Amazon launches LITE version of Prime
Amazon India has recently launched a new membership plan called Amazon Prime Lite, offering an affordable alternative to its regular Prime membership. The Prime Lite membership plan provides similar benefits but at a lower price point. Initially available to select users, it has now been made accessible to all customers. Here are the key details about the new Amazon Prime Lite membership plan. Pricing: The Amazon Prime Lite membership plan is priced at Rs 999 for a 12-month subscription.
Benefits:
Prime Lite members can enjoy free two-day delivery and standard delivery on eligible items. Members can stream unlimited videos, movies, and TV shows from India and around the world on two devices in HD quality with ads through Prime Video. The Prime Lite membership includes early access to lightning deals on the Amazon India website, along with access to Prime-exclusive lightning deals, deals of the day, and more.
Comparison: Prime Lite vs. Prime While the Prime Lite Membership offers significant benefits, there are some exclusions compared to the regular Prime membership. Prime members get faster delivery options such as one-day delivery, scheduled delivery, and same day delivery. They also have access to morning delivery for select products. Furthermore, Prime Lite members do not have access to Prime Reading and Amazon Music. In summary, the new Amazon Prime Lite membership plan offers an affordable alternative for customers who want to enjoy many of the benefits of the regular Prime membership at a lower cost.
Koo starts monetizing content with premium feature
In a first attempt to monetise its platform, Indian microblogging site Koo launched its premium feature, which allows creators to monetise their content by creating customized subscription plans. In return Koo will charge a platform fee. With Koo Premium, creators will have the option to offer exclusive content to their subscribers in exchange for a weekly or monthly subscription fee. The company said the new feature makes Koo the easiest platform to post premium content and earn revenues, as creators will be able to label their content including text, videos and photos and post it to their subscribers. They can customize their subscription offers, set their own prices, and have complete control over their subscription content. The program is currently available in India, and may open up new opportunities for creators across various content genres, including artists, financial experts, fantasy gaming, wellness, comedy, musicians, sports and more. Koo has been testing this feature for the past month with over 20 creators including Rishikaa Singh Chandel, Dr Cric Point, Aartii Naagpal and is now opening it up to creators across the country.
Europeans Taking a Major Step Towards Regulating AI
The European Union took an important step towards passing what would be one of the first major laws to regulate artificial intelligence, a potential model for policymakers around the world as they grapple with how to put guardrails on the rapidly developing technology. The European Parliament, a main legislative branch of the EU, passed a draft law known as the AI Act, which would put new restrictions on what are seen as the technology’s riskiest uses. It would severely curtail uses of facial recognition software, while requiring makers of AI systems like the ChatGPT chatbot to disclose more about the data used to create their programs. The vote is one step in a longer process. A final version of the law is not expected to be passed until later this year. The European Union is further along than the United States and other large Western governments in regulating AI. The 27-nation bloc has debated the topic for more than two years, and the issue took on new urgency after last year’s release of ChatGPT, which intensified concerns about the technology’s potential effects on employment and society. Policymakers everywhere from Washington to Beijing are now racing to control an evolving technology that is alarming even some of its earliest creators. In the United States, the White House has released policy ideas that include rules for testing AI systems before they are publicly available and protecting privacy rights. In China, draft rules unveiled in April would require makers of chatbots to adhere to the country’s strict censorship rules. Beijing is also taking more control over the ways makers of AI systems use data. How effective any regulation of AI can be is unclear. In the latest version of Europe’s bill passed, generative AI would face new transparency requirements. That includes publishing summaries of copyrighted material used for training the system, a proposal supported by the publishing industry but opposed by tech developers as technically infeasible.
Microsoft announces voice search support for Bing users
Microsoft has introduced a voice mode feature to Bing’s application on Edge for desktop users. Bing’s chatbot has been updated to allow users to ask questions using their voice, with the chatbot responding in a voice of its own. Similar to the mobile version of Edge, all you need to do is select the microphone button on Bing’s chat box and answer your question. Microsoft shared in an official blogpost that the chatbot currently understands English, Japanese, French, German, and Mandarin. They also mentioned that more languages will be added in the future. Microsoft recently announced the addition of voice mode in Bing Chat on desktop, shortly after revealing their plans to phase out Cortana on Windows. This means that users will now be able to use voice commands to perform tasks like setting timers, creating reminders, and opening applications. Microsoft is now focusing on developing Copilot, an AI-driven feature for Windows 11, which offers more advanced capabilities as an alternative to Cortana.
