By Miya James
Over the past few years, you have encountered with the various tides of technological inventions which have changed your life utterly. The artificial intelligence(AI) is the latest entrant in the avalanche of technology which has created some good impacts on your life. Artificial intelligence has made many jobs automated and reduces human labor. So, it can be concluded that artificial intelligence for businesses is beneficial if they want to thrive in the upcoming years.
Artificial intelligence has made some revolutionary and ground-breaking changes in the field of the e-commerce industry. Benefits of artificial intelligence in e-commerce are fathomless. A plethora of surveys claimed that 3 out of 4 online retailers in the fashion industry have planned to invest a chunk of money in AI over the next 24 months. So, the inclination towards artificial intelligence in retail businesses can be noticed clearly. But why people in the e-commerce industry are showing their interest in artificial intelligence? Let’s dig a deeper and learn more about how artificial industry is transforming e-commerce industry.
Getting personalized experience: Artificial Intelligence is happily sharing its expertise in delivering a personalized experience to the customers. AI can easily help online retailers in adding personalized pages to their websites and can also provide them with the personalized recommendations to their visitors. This will not only make buying experience interactive but also uplifts your sale volume. The recommendations are not just based on what your user previously liked or purchased but it also gives an idea of the complementary products that your customers might probably like. So, the application of AI in the retail business is simply commendable.
The rise of chatbots to foster customer’s interaction: As per the survey, nearly 73% customers prefer brands which provide an unparalleled customer support. Though for customer support, users prefer human interaction for a quality, this can be expensive for businesses. With the advent of the chatbot, companies can provide a better customer support to their consumers. According to the reports, at the end of 2020, around 80% of customer interactions will be managed by Artificial Intelligence. Chatbot or chat-robot is a computer program that simulates human conversations, which are often powered and controlled by artificial intelligence.
The AI chatbot is basically a virtual help desk which assists the company in providing the answers to their customers’ queries immediately. This system is available for 24X7 which means the customers can chat with them anytime and from any location in the world and get instantaneous replies from them. With these chatbots, the customers no need to wait for a live support person to answer their calls or queries. So, businesses often consider chatbot as one of the most promising AI platforms.
Provides high-end security: The future of e-commerce artificial intelligence is very bright. It is believed that AI will help e-commerce companies to get back their customer loyalty by providing them various preventions against online fraudulent activities. As per a survey report, 13% buyers discard a cart due to security reason. But with the help of Artificial Intelligence in online shopping, e-commerce companies will be able to avail high-end security to their customers. AI will also assist them by providing any inconsistency in purchase behavior and will help them in mitigating fraud transactions.
Help them to overcome business challenges: AI is helping e-commerce companies by providing timely intelligence which will help them to solve many difficult challenges. Using artificial intelligence in e-commerce, your marketing and sales team can successfully identify your targeted customers based on previous purchase history, demographics, interests, dislikes, and pain areas.
Once you have all this information with you, you can initiate a conversation with your prospective buyer. As you know what he is expecting from your brand, you can successfully convert him into a paying customer. Thus, by providing meaningful solutions, AI is helping online retailers and e-commerce brands to engage their customers in an effective way.
Machine learning for better search results: Near about 30% of online customers use an e-commerce store’s search feature to find their requirements. So, providing a good search result would become a primary importance for all the online stores and in this context, AI comes in. Online stores are now transforming to machine learning in order to boost search results for consumers. Machine learning in AI can boost search results every time when a user shops on a website. Machine learning also generates a search ranking which helps the e-commerce website to organize search results by importance instead of keyword matching.
Advanced sales process: Those days are gone when you used to call people or make a door to door visit to sell your products. Now, in this steep technology era, data plays an imperative role in the growth of any business. Indubitably, e-commerce sector is rich with data and is generating a chunk of data every day. But most of the people don’t have an adequate knowledge how to utilize this data effectively. Here, artificial Intelligence plays an important role.
It can track and collect every bit of data which is related to your customer’s order history, predictive analytics, and purchase frequency. By analyzing those data, you can identify when your customer might wish to order next. On the basis of this information, you can make your sales campaign and can increase your sales volume.
From the above-mentioned points, it can be concluded that artificial intelligence has made some astounding changes in the field of the e-commerce industry. Artificial intelligence has truly transformed the way e-commerce businesses work by providing tailor-made solutions, personalized customer experience, and uplifting the sales process smartly.