Vietnamese multi-sector group Masan uses AI to forecast product sales: executive

AI has helped Masan Group forecast the number of items likely to be sold during peak season based on available data and to optimize product placement, says An Luong, head of the corporation’s artificial intelligence & data science division.

He was speaking at a Friday event in Ho Chi Minh City where e-commerce platform Lazada introduced new artificial intelligence (Gen AI) features in its shopping app.

Masan, one of the biggest private corporations in Vietnam, involves consumer goods retail, food processing, financial services, and mineral processing.

Luong said sellers on e-commerce platforms can leverage AI as an effective tool as the year-end shopping season approaches.

For instance, AI can predict the volume of products expected to sell during the year-end season by analyzing data from previous shopping periods. Additionally, it can provide recommendations on whether to store goods in warehouses in Hanoi or HCMC.

He said the use of AI in the e-commerce industry was a growing trend, enhancing personalization while improving logistics and platform operations.

However, Luong cautioned that AI tools do not guarantee 100% accuracy, so e-commerce platforms should conduct thorough research to mitigate risks.

Nguyen Tran Tin, seller/trainer at Lazada Academy, appreciated the role of AI in e-commerce platforms, noting that it can help personalize colors and sizes for individual customers.

Also Friday, Lazada released a new report titled "AI applications in Southeast Asia e-commerce," produced in collaboration with Kantar.

The report, based on a survey of 6,000 respondents across six Southeast Asian markets, including Vietnam, Thailand, and Singapore, found that 92% of respondents trusted AI to make recommendations, and 90% relied on AI-generated summaries when shopping.

The report also indicated that 88% of consumers have made purchasing decisions based on AI-suggested products and prices tailored to their needs.

Doan Trang Ha Thanh, COO Lazada Vietnam said the app’s GenAI features included an personal shopping assistant called AI Lazzie, smart product recommendations, AI-generated product information and virtual models to try on AI-generated products.

These features aim to enhance user experience and support sellers in increasing revenue during the peak season at the end of 2024 by improving order management and saving time on sales processes, he said.

Lazada was also using AI translation tool Marco MT, which enables sellers to create product pages in various languages to better target desired markets, he added.

Explaining the launch of these GenAI features ahead of Lazada's "11-11 super sale," Thanh said the significant shopping event of the year presented an opportunity to have AI help sellers boost sales performance, improve efficiency, and streamline order management and customer care during the busy period.