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In the dynamic landscape of modern commerce, the convergence of technology and business operations has sparked a revolution, particularly evident in the realms of e-commerce and logistics. As the digital age unfolds, technology stands as the cornerstone reshaping how businesses operate, consumers shop, and goods move across the globe.
This article delves into the pivotal role that technology plays in driving innovation, efficiency, and growth within the spheres of e-commerce and logistics, elucidating how technological advancements are revolutionizing traditional practices and paving the way for unprecedented opportunities.
According to Nitesh Lohiya, Chief Product Officer, ShadowFax, the role of technology in E-commerce is crucial for improving customer experience, cost, and fraud prevention. He was speaking during a panel discussion at Entrepreneur India’s Tech & Innovation Summit 2024 on March 8 and 9 in Bangalore.
“A lot of e-commerce players have proliferated in the bottom of the pyramid and their understanding of how to write address, what kind of pincodes and areas they use and language they use, it differs from geography to geography this is where AI helps us to understand what the customer wants to say about the address,” Lohiya added.
Speaking on the optimisation he said that using technology in optimising routes according to demand and supply can improve the overall customer experience. “We all know about optimisation and this where a lot of cost comes into the picture. The right planning in terms of routes can help in reducing fuel cost and can improve overall customer experience,” he said.
Fraud Management
He said the when you get into the e-commerce world there is a lot of fraud that happens as multiple partners are involved and this is where AI enabled data helps you figure out data patterns where you can capture who could be the possible fraudulent agent.
“This is one of the biggest problem which we face and this is where technology plays role in optimising, detect, and then prevent,” Lohiya said.
Quality Of Goods
Explaining further Prashant Sharma, Head Technology, Sohan Lal Commodities Management (SLCM) said that AI reduces the dependency to one time by learning skills and reusing it when in need.
“If right technology is used to monitor the operations and to check the quality of goods right from the beginning then it is not difficult to reduce losses due to some mismanagement commodities. We just need to think what next we can do in terms of adopting technology in such an efficient way that with small change we can bring a lot of value to the end user,” Prashant Sharma, Head Technology, Sohan Lal Commodities Management (SLCM)
Optimisation
“We are removing repetitive task with the help of AI. In logistics, AI is helping us saving fuel cost by doing all the analytics based on the data we have. It helps us knowing the loading capacity of the truck if we have 1000 metric tonnes goods to be loaded. Through AI we can plan how to put the stock in which truck so that we have maximum loading one truck or how to divide truck according to the requirement. We are optimisation for our clients. Through this technology they can save their time and costs,” Vishal Jain, Co-Founder, Roadcast
