Applications of Artificial Intelligence in Business and Finance

Modern Trends

Vikas Garg, Shalini Aggarwal, Pooja Tiwari, Prasenjit Chatterjee, Vikas Garg, Shalini Aggarwal, Pooja Tiwari, Prasenjit Chatterjee

• Verlag: Apple Academic Press
• Jahr: 2021
• ISBN:
  9781000290479
• Auflage: 1
• Thema: Biological Sciences
• Thema: Biology

As transactions and other business functions move online and grow more popular every year, the finance and banking industries face increasingly complex data management and identity theft and fraud issues. AI can bring many financial and business functions to the next level, as systems using deep learning technologies are able to analyze patterns and spot suspicious behavior and potential fraud. In this volume, the focus is on the application of artificial intelligence in finance, business, and related areas. The book presents a selection of chapters presenting cutting-edge research on current business practices in finance and management. Topics cover the use of AI in e-commerce systems, financial services, fraud prevention, identifying loan-eligible customers, online business, Facebook social commerce, insurance industry, online marketing, and more.

CHAPTER 1 IMPACT OF AI ON E-COMMERCE

DEEPA SHARMA

Faculty and Research Scholar of Maharishi Markandeshawar (Deemed to be University) University, Mullana, Haryana, India, E-mail: [email protected]

ABSTRACT

Computer-based (AI) intelligence will double the pace of advancement within India’s business associations. Artificial intelligence (AI) is helpful to enhance economic growth and every person’s standard of living. In Indian business, AI does an indispensable job in the future occupation. Organizations and people groups are eager to put resources into human capital, or e-business plays a vital role in providing quality goods and services to consumers in minimum time. Furthermore, expanding on AI prepared workforce doesn’t interpret into an intense requirement for mechanical aptitudes. E-commerce has a positive impact on our life. It’s like a revolution in how we learn and establish our business and run online, etc., and how we work. In competitive period organizations wants to earn more and more profit to produced qualitative goods for consumers. On the other hand, consumers fulfill their requirements, needs at home without wasting time. AI fulfills both party’s objectives. AI solves out the multiple problems of business people and consumers. Computer-based intelligence gainful for organizations, managers, purchasers, or economic development too. AI undoubtedly has a positive impact on human being lives. We have been offering quality types of assistance to worldwide customers for over the years now. Our never-ending experience of having worked with internet business customers from various spaces gives us an upper hand over different players right now. We have a group of exceptionally talented information section officials who are prepared to deal with any sort of online business information passage administration demands. Our rehearsed approach, brisk circle time, tender loving care, and energetic help guarantees that all your business needs will be specifically met and your internet business organization will be route in front of the opposition.

1.1 INTRODUCTION

In today’s era, every person influences by artificial intelligence (AI). AI is used in every field, e.g., education, business applications including, manufacturers, operation process of the product, marketing, to analyze consumer behavior, data recording about selling the product, to comparison with competitors, natural language processing (NLP), and across industries. AI plays a vital role in the competitive world. Through the AI to solve the bigger problems in nanosecond. Every business person captures the market by producing a quality product and identifying the consumer needs, wants, and desires a selling the product. All activities are completed to consumer needs. Because customer satisfaction is the basic priority of every producer. Consumer behavior is observed by every businessman when he wants to first time familiar with his new product in the market. The consumers about their product adopt the many methods, techniques, and technology for it. E-commerce plays a vital role. Because with the help of e-commerce, marketers easily delivered the product in the hands of consumers and consumers save the time easier to get the product through an online payment. AI helps the e-commerce business to easily capture the market and earn a profit and timely fulfill the consumer’s wishes, needs, wants, and desires [1–23].

AI and e-commerce collectively used by the businessman to increasing sales because AI includes human beings’ intelligence to be used the machines and computer systems. Now our new generation saves time gives the most importance to electronic transactions, and AI helps to provide more and more facilities to the consumers. AI helps to adopt an effective and economical manner and procedures for manufacturing quality products.¹

¹ The impact of AI on e-commerce development.

1.2 POSITIVE IMPACT OF AI ON E-COMMERCE GROWTH

AI and e-commerce have been used by businessmen and customers satisfaction to be creating a benefit for them. Recently AI and e-commerce both are uncompleted to each other. E-commerce has purely based on consumers’ timely changes in trends, customs, designs, and styles changed but with the help of AI, creative new ideas to identify consumers buying behavior and, according to consumer’s demands, manufactured the products. Every business wants to earn them more and more profit; Goodwill and profit are based on sales of the goods and services through the promotional tools and adopted effective advertising strategies for selling the product. The marketing strategy part of e-commerce. AI and e-commerce combine used by a company to reach its target market through various ways like through media, advertising, and effective promotional tackle, etc.

1.2.1 FOUNDATIONS OF AI

AI is a great discovery in today’s world. AI makes every person’s life too easy and comfortable, especially those who link with technology. AI is blessed for every human being who is touched by AI and e-commerce. AI is the base of development of e-commerce development. AI is based on some foundations (Figure 1.1).

FIGURE 1.1 Representation of AI-based foundations.

Source: By author.

1.2.2 AI IMPACT IN E-COMMERCE

AI influences e-commerce because customers are always the king of the market. Therefore, according to the customer’s convenience, more preferences are given for online shopping. AI also blessed for an illiterate person who does not know how to write but through the voice search option place the order and fulfill their demands and desires and new items according to their needs, wants, and desires without using the laptop, Android phone more convent to consumers to do shopping without wasting time and do the shopping through e-commerce in economy manner.

