I liked this analogy by Jensen Huang, NVIDIA's CEO. Thinking about it from my past experiences with Intelligent Document Capture Space, we always gave the data (and Documents) we extracted to either a repository or a case management system. Then, users or systems Retrieved this data/document for a business use case.
No more! Thanks to GenAI, we will no longer search or retrieve documents and data. We have a chance to ask GenAI to give us the knowledge we need in the context we ask, with the insights we didn’t know we needed.
Taking this concept to one of the projects I am working on with really smart engineers, this is poised to revolutionize the ecommerce landscape as well.
Particularly the visitor experience. In the traditional model of 'retrieval,' users typically search for products by entering keywords or browsing through categories. The system then retrieves pre-existing information from a database and presents it to the user. This covers the description of the product, options, sizes, etc.
However, with the emergence of generative AI, such as ExpertGuru, the dynamics are changing. Instead of relying on pre-recorded data, generative AI systems understand the context of user queries, their preferences, and browsing history. Just like having access to an extensive library of information, these AI bots analyze vast amounts of data to generate personalized responses tailored to each user's needs and preferences.
Not only that, but it can also create scenarios and ideas that you didn’t even think about!
Consider this scenario: A visitor to an online store asks, "Can you recommend a pair of running shoes suitable for trail running?" In a retrieval-based system, the response might be limited to pre-existing product listings. However, with generative AI like ExpertGuru, the system comprehends the context of the query, the user's running habits, preferred shoe features, and even factors like terrain and weather conditions. Drawing from this contextual understanding, ExpertGuru generates tailored recommendations that perfectly align with the user's requirements.
In the future, these systems can even ask questions if they don’t have the context to come up with a tailored recommendation. We are not there yet, but it’s coming!
This paradigm shift brings unprecedented efficiencies to the ecommerce experience. By generating responses in context, generative AI significantly enhances the accuracy and relevance of recommendations, leading to improved customer satisfaction and higher conversion rates. Moreover, as these AI systems continue to learn and evolve over time, the visitor experience becomes increasingly personalized and engaging.
In the future envisioned by Jensen Huang, the vast majority of content will be generated on-the-fly, rather than retrieved from pre-existing sources. This transformation represents a seismic shift in how ecommerce operates, ushering in a new era of dynamic, context-aware interactions between businesses and their customers.
To learn more about the transformative potential of generative AI in ecommerce, check out the GTC March 2024 Keynote with Jensen Huang, available for free on YouTube. Join us as we embrace this generative future and unlock new possibilities in ecommerce.
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