many people reaching out to ask more about your products and services. People hardly have any patience these days. Their attention span is akin to a goldfish, and they don’t have the time to wait around and get your response.

Since live broadcasting is all about sharing things in real-time, you need to be prompt at answering people’s questions or communicating with them. A simple ‘thank-you’ for a compliment, a ‘hi’ for a new member, or an answer to a person’s question right away can make a huge difference for your brand.

This is where chatbots can do wonders for you. If you integrate them into your support system, people can engage with it without waiting around or any difficulties. Chatbots will analyze their questions and find the right response in real-time, assisting you greatly in the process.

Many great chatbots work seamlessly across social media platforms where most of the live streaming is done.

Chatbots boost the trust between you and your customer

When you’re selling things online or attempting to reach an audience on the Internet, you have one huge disadvantage – actual face-to-face, personal contact. When people visit an actual retail store, they are greeted by employees as soon as they walk in, asked if they need assistance, and provided help as long as they need it.

Whether they are using your retail website or seeing your live broadcast, people can’t expect the same type of service online. This diminishes the personal touch and your chances of building trust with customers.

Many online shoppers don’t enjoy such assistance because the retailers cannot cater to everyone’s needs all at once. The online world opens up opportunities for retailers to reach many people across the world. When their online stores are ‘crowded’, it’s hard to dedicate time to everyone.

But, chatbots can do a lot to amend this. When you use them, it opens up a chance to assist your customers along with a purchase, no matter how many of them need assistance at the same time. Quality chatbots have definitely changed the game. This buzz-worthy technology does a lot to boost sales.

This isn’t a theory at this point. Let’s consider some examples. When Amtrak decided to use a chatbot, this drove a 25% rise in bookings. Their AI-powered chatbot answered over 5 million questions in a year! People had a lot to ask and before that, there wasn’t anyone to give them answers as fast as they needed them!

Kia’s chatbot, on the other hand, has achieved even better results. They reported a conversion at a rate three times higher than before.

What does this tell you?

It shows that the 24/7 availability of chatbots, including their availability while you’re broadcasting live, covers many of the past issues in terms of responsiveness.

Chatbots can handle much higher traffic than humans, maintain conversations simultaneously, all while minimizing delays and human error. They don’t even have to take some time off and rest!

Chatbots can direct the sales for you

When you’re communicating with people live, do you stop to tell them ‘This is where you can buy it’? You can’t do this for every individual customer, and many of them won’t wait around for your broadcast to end to ask you.

Luckily, chatbots are there to assist you. AI-powered chatbots will not only greet people and answer their questions, but they’ll also walk them through a sale. In a simple, smooth interaction, they can complete the entire order process without waiting for your broadcast to end.

The process is pretty simple with the right chatbot. Let’s say that you are an interested customer who wants to make a purchase. If you decide to do this based on your view of a broadcast, you’d have to go to the website, look for that product, find it, and then continue to make a purchase.

But what if there’s something that can get everything done for you without much effort? You can just tell the chatbot what you need, and it will redirect you to a filled order form or the product’s page where you’ll find the information you need.

The first option might convince you to look elsewhere or keep scouring social media. The latter is far more likely to entice you to make a purchase.

Final thoughts

Retailers who sell their products online enjoy amazing perks and an opportunity for a much, much wider reach. But they cannot offer the same kind of experience and service to buyers, at least not when they have many interested parties. Sales chatbots can make online shopping seem like traditional in-store shopping. They offer a smoother, quicker, and more personalized experience for the buyer. As a result, they create a more converting system for the retailer

PlatoAi. Web3 Reimagined. Data Intelligence Amplified.
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Source: https://www.smartdatacollective.com/ai-chatbots-can-help-retailers-convert-live-broadcast-viewers-into-sales/

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Axyon AI, a Deep Learning Solutions Provider for Asset Management, Partners DMALINK

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Axyon AI reveals that it has teamed up with DMALINK as part of its goal to become one of the first “true” AI specialists for financial institutions.

The partnership should enable the “first-ever” use of deep learning artificial intelligence to “dynamically manage liquidity, detect market and order anomalies, and create smart algorithms for trade execution in the fiat FX space,” according to an update shared with Crowdfund Insider.

Axyon AI will be combining its tech with DMALINK’s ECN infrastructure to streamline FX trading. For the buy-side, deep learning models significantly enhance the overall quality of order fills. For the sell side, the apps will ensure that companies “maintain a positive yield curve.”

The deep learning tech will also aim to identify market anomalies in spot FX, “giving DMALINK participants access to one of the most powerful risk management tools developed in the ECN space.” Smart algorithms, “dynamically created by AI will instantly adjust trade execution as a function of the market dynamics,” the announcement explained.

Daniele Grassi, CEO at Axyon AI, stated:

“We believe that the leap from humans telling computers how to act, to computers learning how to act, has momentous implications for financial markets trading. Our partnership with DMALINK will be a paradigm shift for the FX trading industry.”

