Shopping is always a good idea. With sales and offers raining every month, the retail shopping experience is time and again customised to meet the needs of the customers. These customizations in the retail space can offer a personalised experience to the customers, which can persuade them to develop an affinity towards a product or a brand. However, with the advent of e-commerce and its avenues, brands across the world are looking to create a personalised experience for its customers in the online space. With erratic innovations in the e-commerce space in India, the segment is looking towards a more dependable source of technology to develop a personal accord with their customer base.
Owing to the ever-changing expectations of the customers, the sun is shining only towards one technology that can help the retailers cope up with the highly fluctuating desires of the customers – Artificial Intelligence (AI).
Contradictory to the common perception, artificial intelligence is not confined to developing self-driving cars or humanoid robots. The field of artificial intelligence is extensive and has numerous avenues that are waiting to be explored, especially in the online retail segment with the likes of cognitive computing and advanced data analytics. These metrics and algorithms can help retail brands personalise the experience for the consumer along with ameliorating the efficiency of the entire process. As end users of the product, consumers might not be fully aware of how artificial intelligence has encroached their day to day experiences, but it evidently is seeping in through various forms.
It ranges from Netflix suggesting a movie based on one’s likes to Amazon anticipating one’s favourite dress based on their previous purchases. This data by various entities provides rich insights about the behavioral and emotional interactions and allows retailers to engage with their consumers in a more personalised manner.
Revolutionising the artificial intelligence space in India is Entropik Tech, which is making use of human behaviour to reflect on the branding experiences. Through a software that taps the emotional perspective of the consumers, Entropik Tech is aiming at personifying the experience for the users. The two products of Entropik – AffectLab and Chromo monitor and track the behavioural sentiments of the users with the help of their gestures on a smartphone, pressure sensors and wearable’s accelerometer, and use the analytics to give out requisite insight and data. The futuristic organisation has already raised a seed funding of $ 200,000 and has constantly proved its stature among the rising startups of the country by winning accolades across startup meets around the world.
With a concept so enticing, we at PickMyStory can hardly control our urge to speak more about artificial intelligence, Entropik Tech and its future. Owing to this insatiable urge, we reached out Mr Ranjan Kumar, the founder and CEO of Entropik. A knowledge house in every facet, no number of adjectives would do justice to the man’s experience and expertise in the field of artificial intelligence. With an aim to bridge the void between man and machine’s intelligence, Ranjan is aiming at personifying the AI space in India, which till date is in its nascent stages.
An interview with such a person is always bound to give out some interesting insights, and this one is no different. Read on:
1. Could you please throw some light on how Entropik Tech started and the ideation process that went behind?
As an entrepreneur over the last 6 years, I have started 2 Companies & have been a part of the core team of a successful exit. Having seen the advent of Consumer Internet in India for a decade, I realised there’s lack of synergic communication between Users & Businesses which is growing day by day with more digitalization. There are tonnes of content & products thrown at a user where a user has limited scope to express back. The world is going artificially intelligent but emotionally disconnected. The whole need and space came at a perfect intersection of my interest in Technology & Behavioral Science.
Fundamental question being, irrespective of the kind of product and form factors, how does a business know how their users feel about their product. How can they arrive at the smallest building block of user input to define a good experience? Be it a Content Creator or a Media firm or an FMCG; how can any of them measure how their users feel about the experience.
To answer the above question, I looked into all possible methods of Consumer Research & feedback mechanism that exist today. The most advanced and widely used is Q&A based Focused group research.
Challenges with the above:
Experiences are subconscious & many time it’s hard to quantify.
Users tend to give a diplomatic opinion rather than an actionable answer.
Early Thoughts on how to solve:
I was convinced of the need of a Scientific solution to quantify user’s Emotional & Affective experience as they experience a product or a content.
We ended up creating Affectlab.io, which is an easy to wear a headset that tracks one’s brain impulse and gives a second by the second response of one’s Emotion, Affective traits, Attention, Appreciation levels among others. This is a highly accurate way to tracking user experience and to quantify it in terms of product features and development.
2. You are one of the few organisations in the country that are making use of Artificial Intelligence in tapping the needs of the customers and dealers. Considering it is in its nascent stages in India, how do you view its relevance and rise in the Indian commercial market?
I think the problem statements is where the solutions are focused. In different ages, different technologies have been used to solve that. So, the problem statements any of the Artificial Intelligence firms are addressing is not new. It’s the way they are addressing is new.
I believe the shape at which India is, in terms of Digital connectivity, Cloud Infrastructure & Computational Capability, the stage is perfectly set for the rise of artificial intelligence as a means to solve some trivial problems in a cost efficient way. I believe AI will be solving most of our day to day problems and some of the non-trivial challenges in Next 5 years.
3. Entropik tech in a way is bound to revolutionise the shopping experience, both for the dealers and the consumers. Could you stress a little more on this facet and elaborate the same?
We help businesses track how their users are feeling in terms of Emotion, Attention, Appreciation and other effective parameters, as they experience a product, content or video. We use brainwave mapping for the same.
Have a look at the details on http://www.affectlab.io/
4. What according to you can be the predicted impact of AI technology on Indian IT sector? Will it help proliferate the sector or cause imbalance?
I think AI would take over to solve day to day trivial stuff and would let people be focused on larger and evolved problem statements.
IT sector needs to adapt from being workflow ERP providers to Intelligent problem solvers through the channels of innovation. The ones who adapt will be future leaders and rest shall face massive business hits. This is true with any new technology wave and has been happening for all ages.
5. Since ages, we have been watching movies like Terminator who have been warning us about the rise of an Evil AI. In addition to that, technopreneurs like Gates & Musk have started issues warnings about AI already. Do you personally think that a time like that could come?
I believe that’s true that a highly evolved AI can challenge and be an evil if we don’t take a symbiotic approach of Human Machine Interaction. We have to aspire for the world which is not just Artificially intelligent but emotionally perceived. Artificial Intelligence has to grow in synergy with Emotion Tech for a perfect balance. That’s why Emotion tech is here for and that’s the single largest vision of ours at Entropik Tech.
The artificial intelligence revolution is underway and going by the impact, it is bound to influence every sector in the most radical way. To get ahead of the curve, it is time retailers and brands look at employing this facet to introduce predictive commerce to the consumers.
Do let us know what you think about our work by dropping a comment down here or by sending us a message on Facebook. Stay tuned and we will soon be here with some new stories to guide you through how to be an entrepreneur!
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