The Foundr Podcast with Nathan Chan
486: What AI Will NOT Replace in Business with Michael Fenech of SKUdrop
Nov 17, 2023
Michael Fenech, an Australian entrepreneur and ecommerce expert, discusses the use of AI in business. Topics include saving on supply chain costs, improving product descriptions with AI, turning negative reviews into positive, efficient spreadsheets, generative AI for product images, and why AI will not replace everything in business.
34:11
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Quick takeaways
- AI can optimize product selection and improve copywriting in e-commerce, but human skills like networking and gut instinct are irreplaceable.
- Starting an e-commerce business requires perseverance, focusing on customer problem-solving and learning from initial failures.
Deep dives
The Importance of AI in E-commerce Businesses
AI is revolutionizing e-commerce businesses by providing leverage and efficiency. By using AI tools like chat GPT, entrepreneurs can optimize their product selection, analyze negative reviews to identify problems and develop solutions, and improve copywriting for better conversion rates. AI also plays a crucial role in automating tasks like formula creation in spreadsheets and generating imagery for marketing purposes. However, AI will not replace human skills like networking and gut instinct, which remain essential in the business world. Implementing AI in e-commerce requires perseverance through initial challenges and avoiding subjective niches to focus on solving customer problems.
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