Meta’s New AI Music Maker ‘MusicGen’ Out
Meta’s Audiocraft research team has recently unveiled MusicGen, an innovative open-source deep-learning language model designed to generate original music based on text prompts and even synchronize with existing songs. Similar to ChatGPT for audio, MusicGen allows users to describe their desired music style, optionally incorporate an existing melody, and click “Generate” to witness the magic unfold. After a reasonable processing time, MusicGen produces a unique and concise musical piece based on the provided text prompts and melody. For instance, one might request “an 80s driving pop song with heavy drums and synth pads in the background.” Users can then “condition” MusicGen using a selected song snippet, up to 30 seconds in length, with controls that allow them to specify a particular portion of the track. With a simple click of the “Generate” button, MusicGen renders a high-quality musical sample lasting up to 12 seconds.
‘Neobanks to Ride on UPI, OCEN, ONDC’
Digital transformation built on the foundational blocks like Unified Payments Interface (UPI), secure data and open networks including Open Credit Enablement Network (OCEN) and Open Network for Digital Commerce (ONDC), is opening “a minefield of opportunities” for the country’s banking and financial architecture, a comprehensive knowledge paper titled ‘Embedded financial services in India’ by Assocham and PwC said. ‘’Compared to traditional banks or money transfer firms, neobanks are considered as a more convenient alternative. Moreover, they use innovative technologies to solve existing challenges in cross-border payments,’’ Assocham Secretary General Deepak Sood said while adding that customer services and experience would be defining characteristics of neobanking.
More of B2B marketing leaders to increase the use of Generative AI
B2B marketing leaders in India are witnessing a promising shift as optimism returns to the sector. New research conducted by LinkedIn finds that more than 8 in 10 B2B marketing leaders in India anticipate growth in their marketing budgets over the next year. Furthermore, a majority (87%) have expressed their plans to increase the use of Generative AI to improve efficiency (61%) and create engaging content (57%). LinkedIn’s ‘The B2B Marketing Benchmark’ – a study of nearly 2,000 senior B2B marketing and finance leaders from organizations across the globe, finds that B2B marketers have adapted to uncertainty and made the right investments to come out stronger. As B2B brands see some green shoots of recovery, 70% of B2B CMOs say brand building has been elevated in importance by the C-suite as companies look to win share in the current climate. Becoming ‘financially fluent’ has been key to this with B2B CMOs saying they have learnt the language of finance (74%) and strengthened their skills to prove the value of brand marketing to their CEO and CFO (88%). B2B marketers have the support of the business – 50% of CFOs from B2B organizations in India feel optimistic in marketing’s ability to drive revenue in the year ahead. This year, one of the top priorities for India’s B2B marketing leaders is to champion bolder creativity in their campaigns to improve mental availability (51%). B2B marketing leaders are confident they have the right creative skills on their team to support brand building efforts (79%). LinkedIn data shows there has been a 46% increase in creative skills added to the LinkedIn profiles of marketers across the globe in the last year. Creative strategy, innovative thinking, problem solving, as well as marketing technology and data analytics top the list of the most important skills B2B marketers in India need today.
LinkedIn launches AI-powered copy generator for campaigns
55% of marketers plan to use Generative AI to increase their efficiency so they can focus on higher-value work, according to a LinkedIn-commissioned survey. The platform now aims to help marketers increase productivity by instantly creating content, the newly launched solution offers up to five headlines and ad copy recommendations in Campaign Manager that users can edit to align with the brand’s voice. The platform is now starting to test new experiences in English with a small group of customers in North America and plans to increase the functionality, languages, and availability in the coming months. Infusing artificial intelligence into Marketing Solutions by LinkedIn has been around for a while. They’ve used it to help marketers reach audiences with the messages at the right time, measure conversions with accuracy, and train bidding models. It’s also an essential aspect of aggregating signals, like intent, to help marketers connect with buyers. LinkedIn plans to continue investing in this area by rolling out new features in the coming months to help increase efficiency, jumpstart the creative process and think bigger about marketing strategies. AI powered Copy would help in jumpstart creativity and reduce the time spent on day-to-day tasks so that marketers can continue to focus on what matters–continuing to produce memorable campaigns and building the brand.
