AI and E-Commerce : Perfect recipe for success
With the current scenario of the online marketplace, e-commerce has become more competitive then previous times. Now every e-commerce setup needs to be faster and smarter then others. Lets take the example of building websites before, you would have to hire a web designer and pay thousands to have a professional website, now you only need an AI website builder to produce your website for you within minutes. Data of customers and visitors is all around us, which is continuously collected, and which is important for businesses to analyse their next strategy. But what if we can collect, organise, analyse, and then put that data to work for us in an even more efficient manner? Well that’s exactly where Artificial Intelligence comes in, and it’s changing up the online marketing game in a big way.
- Chatbots to give customers personnel touch
- Image and voice recognition for faster search results.
- Recommendation engines with advanced algorithms for more accurate product recommendations.
- Inventory Management
1.Chat bots:
Have you ever used that “chat now” box when shopping online? There are chances that when you thought you were chatting with someone online, you were actually talking to a bot programmed to help you with any questions you may have and they will be as accurate as human can be. With new chatbots on the market, the chatting experience is becoming more personalized,and intelligent. With an effective, automated chatbot, e-commerce sites and retailers can increase their sales by tailoring the online experience for the consumer without having to do any extra work.
Top Articles on How Businesses are using Bots:
1. Emotionally Intelligent ChatBots — Part 1: Getting emotions from user’s face
2. Conversational UI: Writing Chatbot Scripts Step by Step
2. Image and Voice Recognition
If you’re anything like the rest of us online, you must had the experience of coming across something you loved and wanted to buy, but you didn’t actually know what it was called or how you could find it. Luckily, that’s another way AI is changing the game. With its ability to classify, interpret, and understand images, AI is making it easier to find what you didn’t even know the name of.Now shopping for that perfect item is not only easier, but can be done anytime, anywhere.
Let’s give you an example of this. If you didn't know about this feature, you can open up the Amazon mobile app and point the camera on your phone at something and Amazon will identify it and pull it up for you to add it to your cart. This is how AI makes it as easy as possible for customers to purchase products online!
3.Recommendation Engine
Ultimately, this means that AI will help us to improve our e-commerce platforms to cater to the needs and interest of visitors. We can recommend products and services in an effective manner that are actually relevant to consumers (so the ads will intrigue them and catch their attention, rather than annoy and push away) and we can help visitors find new products in a relaxed, conversational manner in the same way they would speak with an actual person. For example, Amazon makes recommendations to users depending on their activities on the site and any past purchases. Netflix makes TV and movie recommendations based on a user’s interaction with categories e.g. drama, comedy and action.
4.Inventory Management
Similarly, AI’s predictive analytics are making big waves in the world of inventory management. If you’re reading this and you’ve ever worked with the constant pain of keeping inventory up to date, shelves stocked, and keeping an accurate track of everything, you’ll know how much an absolute nightmare inventory management can be. AI technology allows shop owners to get important information about factors driving demand and predictive analysis for what future demands are likely to come into the market. Based on how machine learning works, the longer you use your AI buddy, the smarter it will become for your business as it learns more about your company, customers, and visitors. Thanks to advances in AI, shop owners will be able to more accurately predict both real-time and future inventory needs for their business.
So what does this means:
Retailers that have implemented personalization strategies have seen sales gains of 20–30%, a rate two to three times faster than other retailers,according to a report by Boston Consulting Group (BCG). It could also boost profitability rates 59% in the wholesale and retail industries by 2035,according to Accenture.
AI is changing the name of the game with online retailers and e-commerce marketing. With all of the value being added to the marketplace, e-retailers cannot only advance their business practices, but free up their own time to focus on other important matters. So what are you waiting for? It’s time to get smarter and faster with your business!
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