2018 Taiwan Growth Hacker Annual Conference: "Pinecone Shopping" has suddenly emerged, and the key to success lies in the introduction of artificial intelligence
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The author of this article Susie Li graduated from the Foreign Languages Department of Hsinchu Jiaotong University and obtained a foreign MBA degree. She is currently engaged in online marketing in the Netherlands. If you want to know more about the latest online marketing and business trends in the West, welcome to meet her on Facebook (https://www.facebook.com/susie.li.35). Thank you for authorizing the “Content Hacker” website to reprint it. Thank you hereby.
In the 2018 Taiwan Growth Hacker Annual Conference, “[Pinecone Shopping](https://www.pco ne.com.tw/)” Chairman Guo Jiaqi shared with everyone the process of how their company introduced artificial intelligence (AI) and achieved remarkable results. I think the content in this part is quite valuable. I believe that many Internet operators who want to start e-commerce or have been in the e-commerce industry for a while will feel a little curious.
─After all, artificial intelligence is so popular around the world right now, and most of the wonderful application cases we can see come from abroad…
[Pinecone Shopping] (https://www.pcone.com.tw/) is a brand new mobile shopping platform that provides various surprise discounts and free shipping for all sites regardless of amount, allowing you to shop easily using your mobile phone.
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Since Guo Jiaqi himself has an information background, his company has actively started the application of big data analysis and artificial intelligence since 2017, and developed some personalized recommendation functions through the calculation of the on-site data database. In addition, they are also actively cooperating with the doctoral class team of Professor Zhang Zhixing of the Department of Information Engineering at National Taiwan University (https://www.csie.ntu.edu.tw/people/bio.php?PID=154), using artificial intelligence technology to interpret consumption data on shopping websites, and then convert it into structured data to analyze users’ purchasing behavior and browsing trajectories.
The combination of e-commerce and AI has become a trend. Professor Chi-Sing Chang of National Taiwan University is optimistic that AI will start a “retail industry revolution”. He believes that through the application of actual technology and data calculation, it can help the industry to achieve precise digital marketing and lead disruptive innovative application models. This time, he will also lead the research team to fully cooperate with entrepreneurs on AI technology, hoping to help the company move towards a highly intelligent e-commerce and create a new era of smart e-commerce.
Then, “Pinecone Shopping” uses this database to perform machine learning (Machine Learning), which can optimize the automatic classification function of products and enhance the convenience of consumer search. In this way, their online marketplace can accurately predict consumers’ thoughts and then recommend products that are suitable for individuals.
If an enterprise wants to improve customer insight capabilities, the first step must be to collect customer information. If an enterprise accumulates “three contexts, one scenario” data over a long period of time, and collects and analyzes customer data over a long period of time from the three contexts of individuals, social networks, and macro-environment, plus “time and space” scenarios, it will have a considerable level of understanding over time.
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Artificial intelligence can indeed help companies identify the needs of target customer groups and personal preferences, conduct more in-depth analysis, and achieve more precise marketing. But if any company wants to learn the “Pinecone Shopping” model, build its own artificial intelligence system, and import the website shopping system, I think this may not be an easy task.
Traditionally, the business areas that provide the most value to enterprises are often the areas where artificial intelligence can have the greatest impact. For example, in retail organizations, marketing and sales often provide significant value. Our research shows that using artificial intelligence on customer profiles to personalize promotions can increase incremental sales by 1% to 2% in physical retail stores alone.
Guo Jiaqi mentioned that before officially introducing [artificial intelligence] (https://www.contenthacker.today/2018/05/ai-applications-in-content-marketing-planning.html) into the company’s shopping system, he had actually studied the algorithm with the engineering team and wanted to build a self-made set. However, although there was good intention at the time, the team’s technical capabilities were still not strong enough, so they only wrote some very basic rule-based things. Later, after the establishment of “Pinecone Shopping” and the re-recruitment of the data team, we began to be able to truly integrate data and build self-built program modules to meet actual business needs.
Guo Jiaqi [said] (https://money.udn.com/money/story/11074/3546707), this year we will strengthen AI technology and mobile shopping interfaces, be optimistic about the large-scale home online shopping market, and recruit home furnishing brands to enter. In 2019, we will use technology to strengthen operational policies, including AI to improve performance, social interaction to drive traffic, and strengthen product categories to increase repurchase rates.
If your company also wants to carry out similar system modeling and import, you should first have a clear idea of what kind of problems your company wants to solve? What goals can be achieved? Then, it is possible to see whether the internal data is enough to support modeling? Of course, the resources and budget the company has are also factors that must be considered.
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In the process of modeling, how to collect data across departments or from different sources and integrate it so that the company can reach a consensus will be a very important process in actual operation.
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Guo Jiaqi generously shared during the meeting that they often conduct “hacking tasks” through cross-department communication; that is to say, they let each department understand part of the issue, but in the end the entire company can move in the right direction. To be honest, a big project like introducing artificial intelligence is not easy, but I’m glad that “Pinecone Shopping” has indeed taken the right first step.
Looking forward to 2019, Songuo Shopping will shoot three arrows. “The use of technology to strengthen operational performance”, “social interaction to inject traffic loyalty”, and “product line expansion to increase repurchase” will become the three major strategic goals. Through the application of AI and technology, it will continue to amplify resources and rapidly increase scale. Improve operational efficiency, create the most streamlined light e-commerce profit model, and add the elements of “social e-commerce” to integrate social, payment, e-commerce platform and other functions into one, create native traffic and high interaction rate, resist the era of rising online advertising costs, and enhance consumer loyalty. At the same time, it will also strategically expand brand stores and high repurchase product lines to promote the growth of repurchase conversion and create the first stop for family shopping.
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Further reading
- Taiwan Growth Hacker Annual Conference 2018: Guo Jiaqi reviews his entrepreneurial journey and drives e-commerce growth through data and advertising
- Taiwan Growth Hacker Annual Conference 2017: Can inbound marketing bring Taiwan’s e-commerce industry back from the ashes?
- Taiwan Growth Hacker Annual Conference 2019: Liao Jiaxin talks about “Life Market” using artificial intelligence to drive growth thinking