India among top 3 countries most optimistic about generative AI
Generative artificial intelligence (GenAI) is transforming businesses at a rapid pace globally, with a new study published, stating that six out of 10 Indian executives are optimistic about its impact on the workplace. The research released by consulting firm Boston Consulting Group (BCG), based on a survey of more than 12,800 business executives across industries in 18 countries including 1,000 from India, further showed that Brazil (71%) is the most optimistic country about the impact of GenAI on workplace followed by India (60%) and the Middle East (58%). Meanwhile, the least optimistic are the US (46%), the Netherlands (44%), and Japan (40%). The geographies most concerned about AI are the Netherlands (42%), France (41%), and Japan (38%), while the least concerned are the Middle East (25%), Brazil (19%), and India (14%). When asked about AI’s impact on work, 52% of all respondents’ ranked optimism as one of their top two sentiments, a 17-point jump from 2018 when this survey was last conducted. In fact, the study showed that concern regarding GenAI saw the steepest decline compared with five years ago, falling from 40% to 30%. The research also showed that 62% of regular users of generative AI are optimistic about it, compared with 36% of non-users. Most non-users are frontline workers. 86% of respondents believe they will need training to sharpen their skills. However, only 14% of frontline employees say they have gone through any upskilling training to date, compared with 44% of leaders.
Emotional AI to enhance customer’s in-store experience
Restaurant chain Pizza Hut recently deployed an artificial intelligence (AI)-powered mood detector that recommends dishes to customers based on their facial cues and expressions. The tool is “emotional AI” — another aspect of the ever widening reach of this new technology. In fact, this innovative way to woo customers at a quick service restaurant shows that while companies continue to use AI in an enterprise business environment, they are increasingly utilizing it to enhance the consumer experience in a physical environment as well. In Pizza Hut’s case, the way it works for a potential consumer is simple: You only need to stand in front of the device, look at the screen, and allow the detector to calibrate your mood before receiving pizza recommendations. The device uses a statistical model that examines facial expressions by analyzing eye movements, smiles, and frowns captured by the camera. These patterns are then compared with a database of publicly available images, ensuring accurate recommendations, explains Aanandita Datta, chief marketing officer, Pizza Hut India. “Throughout the development of the AI mood detector, our primary focus has been on creating a seamless and safe experience. We prioritize the protection of our customers’ privacy, as the AI system stores face patterns as numerical data and does not retain images in any format, ” Datta adds. The tool allows a considerable degree of customisation to accommodate customers’ diverse preferences based on their mood, she explains. Meanwhile, in April, Reliance Retail introduced a “fragrance finder” at Tira, an omnichannel beauty store. The AI device helps consumers match fragrances closest to their preferences, allowing them to pick an olfactory note based on which a machine recommends a range of perfumes. Outlets of Reliance’s fashion and lifestyle brand Azorte have tech interventions that include smart trial rooms. They are equipped with touch screen tablets that show the entire inventory available at the store. Once you click on the clothes of your choice, the staff brings them to the trial room. The tablet allows one to select colour, price, and size. Banks have leveraged hyper-personalized nudges that are supported by a customer DNA of 2,000-plus behaviour variables. These are curated, through AI and data, specifically for individual customers. That cannot happen with traditional analysis. In retail, getting the price point right for a stock-keeping unit that serves a business purpose (profit or revenue maximization) can be achieved through AI algorithms only. And third, leveraging from external data sources such as social media trends at a very granular level and supporting new product development can also help ensure that the seller is not out of stock. The use of AI aids for customer engagement picked up during the Covid-19 pandemic as companies were forced to sell more products online, points out Ranjan Kumar, founder and chief executive officer of Entropik Technologies, a seven-year-old emotional AI company.
AI may add $4.4 trillion annually to global economy, says McKinsey
Generative artificial intelligence is set to offer potential economic benefits of as much as $4.4 trillion, about 4.4% of the world economy’s output, according to a study by McKinsey’s research arm released. Generative AI will give humans a new “superpower”, and the economy a much-needed productivity injection, said Lareina Yee, a senior partner at the firm and chair of McKinsey Technology. The research studied 63 use cases for generative AI, the type of tools that can generate content such as text or images based on a prompt, across some 850 occupations. Depending on how the technology is adopted and implemented, productivity increases could range between 0.1% and 0.6% over the next 20 years, it found. “Business leaders need to understand which activities can be changed, and how they want to rethink that,” said Yee.