E-commerce also helps the marketer to analyze consumer-buying behavior because of which type of consumer needs, demand about the particular product a manufacturer understood and produced. In addition, satisfy the consumers and marketers easily capture the market and meet the competitions. Sometimes consumers do not want to buy particular products, but with the help of digital marketing methods and advertising, the media helps the company to influence the consumers for goods to buy. Creating the apps, it’s a part of the marketing strategy that permits clients and prospects to obtain a particular product from exacting situate. AI is an economical manner to attract customers to buy a particular item for consumption. Consumers to buy a particular product according to their needs, wants, and desires. Not only buy the product easily also to compare the one particular product price to other company’s products. Now the company gets any feedback from consumers to make efforts to improve the quality of products and through the advertising convey the message about the product, and which types of testing go through by the products (Figure 1.2).

• Recommendations Engines: AI fulfills every person’s desires, needs of every human being. Producers produce the products, as a result of manufacturing the goods employees need and finished goods to deliver the consumers’ door human being needs. Therefore, as a result, employed a person like Amazon, snap deal, too many other companies employed too many people to sell the products and attract customers day-by-day new schemes launched and persuade the consumer to buy the particular things of the company. Sometimes consumers ready to buy the goods, but he has no enough time to purchase the goods; AI help those consumers. They are fully satisfied with their requirements and desires.
• Virtual Assistance: AI is also helpful to make a list of those students who buy the products and place the order for delivering the goods to their homes. The consumer buying behavior about to purchase the specified goods and services easily analyzed through AI.
• Particular Product: These are help full to predict the prospects who easily convert customers. All reputed companies adopt that method and techniques to analyze consumer behavior.
• Based Chatbots: AI in e-commerce not to be complete without a discussion about chat boats. AI plays an important role in e-commerce because consumers easily visit business websites or links to gather all information about products and company history. Chatbots also a medium to provide comfort to consumers along with the quality product. So, as a result, if consumers like the company product easily, companies goodwill make.

FIGURE 1.2 AI impact on e-commerce.

Source: By author.

1.3 SUCCESSFUL UTILIZATION OF ARTIFICIAL INTELLIGENCE (AI) IN THE PRESENT ERA

AI creates a new path for the development of a business hub. In the modern era, competition is too high, and every businessman wants more and more to capture the market to formulate proceeds. Every company that’s successfully integrated AI technology into multiple aspects of its business, a consumer goods corporation. With the help of AI forecasts of marketing analytics and AI also helps to forecast the purchaser activities forecasting about invention preferences.² AI is used in fraud detection, personalized advertising, and marketing messaging and customer services, etc. (Figure 1.3).

² How big data and AT are influencing the e-commerce industry.

FIGURE 1.3 Representation of some uses of AI in the business hub.

Source: By author.

e-commerce is very valuable for the consumers and company because e-commerce and AI both are equally used by both parties easily achieve the goals that mean consumers with the help of AI save their time and buy the goods easily at home, and companies provide the unique features of the product to consumers enhance their goodwill and easily meet to the competition. In addition, capture the whole market. Competitions facing many companies who do online business like Mantra and Snapdeal use the double algorithms and appoint the workers on the job, on the work to check their efficiency who doesn’t achieve their target easily. AI maintains all records related to them. AI also helps to 9 to 5 workers jobs.

1.4 AI IS A FOUNDATION OF E‑COMMERCE

AI is very beneficial for all companies because consumers always the king of the market, so fulfill the consumer’s needs, demands companies want to know what are needs and desires of a particular consumer and why a consumer buys a particular company product. To expand the business to persuade the consumers to buy the manufactured goods. AI always works to support producers, businessmen, and consumers smoothly to do the production process and capture the market.

1. Augment Search: Search is a significant piece of web-based business and AI. Through the assistance of search, devices convince the intentional interest group to purchase a specific item. It’s useful to make new thoughts and possibilities for clients because the organization as per the purchaser’s needs and wants to create quality commodities and ventures and catch the market lacking any problem.
2. Automate Supply Chains: AI helps to supply should be enhancing according to the consumers’ necessity for manufacturing the goods. As a result, it easy to maximize the profit and minimize the cost.
3. Plan for Tomorrow: Man-made intelligence accommodating in estimating the future, to deliver quality merchandise to dazzle the clients to purchase a specific organization item. Their simulated intelligence assists with anticipating the future, as shoppers want to fabricate quality items and supply the products to satisfy the needs. Convince clients to purchase a specific organiza...

Inhaltsverzeichnis

• Cover Page
• Half-Title Page
• Title Page
• Copyright Page
• AAP Research Notes on Optimization and Decision-Making Theories
• About the Editors
• Table of Contents
• Contributors
• Abbreviations
• Acknowledgments
• Preface
• Introduction
• 1 Impact of AI on E-Commerce
• 2 Artificial Intelligence: A New Driver for Managing Customers in e-commerce Smartly
• 3 F-Commerce as a Tool of Artificial Intelligence: A Modern Approach for Promoting Startups
• 4 Sectorial Impacts of Artificial Intelligence
• 5 Revolution through Artificial Intelligence in Context to Financial Services
• 6 Artificial Intelligence Techniques of Fraud Prevention
• 7 A Case Study on Developing an End-To-End Solution to Identify Loan Eligible Customers and Assigning Them Credit Lines Based on Their Predicted Income
• 8 Artificial Intelligence: A Boon for Online Business
• 9 The Driving Forces of Facebook Social Commerce
• 10 Artificial Intelligence in Green Accounting
• 11 Impact of Artificial Intelligence on the Insurance Industry
• 12 Impact of Artificial Intelligence in Changing Trends of Marketing
• Index