In today’s technology-driven world, artificial intelligence is considered as one of the hottest topics of discussion. AI can help businesses build smart and innovative solutions. It is all about implementing a few valuable things into your eCommerce business to stay ahead in the market. As per the Tractica survey, the AI implementation is booming and by 2025, its revenue is expected to reach $36.8 billion worldwide.
Such huge numbers itself can be enough to know why artificial intelligence is getting deeper into the eCommerce features sector. Businesses are advancing today and sales happen at every hour of the day. This means businesses need to be available 24*7 to match the needs of the customers. This is where AI helps businesses easily meet their goals in real-time.
A good number of businesses have already started to use AI for the success of their online stores, while the rest have already identified the benefits of implementing artificial intelligence and are planning to adopt it.
Artificial intelligence is now used across the eCommerce sector through the use of visual search engines. This way with just a single click, the user can easily search for whatever they want. Customers have found the visual representation of the products to be more appealing compared to text forms. This way, before actually placing the order, the customers can get a clear idea about the size, design, color, and dimension of the product. Eventually, the brand gets to boost the consumer experience from its end.
Offering more of interactive solutions to customers is what artificial intelligence focuses on. It has been said to offer real-time voice assistance on eCommerce stores to users. Such voice assistants have helped online businesses by improving their user experience.
We already have a few numbers of popular virtual assistants in the market like Google Assistant, Alexa, and Siri. Virtual assistants make it easy for users to interact with the business in question. Now, more businesses are planning to include virtual assistants to their eCommerce platforms.
Such virtual assistants can easily interpret what the user is saying in his or her native language and quickly understand it. The way customers are shopping at online stores has been completely transformed by virtual assistants.
Say for example. Starbucks came up with My Starbucks Barista in 2017 and it helped customers place orders using voice. The AI algorithm used in here collects the data related to the purchase history of their customers. The data is then used by the marketing team to send recommendations and offers to the customers.
Dynamic pricing is a strategy that has been followed by many eCommerce retailers today. It is about changing the price of the product based on the current supply and demand in the market.
Fluctuations in the prices of commodities keep on happening every now and then but, with the right data, you will be able to unfold new hidden potentials. Now businesses can easily predict what to discount, when to discount, and even calculate the minimum amount of discount which can be offered for completing the transaction by learning from competitive pricing data, customer data, and sales transaction data.
When looking at things from the perspective of artificial intelligence, dynamic pricing algorithms are said to be an emerging trend and a little hesitation may be seen from the side of eCommerce leaders when trusting and adopting it.
When it comes to applying dynamic pricing, Amazon is said to be one of the top leaders. It has to be said that they have successfully applied it to their business. There are other businesses that are following the same footsteps and trying to do well in this area.
It can be one of the other reasons that Amazon has managed to do well against the market competition. For sure, they have managed to find a way to offer competitive prices for their products compared to others.
Amazon gets its dynamic re-pricing by using tools like FeedVisor, Price2Spy, and SellerActive.
In order to offer product recommendations to consumers, artificial intelligence makes use of texts, pop-ups, and emails. To understand consumer behavior it tracks the users’ searches. Apart from the eCommerce stores, the products that interest the users are displayed through ads and images over social media platforms and search engines. The artificial intelligence included in eCommerce tracks such information too.
This helps the eCommerce store to boost its ratings and reviews and will help the business have increased return on investments.
Say, for example, Amazon recommends new products to customers by using the data coming from their past purchases. While, on the other hand, Netflix goes through the view history of consumers to recommend new series and movies.
AI offers a bunch of good services and they seem to be affordable too. For eCommerce businesses, it automates the processes while for users, it boosts their shopping experience. Chatbots can be termed as one of the cost-effective solutions coming from artificial intelligence.
Chatbots are nothing but software that is used by businesses as a medium of interaction with their customers. Chatbots are said to offer real-time answers and solutions to customer queries and questions. The use of chatbots has greatly helped businesses to bring down response time like never before. Chatbots can easily perform any task in real-time with great efficiency and this has helped businesses to save on their budget that would otherwise cost them in hiring customer service officials. Chatbots help in developing an approach that is customer-centric.
Generating sales remains as one of the top reasons to choose AI for eCommerce stores. It collects consumer data and keeps on tracking their buying patterns. It is true that collecting and learning from data that has been collected manually is not an easy thing and AI has simply made that easy for eCommerce businesses. Many brands across the globe have come forward and now working on increasing their sales by generating new leads through the use of AI.
One of the biggest issues faced by eCommerce brands is the presence of fake reviews. As per the research of search engine land, 88% of people shopping online trust online reviews just like any personal recommendation they receive. However, many businesses have been receiving fake reviews over their site from other competitors. So to get away from such fake reviews, eCommerce brands now go for artificial intelligence and thereby offer only authentic reviews to their customers.
How to keep customer data securely on the eCommerce site is the biggest threat every eCommerce businessmen are facing today. Now it is possible for the eCommerce platforms to keep hackers and other intruders away by integrating AI and deep learning within their security solutions. This way customer data remains safe within the eCommerce site database.
Marketing is said to be an expert’s work in any business. Using artificial intelligence in your marketing efforts is a cost-effective way of doing things for different brands. So businesses should come up with their marketing plans and campaigns first and they provide them AI platforms. Such platforms will take care of your marketing activities with great efficiency. Such platforms offer marketing solutions over different social platforms like Google Adwords, Bing, Facebook, and others. The CPC or Cost Per Click can be minimized with AI solutions and you can use your marketing budget in a better way.
Artificial intelligence has helped eCommerce businesses to offer a more personalized experience to its customers. Using AI, businesses can easily analyze the interactions and communications with the customers and offer every individual with the right experience they could ask for. In this era of offering innovative solutions, the role of AI in the eCommerce sector is outstanding.
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