In a candid fireside chat, eBay president and chief Devin Wenig discussed new opportunities for retailers to leverage artificial intelligence and machine learning during the company’s recent Brand Summit event.
Emerging technologies stand to both disrupt the current state of retail and offer unprecedented opportunities for brands to engage consumers, according to Wenig. The Future of Retail Brand Summit, hosted by eBay, provided an opportunity for leading brands to discuss these challenges and opportunities while learning about recent enhancements to eBay’s platform.
Wenig kicked off the event by calling on retailers to further personalise the shopping experience. “The future of shopping is going to be personal, data-driven and immersive,” he said. “You are not going to go to it; it is going to come to you. And I think that’s not 10 years away. The way we look at it, it’s maybe two years away.”
When it comes to the impact of machine learning, artificial intelligence and the Internet of Things, Wenig says enhancements like Ebay’s latest AI-powered Image Search tool are just a start to helping shoppers realise their intent.
Ebay, which has been focused on enhancing the shopping experience through the use of structured data, AI and machine learning, says with such extraordinary potential for engaging consumers – brands are now able to harness the full power of emerging technologies, while leveraging unique data-driven insights on a global scale.
“The availability of large datasets and the extraordinary processing power to be able to rip through those datasets and extract patterns and meaning is really getting interesting,” Wenig said.
“For us, it’s ultimately about the intent of a consumer. What do they really want? How do I get them as close to your brand or to that thing that they want? There’s so many ways now that we can create those connections using data.”