Manu Choudhary, CEO at DMALINK, remarked:

“In spite of the pace of innovation within the ECN space, liquidity management, anomaly detection and algos have been left behind by advances in deep learning AI technology. The ability for Axyon AI’s deep learning technology to leverage insights in a fraction of the time of a human-driven equivalent provides opportunities for the procurement and analysis of unique data to dynamically manage liquidity, risk and trade execution for the first time.”

As previously reported, Axyon AI is a key player in deep learning, which is notably the newest area of machine learning artificial intelligence, “for time series forecasting.” Axyon AI works closely with fund managers and hedge funds to “deliver consistently high-performing end-to-end AI powered quantitative insights and investment strategies.”

PlatoAi. Web3 Reimagined. Data Intelligence Amplified.
Click here to access.

Source: https://www.crowdfundinsider.com/2021/09/180117-axyon-ai-a-deep-learning-solutions-provider-for-asset-management-partners-dmalink/

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Free virtual event: Big Data and AI Toronto

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Free virtual event: Big Data and AI Toronto

This year’s Big Data and AI Toronto conference and expo, held virtually Oct 13-14, will provide attendees with a 360° view of the industry through a unique 4-in-1 experience: Artificial intelligence, big data, cloud, and cybersecurity.


Sponsored Post.

Corp Agency Big Data Ai Toronto

Since 2016, Big Data and AI Toronto has been providing a unique platform for IT decision-makers and data innovators to explore and discuss insights, showcase the latest innovative projects, and connect with other data and analytics professionals.

This year’s conference and expo, held virtually on October 13-14, 2021, will provide attendees with a 360° view of the industry through a unique 4-in-1 experience: Artificial intelligence, big data, cloud, and cybersecurity.

  • Network with attendees from over 30 countries and connect with like-minded professionals
  • Livestream 70+ hours of content via 3 public tracks and 3 conference tracks
  • 100+ speakers from the likes of Facebook, Netflix, Google, Samsung, Databricks, Scotiabank
  • Meet 20 of the industry’s leading solution providers at the Expo such as Dataiku, IBM, SAS
  • Discover the current state of technologies and solutions via Demo sessions

Who’s attending?

 
Managers, directors, VPs, CXOs, data scientists, technologists from over 35 countries will be in attendance this October. They work at companies like IBM, Microsoft, Apple, Accenture, Toyota, GM, Google, Deloitte, TD Bank, Manulife, CIBC, RBC, Leo Burnett, Home Depot, Scotiabank, Telus, HSBC…

Sessions include:

  • Leveraging AI to enhance human creativity – Domhnaill Hernon, Global Lead Humanizing Enterprise Technology at EY
  • Not all data is created equal – Alexandra Panousis, CEO and Chair at Dentsu Media Canada
  • Scaling Analytics & AI, It’s mostly about culture – Jaime Tatis, VP, Data Strategy & Enablement at Telus
  • AI and its social impact – Anne-Marie Croce, Chief Innovator, Customer Experience Transformation and Innovation at The City of Toronto
  • Modern AI 1980-2021 and beyond – Jürgen Schmidhuber, Co-Founder & Chief Scientist at NNAISENSE
  • Solving the biggest media and advertising challenges – Sonia Carreno, President at IAB Canada

Most attendees will have access to the free expo (3 public tracks, 6 free conference sessions, 50+ speakers, 20 exhibitors), or can buy a conference pass, giving the access to an extra 3 conference tracks.

For more information about Big Data and AI Toronto, or to register, please visit

www.bigdata-toronto.com/


PlatoAi. Web3 Reimagined. Data Intelligence Amplified.
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Source: https://www.kdnuggets.com/2021/09/corp-agency-virtual-event-big-data-ai-toronto.html

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Consider the safety aspect of collaborative robots

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I’ve talked about collaborative robots many times, but this time, let’s touch on a little more in-depth content. Among the collaborative robots, it is dealing with danger. How to minimize the risk. It is a supreme proposition for robots.

The collaborative robot itself is basically a highly safe robot. That should be it. As you can see from the name of collaboration, you can work with people. Consider the safety aspect of this.

[Sensors] For safety, collaborative robots are usually equipped with sensors. Since we work close to people, we always need to know where they are. So there is the sensor. By installing this, you can stop the operation immediately when a person approaches. However, instead of switching the unit on and off, step-by-step control such as slowing down the operation is also possible. This flexibility is of great significance at any manufacturing site.

[Flexibility] Safety and flexibility are inseparable. Safety can be ensured because of the flexibility of programming and adjustment. Basically, cobots are easy to give instructions. In other words, if the requirements or work required on the production line change, the settings can be changed each time. Although some knowledge is required, it is considerably easier to operate and adjust than conventional robots.

