Google has announced a more powerful search engine technology that combines search criteria for more accurate and tailor-made results, as it seeks to leverage its artificial intelligence expertise to streamline user experience and maintain its hold on web traffic.
The company unveiled the platform at its Search On '21 event, during which Google executives discussed how their AI developments aim to make information on the web more useful while curbing the spread of misinformation.
"There’s more information accessible at people’s fingertips than at any point in human history. And advances in artificial intelligence will radically transform the way we use that information, with the ability to uncover new insights that can help us both in our daily lives and in the ways we are able to tackle complex global challenges," Prabhakar Raghavan, a senior vice president at Google, said.
Google is seeking to claw back and retain market share, particularly in the shopping space, as more users are bypassing its search engine to directly access platforms.
It has already lost the top spot to Amazon as more people now directly shop from the e-commerce company's platform. For Apple users, a search can simply be done by executing a voice command to its AI assistant Siri.
“The consumer will shop where convenience, ease of finding products and product availability is most satisfactory. Search features that facilitate the best experience will be a draw for consumers – number of clicks to order fulfilment and returns processes will be a factor," Leslie Hand, group vice-president at IDC Retail and Financial Insights, told The National on Thursday.
"Google and various retailers have marketplaces that compete with Amazon, Alibaba, Lazada and others around the world.”
The Covid-19 pandemic caused a major shift in consumer preferences and accelerated the shift to digital as homebound users increasingly turned online to shop, keep entertained and work. A recent PwC survey showed that 44 per cent of consumers shop using a smartphone, with 42 per cent saying they use voice assistants at home.
Google teased the MUM technology during its annual I/O summit last May. It uses its so-called T5 - Text-To-Text Transfer Transformer - framework and is said to be 1,000 times more powerful than the Bert (Bidirectional Encoder Representations from Transformers) technology the company currently uses.
The revamped search technology, using the company's image-recognition tool Google Lens, will combine data from text, images and even videos, which would then provide more accurate and tailor-made results. Lens has been updated with new AI-powered language features that will narrow searches further.
"For example, when you search for 'cropped jackets', we’ll show you a visual feed of jackets in various colours and styles, alongside other helpful information like local shops, style guides and videos," Bill Ready, president of commerce, payments and next billion users at Google, said.
The consumer will shop where convenience, ease of finding products and product availability is most satisfactory. Search features that facilitate the best experience will be a draw for consumers – number of clicks to order fulfilment and returns processes will be a factor
Leslie Hand,
group vice-president at IDC Retail and Financial Insights
"From there, you can easily filter your search by style, department, brand and more – and when you find something you like, you can check out ratings, reviews and even compare prices to get the best deal."
A 'Lens mode' option will be added to the Google app on Apple's iOS. It will, however, be initially available only in the US, with a global roll-out thereafter.
The company also wooed prospective users last year by allowing businesses to list their products and services for free on Google Shopping. The platform had charged certain fees since 2012.
Other features introduced by Google to stay more relevant in search, include a new 'wildfire layer' on its Maps application, as forest fires become more common globally due to climate change. The feature gives users up-to-date details about multiple fires at once, with links to relevant government and emergency response services.
The 'About This Result' feature has also been given additional options, including more information about sources and what other users have said about sites, in a bid to combat misinformation.
The biog
Simon Nadim has completed 7,000 dives.
The hardest dive in the UAE is the German U-boat 110m down off the Fujairah coast.
As a child, he loved the documentaries of Jacques Cousteau
He also led a team that discovered the long-lost portion of the Ines oil tanker.
If you are interested in diving, he runs the XR Hub Dive Centre in Fujairah
THE SIXTH SENSE
Starring: Bruce Willis, Toni Collette, Hayley Joel Osment
Director: M. Night Shyamalan
Rating: 5/5
Tonight's Chat on The National
Tonight's Chat is a series of online conversations on The National. The series features a diverse range of celebrities, politicians and business leaders from around the Arab world.
Tonight’s Chat host Ricardo Karam is a renowned author and broadcaster who has previously interviewed Bill Gates, Carlos Ghosn, Andre Agassi and the late Zaha Hadid, among others.
Intellectually curious and thought-provoking, Tonight’s Chat moves the conversation forward.
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Armies of Sand
By Kenneth Pollack (Oxford University Press)
Mercer, the investment consulting arm of US services company Marsh & McLennan, expects its wealth division to at least double its assets under management (AUM) in the Middle East as wealth in the region continues to grow despite economic headwinds, a company official said.
Mercer Wealth, which globally has $160 billion in AUM, plans to boost its AUM in the region to $2-$3bn in the next 2-3 years from the present $1bn, said Yasir AbuShaban, a Dubai-based principal with Mercer Wealth.
“Within the next two to three years, we are looking at reaching $2 to $3 billion as a conservative estimate and we do see an opportunity to do so,” said Mr AbuShaban.
