Artificial Intelligence is no longer an unheard concept as it is having born about every conquerable e thing from smart homes to e-learning and even e-commerce. So there is hardly any domain untouched by the impact of E-commerce as AI has embedded itself in each and every aspect of our life.
Even when you visit a small shop or a big mall you see several self check-out cash counters. Similar technology has been implemented on the airports for advanced security check systems.
We are living in an era where now machines are assisting us in which we never thought about. The advantage of implementing the machines in all tasks is they complete the tasks even better than humans. People have started to do mundane tasks so they can utilize their energies on doing better things to get maximum profit from the global world where sales are happening regardless of any time.
The businesses need to be available to the customers at all hours of the day and hats what AI in e-commerce helps to achieve by enabling companies to gather as well as investigate data in real-time and facilitating more efficiency in business. It is always assumed that tech role is cut out for longer brands alone but opposite to that, even small businesses can utilize these new innovations to function competitively in this fast-paced market.
Let us check at some hacks which you can try to improvise your e-commerce website and integrate AI for better outputs.
Gone are the days where you need to type or try to get the exact name of the product to search from the list. Now, the e-commerce development companies have integrated AI into their websites for better user-friendliness. This has made the product searches even better. You can also try using a photo or a video to search for a product.
Imagine visiting any place and liking any product from there, you can simply take a snap of the item and upload it on their site to find out more relevant photographs from the similar input. Also, it helps to revive the e-commerce stores capabilities by providing the customer experience and sales respectively.
Let us take an instance of Pinterest where it allows users to choose an item in a photograph and ask it to show relevant items through photo recognition algorithm with the help of a new Chrome extension.
We are just seeing the transformation in customer engagement by personalized interactions. The prospect of AI intervention would dehumanize customer interactions and serves as a vehicle for brands to provide consumers with more personalized engagement exponentially. To analyze enormous amounts of data in a more efficient way than human teams, AI gives businesses a window which can glean new insights.
Varied observations regarding customer patterns, purchase habits, likes and dislikes, and much other behavioural metrics can be uncovered to apply in a way that makes personalized shopping experience to hook customers in a deep way.
AI is now developed to integrate directly with the different aspects of e-commerce functions from pricing to customer assortment management. Retailers can make informed decisions based on valuable insights provided by AI tool using the Big Data. With the help of AI, pricing products are no more guesswork as it can use complex learning algorithms to assess market dynamics to stay ahead in the market competition.
For a business to stay relevant and succeed in this competitive environment, optimal pricing of the merchandise helps more. Also, the efficient inventory and assortment management are allowed by AI when a huge volume of data is effectively analyzed to generate actionable insights to put in action immediately.
With all the gathered information, you can determine the kinds of products that business actions have jumped to in increasing conversions and also looks after anything that needs readjustments. Such comparisons pertain to market share affecting the pricing patterns along with overall progress of a business. With the help of big data and advanced algorithms, it is easy to forecast demand, the speed of orders and plans inventory management using various factors and past performances of the products.
At the same moment, all the gathered information can be used to compare and contrast the aspects of your business with trending peers in the market. For instance, Coca Cola is also venturing into AI for inventory management and venturing into big data to drive success.
Sometimes, shopping feels like a chore to some people and to make it less hectic, you can go a long way to solve consumer’s pain points and attract them to your brand. To utilize AI is to design the user experience around the pre-emptive personal assistance instead of an impersonal search feature on your Ecommerce site by equipping with machine-learning algorithms to enhance UX and give a personal shopping experience as they would at an actual retail store.
Shopping assistants are none other than the AI-powered applications that are designed to provide personalized product suggestions. Because of the plethora of options on the market, it is very difficult for shoppers to find what they need. To overcome this, the personal shopping assistants process tons of data to quickly trap the right item within the given specifications.
For instance, Apple’s voice recognition software named Siri has an AI known as Viv which was recently bought by Samsung to perform complex interactions of responding to the user’s requests and questions.
Brands can become more intelligent and efficient for scanning petabytes of data to predict customer and offer useful recommendations to each and every individual consumer. Providing such a high level of intelligence can deliver in personalized shopping experience for the consumer as the algorithm leverages a variety of inputs including account information, customer preferences, purchase history, third-party data along with contextual information.
For instance, Amazon makes recommendations to its users based on user interaction from their past purchases. Similarly, Netflix recommends on the basis of varied categories like Drama, Comedy, and Action. On the other hand, eBay provides user feedback about products to recommend items who have exhibited similar behaviours.
It is imperative that multichannel retailers are flexible when it comes to price structuring in order to retain customers as they constantly force retailers to change their pricing strategies. To achieve this, an assortment intelligence tool is developed by the retailers that an unprecedented level of visibility and provide valuable insights into competitors product assortments. The businesses can monitor their competitor’s product mix which can get segmented by products and brand along with the overlap percentage.
Such intelligent tools help to provide businesses with the quicker ability to adjust their own product-mix along with the pricing in high accuracy. Among this, an impressive competitive advantage is to provide visibility into what all products are being offered in the market.
When it comes to personalization, we come up with a trade-off with concerns to user privacy as it has been a hot topic in recent years with its stronger importance than ever. The brands are constantly striving to take their transparency and security to an entirely new level. As the brands cannot afford to abandon the user personalization it is given a very critical role in any successful e-commerce venture.
For instance, Google can access your account and sync your calendar, emails and search routines. Every morning, it will greet you with a small detail of what you currently have on your plate or getting late to office because of train cancellation. Similarly, Amazon’s Alexa applies the same approach for daily life as the modern shopping assistant puts your day-to-day routines first and also helps with daily house chores.
Is it too early to think about what does the future have in store for e-commerce? Well, it is the time for the already digitized e-commerce businesses to get smarter and predict future trends with the help of AI technology. Thus, artificial intelligence allows businesses to provide a more personalized experience for their customers by making AI possible for e-commerce retailers to analyze tons of interactions every day.
This offers down to a single customer by experiencing every marketer dreams of providing an ultimate personalized experience. We have never seen the sales teams being empowered with such a bunch of information to personalize the sales cycle through AI-driven applications to help sellers engage the right products with the right suggestion at the right time.
AI is already taking bold steps and trending among us in the age of social media platforms like Instagram and Snapchat to rapidly decrease attention spans of the digital age. There are also evidences to suggest new AI-driven platforms are going to be essential to e-commerce success. So, what are you waiting for? Implement AI today to get the most benefits for your e-commerce websites.