[Efficiency] Efficiency and safety are usually in a trade-off relationship. To be sure, too much safety comes at the expense of efficiency. But for cobots, this doesn’t necessarily mean giving up. Slow down or stop only when you sense danger. When a person leaves, they immediately start to act. By switching quickly in this way, waste can be minimized.

Collaborative robots have both safety and performance. Demonstrate strength in every field. It is because we can ensure safety that the power of human resources is drawn out, and ultimately the improvement and the true value at the manufacturing site are demonstrated. There is no reason not to pay attention to this. First, identify the greatest risk in the field. Only then can you think about what dangerous workarounds you can implement. And let’s apply this scenario to a collaborative robot. This completes the general safety aspect. Another strength is that it supports adjustments that accompany daily observations.

Source: Plato Data intelligence

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10 Universities Dedicated To AI Research

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Artificial Intelligence (AI) has developed into a technological phenomenon that has spread through various industries. From data analytics to deep learning, to big-data mining, and so on, AI has transformed technology for the better, it seems.

So, if you want to join this lucrative industry in working with AI, consider getting a degree from an accredited college or university. Here are 10 universities that are dedicated to AI research: 

Cambridge University

Cambridge’s Department of Engineering is one of the most sophisticated schools in the world. From constant research to ongoing developments, students not only learn about AI, but also develop their foundational roots in disciplines that allow them to work hands-on with technology. With a large network, students can share and develop what they’ve learned.

Carnegie Mellon University

Carnegie Mellon University invites students to learn about AI. With more than 400 startups linked to this prestigious university, as well as endorsements and backing from companies like Argo AI, Aurora, and Uber, CMU is all about turning novice engineers into the driving force that brings AI further and further into the spotlight.

Columbia University

Columbia University also shares its enthusiasm for engineering. From healthcare to electrical engineering, CU understands the complexities and roles that AI plays in such industries. With acclaimed engineers and scientists like Gordana Vunjak-Novakovic, Christine Hendon, Tal Danino, and Elham Azizi assembling the roundtable of tech-based discussions in conjunction with Columbia Engineering magazine, they share their inputs on AI in healthcare and electrical engineering.

Harvard School of Engineering and Applied Sciences

The Harvard John A. Paulson School of Engineering and Applied Sciences (SEAS) exposes students to realities concerning technological advances, including AI. Since 1847, Harvard has been the champion of engineering and applied sciences. And now, with AI, the school continues to be the champion for engineering excellence, especially in a time when AI is growing more and more in popularity.

Massachusetts Institute of Technology

MIT takes pride in America’s industrial revolution. The school understands that technology has many avenues that people can pursue – AI included. With rising talent and jobs to fill, MIT is committed to growing the AI community by offering relevant disciplines, and by allowing its students to work with technology through artistic and inventive ways.

Oxford University

Oxford offers Engineering Science, which is made up of various subjects like microelectronics and offshore oil platforms. With amazing studies in engineering:

Biomedical

Chemical

Civil

Electrical

Information, AND

Mechanical

… students will learn how AI is at the forefront of engineering. 

Stanford University – School of Engineering

Stanford takes AI seriously through research and innovation. Here, students will know the going-ons of technology in the 21st century, along with the major challenges that surround this generation. By studying various backgrounds, beliefs, and perspectives, students will learn to incorporate what they’ve learned about AI into the real world.

University College London

With global data networks, renewable energy, driverless vehicles, etc. on the rise, UCL is committed to teaching students about the high-tech world, and how AI is involved behind the scenes. From mathematics to physics to engineering and computer science, UCL ensures that students will learn the full extent of this growing technological phenomenon. 

University of California-Berkeley

UC Berkeley’s Department of Industrial Engineering and Operations Research has a new professional degree program in the College of Engineering. Students will learn about optimization, data analytics, risk modelling, simulation, and so on, which are vital to understanding the complexity of AI. UC Berkeley is there to teach students about the various scenarios that AI is most needed – healthcare, transportation, finances, the works.

University of Texas (Austin) – Cockrell School of Engineering

Finally, UT Austin’s Cockrell School of Engineering is focused on growing tech trends like AI. Here, students will learn about the leading pioneers of the high-tech world, and how AI is cementing its greatness in such a world. Students will eventually be subject to an ever-growing network of opportunities in AI, including jobs, internships, etc. from various companies like Apple, IBM, Dell, Samsung, Google, and many more. 

Conclusion

So, you see, AI is a desirable skill to obtain. So, when you consider these 10 universities, you’ll know just how popular AI is, and what benefits you’ll get from attending one of them. Knowledge in AI opens many doors, so why not open the door to any of these wonderful schools today? 

~ Christina Lee is a writer and editor at Studydemic. As a content writer, she writes articles about technology, coding, and engineering.

PlatoAi. Web3 Reimagined. Data Intelligence Amplified.
Click here to access.

Source: https://www.aiiottalk.com/universities-dedicated-to-ai-research/

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