Mercer does not directly make investments, but allocates clients’ money they have discretion to, to professional asset managers. They also provide advice to clients.
“We have buying power. We can negotiate on their (client’s) behalf with asset managers to provide them lower fees than they otherwise would have to get on their own,” he added.
Mercer Wealth’s clients include sovereign wealth funds, family offices, and insurance companies among others.
From its office in Dubai, Mercer also looks after Africa, India and Turkey, where they also see opportunity for growth.
Wealth creation in Middle East and Africa (MEA) grew 8.5 per cent to $8.1 trillion last year from $7.5tn in 2015, higher than last year’s global average of 6 per cent and the second-highest growth in a region after Asia-Pacific which grew 9.9 per cent, according to consultancy Boston Consulting Group (BCG). In the region, where wealth grew just 1.9 per cent in 2015 compared with 2014, a pickup in oil prices has helped in wealth generation.
BCG is forecasting MEA wealth will rise to $12tn by 2021, growing at an annual average of 8 per cent.
Drivers of wealth generation in the region will be split evenly between new wealth creation and growth of performance of existing assets, according to BCG.
Another general trend in the region is clients’ looking for a comprehensive approach to investing, according to Mr AbuShaban.
“Institutional investors or some of the families are seeing a slowdown in the available capital they have to invest and in that sense they are looking at optimizing the way they manage their portfolios and making sure they are not investing haphazardly and different parts of their investment are working together,” said Mr AbuShaban.
Some clients also have a higher appetite for risk, given the low interest-rate environment that does not provide enough yield for some institutional investors. These clients are keen to invest in illiquid assets, such as private equity and infrastructure.
“What we have seen is a desire for higher returns in what has been a low-return environment specifically in various fixed income or bonds,” he said.
“In this environment, we have seen a de facto increase in the risk that clients are taking in things like illiquid investments, private equity investments, infrastructure and private debt, those kind of investments were higher illiquidity results in incrementally higher returns.”
The Abu Dhabi Investment Authority, one of the largest sovereign wealth funds, said in its 2016 report that has gradually increased its exposure in direct private equity and private credit transactions, mainly in Asian markets and especially in China and India. The authority’s private equity department focused on structured equities owing to “their defensive characteristics.”
UAE currency: the story behind the money in your pockets
Electric scooters: some rules to remember
- Riders must be 14-years-old or over
- Wear a protective helmet
- Park the electric scooter in designated parking lots (if any)
- Do not leave electric scooter in locations that obstruct traffic or pedestrians
- Solo riders only, no passengers allowed
- Do not drive outside designated lanes
SECRET%20INVASION
%3Cp%3E%3Cstrong%3EDirector%3A%3C%2Fstrong%3E%20Ali%20Selim%20%3Cbr%3E%3Cstrong%3EStars%3A%3C%2Fstrong%3E%20Samuel%20L%20Jackson%2C%20Olivia%20Coleman%2C%20Kingsley%20Ben-Adir%2C%20Emilia%20Clarke%20%3Cbr%3E%3Cstrong%3ERating%3A%3C%2Fstrong%3E%203%2F5%26nbsp%3B%3C%2Fp%3E%0A
The White Lotus: Season three
Creator: Mike White
Starring: Walton Goggins, Jason Isaacs, Natasha Rothwell
Rating: 4.5/5
Shubh Mangal Saavdhan
Directed by: RS Prasanna
Starring: Ayushmann Khurrana, Bhumi Pednekar
'Outclassed in Kuwait'
Taleb Alrefai,
HBKU Press
Auron Mein Kahan Dum Tha
Starring: Ajay Devgn, Tabu, Shantanu Maheshwari, Jimmy Shergill, Saiee Manjrekar
Director: Neeraj Pandey
Rating: 2.5/5
The Voice of Hind Rajab
Starring: Saja Kilani, Clara Khoury, Motaz Malhees
Director: Kaouther Ben Hania
Rating: 4/5
Kanye%20West
%3Cp%3EYe%20%E2%80%94%20the%20rapper%20formerly%20known%20as%20Kanye%20West%20%E2%80%94%20has%20seen%20his%20net%20worth%20fall%20to%20%24400%20million%20in%20recent%20weeks.%20That%E2%80%99s%20a%20precipitous%20drop%20from%20Bloomberg%E2%80%99s%20estimates%20of%20%246.8%20billion%20at%20the%20end%20of%202021.%3Cbr%3EYe%E2%80%99s%20wealth%20plunged%20after%20business%20partners%2C%20including%20Adidas%2C%20severed%20ties%20with%20him%20on%20the%20back%20of%20anti-Semitic%20remarks%20earlier%20this%20year.%3Cbr%3EWest%E2%80%99s%20present%20net%20worth%20derives%20from%20cash%2C%20his%20music%2C%20real%20estate%20and%20a%20stake%20in%20former%20wife%20Kim%20Kardashian%E2%80%99s%20shapewear%20firm%2C%20Skims.%3C%2Fp%3E%0A