Artificial Intelligence (AI) has transformed the technology space irreversibly. Higher efficiency, greater convenience, and cost-saving capabilities make AI an extremely good investment. Amidst high competition amongst businesses, early-bird AI adopters have an unfair edge over their competitors. The e-commerce industry, a vibrant and flourishing space, is no stranger to the transformational power of AI.
Irrelevant search results demotivate customers from a potential purchase. If your customers don't find their product on the first page of your search results, you will lose business. Hence, creating a customer-focused search enhances user experience and facilitates purchases. Fortunately, AI makes it simpler for businesses to build customer-centric searches. Several companies are sprinting towards this opportunity to capitalize on an untapped market.
For Example: -
Using imaging and video recognition in searches enhances the chances of clients discovering your product through similar images. Voice and video searches are trendy. Here's how we found that out: -
Proper management of customer queries elevates the user experience of your e-commerce business. Letting virtual assistants and chatbots answer general queries saves staff time and also fastens the query resolution process. All huge e-commerce sites use virtual assistants to help customers interact with their sites and understand their policies.
A renowned study states that 60 percent of customers prefer sites, apps, and chatbots to respond to easier queries. Furthermore, experts predict that 80 percent of all businesses will use chatbots in 2020.
If you're not using chatbots, incorporate them into your sites today as it is one of the major application of Artificial Intelligence in E-Commerce
The rise in e-commerce forces businesses to optimize inventories to facilitates faster product access, improve packaging, and deliver products. Tracking your inventory and stock requirements helps you leverage your supply chain to improve your delivery services. Innumerable product categories complicate manual inventory management and hence, need AI intervention for better performance.
Constantly upgrading Artificial Intelligence in E-commerce businesses enhance the inventory management capabilities. AI also helps bridge the gap between current demand and future requirements successfully.
E-commerce platforms deal with enormous data every single day. Their systems need to manage daily sales data, inventory of items sold, the number of orders received, and customer data. Handling such a huge volume is impossible for humans. Hence, AI collects this data in a structured form and also generates accurate insights that simplify general customer behavior and specific buyer patterns as well. Knowledge of these patterns helps e-commerce companies modify their strategy and serve their customers well.
So, leverage your customer data to provide you better insights and improve your business.
Sales processes have evolved from old cold-calling techniques to AI-powered insight-rich tactics. The rising influence of social media and TV ads has coerced companies to leverage these tools to further their sales. Tailoring problem-solving capabilities and creating a strong sales message ensures you reach your customers at the correct time and channel. Integrating AI into CRM software gives you an edge over your competitors. Several NLP features and voice inputs address customer queries, resolve their issues, and even recognize new opportunities for the sales team.
The North Face uses Watson (IBM's AI solution) to improve their understanding of their customers and enable online shoppers to find their ideal product.
"AI is about replacing human decision-making with more sophisticated technologies." – Falguni Desai
We hope this post helps you understand the role of AI in e-commerce. Keeping track of the latest AI trends and adopting them to enhance business processes and ensure future success. So, consider learning how to use AI in e-commerce and retain your customers for a long time.