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E-tailers investing in AI, robotics to identify fraud, reduce cost: Report

The report further highlighted that frauds or data thefts cause not just financial loss but also reputation damage and consequently loss of business

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E-tailers  |  Companies  |  Artificial Intelligence

Press Trust of India  |  New Delhi 

E-tailers investing in AI, robotics to identify fraud, reduce cost: Report

are focusing on and with a view to cut costs and identify fraudulent orders, said a report by global auditing and consulting firm .

With an emerging middle-class population of more than 500 million and approximately 65 per cent of the population aged 35 or below, represents a highly aspirational consumer market for retailers across the globe, said the TechWorld report.

" players are revamping their technology strategies to maintain their competitive edge. Most platforms are upping their investments in areas such as conversational commerce, (AI), (VR)/augmented reality (AR) and analytics technologies," it said.

It observed that to identify fraudulent orders, reduce return rate and also cut down on cost, e-commerce are investing in and AI heavily.

"AI-based voice-based shopping in vernacular language enables deeper customer engagement and smoothens the transition from offline to online by overcoming the language barrier," it added.

Then there is advanced analytics that allows for better optimisation of stock management as well as customisation of content based on data-driven understanding of consumers' online behaviour and preferences.

Also, there are blockchain technologies that improve fraud detection and enable to offer a secure and transparent online medium as it helps in determining authenticity in multi-party transactions and expedite payment settlement, said.

"Almost all customer interaction for online retailers occurs via phone or email and involves information or personal data, e-commerce sites are particularly vulnerable to cyber-attacks.

"Given the recent episodes of data breaches and alleged misuse of customer information, the need for adopting appropriate security measures has escalated significantly, said Sandeep Ladda, PwC Partner.

The report further highlighted that frauds or data thefts cause not just financial loss but also reputation damage and consequently loss of business, which is detrimental in today's global digital .

According to research from the Ponemon Institute, in 2017, recorded the largest average number of breached records at 33,167 (global average = 24,089).

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

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First Published: Mon, June 25 2018. 00:40 IST
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