AI in e-Commerce: Stocks to Watch: (OTCPINK: $GTCH) (TSX: $CVO.TO) (NYSE: $CRM) (NYSE: $WMT)
How Artificial Intelligence is Being Leveraged in the Online Retail Space
Vancouver, Kelowna, Delta, BC - March 22, 2022 (Investorideas.com Newswire) 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).
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.
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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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