Answer To: Microsoft Word - HC3152IndividualAssignmentT22018V01 HOLMES INSTITUTE FACULTY OF HIGHER EDUCATION...
Kuldeep answered on Sep 09 2021
AI in E-Commerce
Artificial intelligence
AI in E-Commerce
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Contents
Introduction 3
Current operation of Chemist Warehouse selected E-commerce store 4
Artificial Intelligence important for chemist warehouse business survival 5
Chemist warehouse business uses Artificial Intelligence 6
How chemist warehouse can become more effective through the use of internet technologies 8
Conclusions and recommendations 9
References 13
Introduction
In the recent years, WWW has become one of the largest markets in the market due to its progressive growth in the efficiency of new information societies such as electronic commerce. Electronic commerce, also known as e-commerce, is the type of business where products and services are bought and sold on electronic systems for example the Internet as well as other computer network. Only e-commerce is shopping in the Internet. Electronic commerce includes B2B, B2C and C2C transactions. These include a variety of topics including trust, security, reputation, payment systems, law, advertising, catalogs, and ontologies of electronic products, mediation, multimedia shopping experience as well as back office management. Agent technology can be also applied in e-commerce in any of these areas. A recent study of Forrester's consumer spending habits online showed that the development was explosive, rising from $2.4billion in 1997 to 9.0 billion $ in 1998 and 20.2 billion $ in 1999 (AKGÜL, ÜSTÜNDAĞ and TANRIVERDİ, 2018). Electronic purchases are often automated. Data about the different products or sellers is readily available and orders and payments can be handled electronically, yet man is in the lurch at all the stages of purchasing process. Traditional purchasing activities need a great deal of effort from the human purchaser to collect and interpret data on merchants, services and products, make good purchasing decisions, and ultimately enter the correct purchase and payment information. Software agents help with many enterprises automatically, often using time, and thereby reducing transaction expenses. Software agents are different from the "traditional" software in that they are personalized, constantly running, social, or semi-autonomous. Thus, e-commerce is become user-friendly, human-like and semi-intelligent.
Current operation of Chemist Warehouse selected E-commerce store
Chemist Warehouse (and Chemist Ware-house Group) is Australian business that runs a retail pharmacy chain. The business is Australia's biggest pharmacy retailer or employs more than 8,000 employees. The business brands itself, offer discounted rates for the pharmaceutical products. The business has been named "McDonald's of the Pharmacy" and has used a complex franchise structure to violate Australian rules, which limits how many pharmacies a Chemist Warehouse can run in any one area (Cleophas and Cleophas, 2010). The business structures allow it to "regulate" about 300 pharmacies in Australia and reduce its market share by about 20 percent. Business model use by the Chemist Warehouse is believed to be in agreement with the trading terms imposed on the Group by the minimum equity investment by the entire Pharmacist. Individual pharmacists operating under the Chemist Warehouse umbrella benefit from the large buying power that is part of business. The Chemist Warehouse had earned approximately $2.3billion in revenues in the period 2013-14 (Fitzpatrick, 2019). Sam Gance of Chemist Warehouse is ranked # 8 in Retail Magazine's Top Most० Most Powerful Dealers list in 2013. The Chemist Warehouse has entered the radio and created a chemist warehouse remix through Pure Gold Network. Radio for Chemist Warehouse was released as 'Custom Built Station'. It's not limited to the store and can be heard through the web or the smartphone app. The Chemist Warehouse has been criticized by the Pharmacy Guild and the Pharmacist Union, saying its vision is a threat to both health care and industry employment conditions. The Fair Work Ombudsman has also been investigated for paying nearly 6,000 employees more than 3.6 million in paid salary.
Artificial Intelligence important for chemist warehouse business survival
The e-commerce sectors have unlocked the innovative opportunities for retailers. Retailers, too, have not seen that much increase in their sale. Artificial intelligence (AI) is taking e-commerce to further level (Goel, 2017). E-commerce website is utilizing Chatbots to get better consumer support services. Chatbots are also providing consumer support 24/7 to clients. Visit some identified e-commerce website. Chatbots are created using AI as well as are capable of interacting with the humans. They may gather past moreover provide Chemist Warehouse with personalized user’s experiences. A lot of e-commerce business is already utilizing forms of the AI to well know their consumers, generate innovative leads, or deliver enhanced consumer experiences (Robert H. Wade, 2011). There are three main components to artificial intelligence: data mining, ML and NLP.
These factors help e-commerce business improve outcomes. Machines are learning how to help and perform manual tasks through Artificial Intelligence, and most of all, they are doing their job incredibly well, allowing us to focus more on the business strategy level. AI in e-commerce helps achieve that goal. It enables industries to gather or inspect data in the real-time, making it more efficient and efficient in business. There are two things on the e-commerce platform. There is endless list of the products as well as other data (Sapra, 2016). The E-commerce is facing many data daily. This information can be something like every day sales, total number of the items sold, and number of the orders in area and total or what not. Consumer data should also be taken care of. It is not possible for humans to handle that amount of data. Artificial intelligence can not only collect this information in structured manner, but can generate the appropriate insight from this data. This will helps to know the behaviour of whole population and the individual buyer's customer. Understanding the pattern of customer buy allows e-commerce to make adjustments where needed and forecast the user's next purchase. AI or machine learning algorithm can estimate buyer behaviours from its previous...