How AI Will Impact eCommerce
By Logicbroker | May 17, 2023
As eCommerce organizations embrace supply chain visibility to create a transformative experience for our customers, the Logicbroker product team has been digging deep into its data pool for guidance on new tools, options, and efficiencies for its customers.
“What Logicbroker is looking to do is help people who can’t see their data,” VP of Product Development at Logicbroker, Chip Sockwell, said. “Data that isn’t tied to one system, or one platform, is hard to aggregate. We want to provide customers with coherent reports to help them understand how suppliers, retailers, and brands impact their inventory and customers on a product, category, or even subcategory level.”
As new data transformation technologies have become available, Sockwell’s team is focused on two key events: embracing AI innovation and perfecting eCommerce solutions through the use of customer reports. Working closely with customers to maximize data applications and create more value for their organization is a core staple of what Sockwell calls the “Logicbroker Experience.”
As a data-driven organization, it’s imperative Logicbroker works closely with new AI analytical tools like ChatGPT and Microsoft’s AI-generation to explore new and fundamental ways to categorize data coming across its platform. While its customers enjoy innovative visibility tools that explore SKU movement and retailer supply chain accessibility, perfecting data across the entire network requires the use of advanced AI.
“If you wait for [the AI] train to slow down, you’ll not learn the lessons you need to learn right now,” Sockwell said. “There are lessons we are learning about AI right now that will help us deal with the changes that are inevitably coming in the future. You have to hop on the train at some point.”
As his team learns more from the AI revolution taking place across the globe, Logicbroker customers can expect to enjoy more efficient product data. Through AI analytical tools, Sockwell said they are delivering features that will eliminate the bottleneck of getting products in front of a customer.
The Advantages of AI Analytics
By leveraging AI algorithms and machine learning techniques, businesses can transform raw data into actionable intelligence, fueling strategic decision-making and ultimately leading to success in the digital marketplace.
One of the primary advantages of AI in data analytics is its ability to uncover hidden patterns and trends within massive datasets. By analyzing customer behavior, preferences, and purchasing patterns, AI algorithms can identify valuable insights that empower businesses to personalize marketing campaigns, improve product recommendations, and tailor their offerings to meet customer demands with precision.
Once patterns are recognized, eCommerce organizations can explore the use of AI analytics to enhance operational efficiencies. By automating tasks such as inventory management, supply chain optimization, and demand forecasting, businesses can streamline operations, reduce costs, and improve overall productivity. AI-powered analytics also facilitates dynamic pricing strategies, enabling companies to optimize pricing based on market conditions, competitor analysis, and customer behavior, leading to improved profitability.
“We wake up every day and we’re assembling a race car,” Sockwell said. “We are agile. We focus on trends and match what our customers need. We don’t wake up and want to build the same racecar we wanted to yesterday. We say: ‘Let me build that racecar with all the new data I’ve received.’”
Perfecting and Innovating
As Logicbroker scales and shifts Its product offerings to match customer demands, its product team has a renewed focus on optimizing and perfecting its D2C and B2B drop ship, marketplace, and supply chain visibility offerings.
Internally, Sockwell refers to this as the speed-to-value proposition. Logicbroker’s onboarding technology uses automation to perfect the eCommerce experience. Over time, Sockwell said they can and are doing better to find even more solutions that fit our customer’s needs through advanced AI analytics. Because of this, Sockwell said customers are currently enjoying a revolutionary and innovative seamless onboarding process, unmatched data visibility, and the control to maintain an optimal vendor network.
Logicbroker is the premier Supply Chain Experience Management (SCXM) eCommerce platform. Our unique B2B and D2C offerings give manufacturers and retailers a single source of truth for their supply chain, yielding real-time visibility and communications, higher compliance rates, lower transaction costs, and exceptional customer experiences. Through drop ship, marketplace, and supply chain visibility solutions, Logicbroker processes $6.3 billion in GMV each year and can help your organization achieve Supply Chain Excellence.
Our integrated suite connects all participants of an organization’s supply chain regardless of the type of business model: owned inventory, drop ship, or marketplace. We work with mid-market and Enterprise manufacturers and retailers across a number of verticals including Health & Wellness, Home Improvement, Consumer Electronics, Toys & Babies, and Consumer Packaged Goods and service brands such as Samsung, 1-800-Flowers, Victoria Secret, The Vitamin Shoppe, Walgreens, Coca-Cola, and RiteAid.
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