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"The Future of AI in Retail: We've been building AI products with the biggest brands on the planet." - Frank FERRISSEY, CEO and co-founder of XGen AI.
The Role of AI in Ecommerce: "Frank knows more about AI and ecommerce than literally anyone on the planet."
The Rise of Language Models in Consumer Use Cases: "And then we saw GPT four come along as well. So I think it's really interesting to see, you're seeing it. You've been working in this space for a really long time, so you've been seeing all the developments, but then the consumers, right? It hits that inflection point where you've given them a place where they can interact with the technology. And the actual language models have improved in terms of their accuracy to the point where people are just like, okay, now I totally get this. This is just crazy."
Fragmented Workflows and AI Tools: "...you end up with a totally fragmented workflow where you're using one AI tool to do this, one AI tool to solve another problem, and the next thing you know, your work processes are totally broken."
Bridging the Gap Between Data Analysis and Action: "So one thing that I think is really cool about XGen...is when you guys say that you're kind of bridging that gap between not only understanding what's going on in the data, but also using the AI and the ML to drive conversion and drive action."
Revolutionizing E-commerce with XGen: "This one's like for at least in my mind, this is like the biggest no brainer. Because again, like you're saying, it's not just about that. What your job is, is being not only building all the models, understanding how this game of I like how you put it. You guys are almost enabling brands to play chess with their customers, with the goal being conversion."
Scaling Commerce Operations: "I've seen this work at scale and what it can do is absolutely crazy."
The importance of data in scaling an ecommerce brand: "But it's really interesting to think about all the different attributes, about products that you want to be tracking and setting up your data infra to scale, because I think that's not something a lot of at least my experience."
The Rise of AI in E-commerce: "If you're an ecom team, what should you be? If you're not doing something right now with AI, what is it and what do you need to be doing?"
AI and Data Privacy: "XGen doesn't need to know who you are, doesn't have to have cookies for what other sites you visited to make its determinations. It's just like the shoppers showing up to the chess game and X gen's showing up to the chess game, and it's like, okay, let's go."
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Topics Covered: - Ecommerce Optimization - Importance of Transparency and Control in Deployment of AI Systems - Using AI to Fix Data Issues and Capture Customer Data - AI Use Cases and Categorization - Key Takeaways - XGen's Personalized Recommendation System - The Context of Product Discovery and Personalization - Real-Time Prediction Systems - XGen's AI Toolkit
Key Takeaways: - AI is being used to automate workflows and enhance customer experience in ecommerce. - Language models, such as GPT-4 and chat GPT, are becoming increasingly accurate and popular for consumer use cases. - XGen uses AI to drive ecommerce conversion and offers an easier alternative for ecommerce teams struggling to manage a whole Dev operation. - Personalization in ecommerce can be compared to a luxury boutique experience and should not focus on gathering personal information before customers have started browsing. - The company's philosophy is to stay on top of technology and make AI technology available in a toolkit for customers to use and deploy what's best for them with support from the company's team.
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