Neighbourhood Technology Desk: E-commerce companies are focusing on artificial intelligence and virtual reality with a view to cut logistics costs and identify fraudulent orders. E-commerce players are revamping their technology strategies to maintain their competitive edge. Most e-commerce platforms are upping their investments in areas such as conversational commerce, artificial intelligence (AI), virtual reality (VR)/augmented reality (AR) and analytics technologies.
There are block-chain technologies that improve fraud detection and enable companies to offer a secure and transparent online medium as it helps in determining authenticity in multi-party transactions and expedite payment settlement. 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 economy.