You cannot escape the influence of artificial intelligence in your daily life. Be it advanced airport security or Cortana in your laptop, AI features everywhere that exhibits human involvement. Business and organizations these days are hunting for new ways to integrate AI into their business to take the advantages of robust features of AI including customization, conversational commerce and the personalized experience.
It is no surprise that AI has set foot in the E-commerce sector as we can already see giants like Microsoft and Apple invest lumpsum in artificial intelligence alone. In the near future, according to Business Insider, AI shall command customer interactions by 85% within 2020. Hundreds of bloggers and YouTubers are predicting a market so strongly dictated by AI forces that human engagement is going to dwindle drastically. Is this a good time to remind us what HAL 9000 did?
The perks of having a market being fully automated by AI are more pronounced goals, faster profits, a well-designed budget plan, more revenue to the producers, etc. Currently, people are rummaging the internet and possible contacts to get into anything related to AI, data science or machine learning. What is the reason? It is simple: the motto of wanting instant success is more tangible in these fields than any other. Check out the most profitable ways in which AI could be incorporated in the E-commerce sector today:
We have often seen celebrities flaunting their personal shoppers’ tricks of the trade. Several online shopping websites have introduced a personal shopper-like experience with the bots. The moment you enter the websites, a chatbox appears somewhere on the screen (mostly on the bottom right), and asks if it can be of your service. Although wanting a particular kind of product requires you to go through the tedious process of ticking what seems to be countless choice-boxes, their intention is on the right track. With diligent programming, the websites should aim to replicate the offline personal shopper experience to create these AI bots online.
It has been studied that while 90 percent of the online customers agreed upon being influenced by positive reviews immensely while shopping, a staggering 86 percent believed that negative reviews prevented them from buying a favourable product. What if some of the negative reviews were fake?
Astroturfing is the practice of fabricating false or deceptive negative reviews that many genuine and certified customers believe to be true. Reputed shopping websites such as Amazon and Flipkart are believed to have been victimized by the practice. Fortunately, there are certain ways in which AI can relieve this nuisance. These websites can use AI machine learning to boost the reviews of verified customers, therefore, not during the future ones.
The hours you spend on the internet accumulates priceless data that online shopping websites can make use of. Unfortunately, manually following through potential buyer needs is next to impossible, as the amount of data being stored could not be handled by a human. Earlier, the lack of AI features in a website lost several potential leads to cracks.
For instance, if a potential buyer spends a considerable amount of time in browsing through the wristwatch section, the AI could update the customer about its offers and discounts. The browsing history stored on these websites gives the AI enough information as to when to notify them about the different offers, discounts or new arrivals.
Online personalization to boost the customer flow is not new in the e-commerce sector. With ever-transforming machine learning and data science, web designers and programmers are inventing new levels of personalization to function across numerous devices.
AI engines such as Boomtrain is ruling the personalizing game by identifying customer satisfaction points through their search history. What the AI engine does is constantly monitor the customer’s interaction, be it through email offers, shopping history, mobile applications or their sharing promo-codes.
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The multitude of customers found in an online shopping website’s data is enough to overpower even a group of humans. The artificial intelligence is pivotal in segregating and studying the petabytes to understand the customer’s behaviour and shopping tendencies. This allows them to create a better-personalized shopping experience.
The e-commerce sector is full of beans as they focus on creating a flawless experience for the online customers, replicating the offline experience as much as possible. The term “hyper-personalization” is something that can only be achieved by going through the whopping amounts of data. AI has not only revolutionized the personal-shopping experience but also helped the customers understand their needs better. Thus, to improve customer experience and business many ecommerce players are looking for ecommerce website Development Company as it automatically organizes and labels the features of the particular image of the product.
There is little doubt about AI defeating a person’s online diligence. Did you know that it could also take care of your position in the supply chain? An AI system synthesized with WMS, economic software and ERP could encourage proactive sales management by purchasing data, rummaging through inventory sales and using machine learning.
Therefore, apart from utilizing AI to secure the potential buyers, you could apply them to predict requirements, implement budget plans and boost the revenue for better business transactions. With AI you have got nothing to lose in the supply chain.
Thirty or forty years ago from today, people marveled at the thought of communicating with each other via video chats. Today, it is a common practice. Technological advancement has skyrocketed and what 2001: A Space Odyssey had predicted 50 years ago is slowly materializing.
Artificial Intelligence has sustained several failing businesses and enterprises across the globe. The e-commerce sales teams today are fed with customer information that evades a human eye. Instagram, Twitter, Facebook, and Snapchat are all AI-driven applications that we engage with every day. With AI-based applications, it is just a click away to know what a buyer needs or what he/she might need in the coming days. The specificity of the information being stored is baffling and without artificial intelligence, this goldmine of data would simply go into waste.
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