Artificial intelligence is more than just a buzzword today. 2017 witnessed big developments in AI technology and now it is deeply embedded in almost every aspect of our everyday lives. AI in e-commerce has worked its way into different sectors. E-commerce, in particular, has been significantly transformed with the acceptance and growth of AI. AI tech is going to dominate the shopping experience of the future.
In today’s highly competitive world, staying relevant is of great importance and innovation is a key to this. With the intensified competition amongst the E-commerce retailers, making your business efficient and highly visible in a very crowded playing field is very challenging. And AI delivered through cloud is what you need to have the competitive edge. AI in e-commerce industry has emerged as one of the prime industries in the business market. A cut-throat hustle with the increasing number of brands, increased marketing touch points, and several other factors influencing customer behavior, is posing challenges to market players. Furthermore, serving every single customer with increased, customized personal attention is gaining high prominence in a highly competitive environment. Certainly, it is very difficult to manage it manually. E-commerce players have started adopting AI and data analytics to create highly personalized experiences that will provide customers both with the convenience of online shopping and consistent, personal feel of shopping. This technology is going to dominate this sector as several companies are backing AI based personalization for e-commerce as it will nullify the mistakes and increase the efficiency of services.
AI in e-commerce plays an important and game-changing role. Deploying AI in E-commerce site means delivering better services and engagement on the customer side and improving operations on the business side. It is time to embrace the transformation and achieve the best possible results. So, let us have a look at how AI can benefit your E-commerce business.
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Make Predictions related to Sales or Services
Almost every E-commerce retailer wants to have a better idea of what is on a customer’s mind? When are the customers likely to purchase and what they would like to buy next? Machine learning tools enable the modeling and analysis of various business niches with large amounts of customer details. Instead of meticulously working your way through huge data sets, AI proves to be effective in handling customer data, visitor predictions and customer behaviors. AI has made it easy to analyze purchasing patterns as well. AI makes it easy to gain a deeper understanding of consumers’ wants and marketing needs. In addition to the personalization of the past, E-commerce retailers can communicate with customers in real time with the precise offer at the right time and place. This information can be used to foresee the products that customers might be interested in, and even the products customization according to the personal preferences becomes easier with AI.
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Provide Better customer Services at Lower Cost
Customer support with fast response and uninterrupted service is certainly highly appreciated. The use of AI automated responding brings loads of benefits including liberty from time restrictions and vacations. Automating processes and eliminating redundancies becomes easier with AI. Handy “chat now” boxes are proving useful when shopping online. Most of the chatbots are programmed to help with any questions customers may have. Artificial Intelligence and NLP have made the chatting experience and customer service more intelligent and personalized. With AI’s machine learning and advancement, it has become easier for E-commerce shops to offer a 24*7 support to its visitors. Furthermore, automated chatbots communicating effectively with customers certainly improve overall customer service and experience and thus furthers conversion rates. It not only speeds up response time but also reduces the associated costs of in-house customer representatives and call center services. In addition to this, staff can concentrate on more challenging work and get in touch with their customers in person.
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- Enhanced commitment level
- Increased brand reputation
- Zero wait time
- Fast resolution
- Higher customer satisfaction
- Prompt escalation
- Superior service solutions
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Earn higher Customer Satisfaction and Sales
Personalized marketing campaigns with effective communication simply means enhanced customer service which further leads to happy customers. Effective use of AI-driven sales process helps personalize respond according to the customer’s history, needs, and specific wants. AI also makes it possible to make product recommendations, set prices, offer personalized ads and send targeted emails, which leads to higher customer satisfaction. Besides this, AI enables conversational commerce, which certainly boosts customer satisfaction. This also means customer retention and more sales in turn.
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Optimized shopping experience-
Machine learning and intelligent analytics can be used to provide up-to-date and personalized content. Optimized shopping experiences are improving with artificial intelligence. Customers can navigate the range of products for sale more easily. Plus, understanding of personalized recommendations, in-depth data about customer preferences and customer behavior help provide better online shopping experience. Furthermore, many platforms are using AI for automation, quick checkouts, enhancing shopping experience level.
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Customer-centric search-
AI has the power to provide recommendations on what could work visually with a specific product. This technology makes it easy to recognize a specific item or recommend similar variations. Consumers are likely to abandon e-commerce experience due to the irrelevant product results displayed. NLP can be used to improve search by narrowing and contextualizing search results for online shoppers. Advanced image and video recognition are also empowering E-commerce to develop a customer-centric experience. AI in e-commerce leverages machine learning to automatically tag, organize and visually search content by labeling features of a video or image. Reduced time makes searching much easier and user-friendly, which further leads to improve conversion rate and boost E-commerce retargeting opportunities. This technology will help in building AI-driven customer system which will boost the efficiency of the service.
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Reduced manual tasks and Automated Back-Office Processes
Management of product data and manual mapping of products is a time-consuming and error-prone task. Automation can be a great help. Artificial intelligence can be used effectively in E-commerce; automation takes over and performs these repetitive tasks. It simplifies backend workflows. Different tasks from scheduling sales, publishing new products on multiple channels recognizing high-risk purchases, offering discounts to loyal customers, etc. can be automated. Automation has made it easier for E-commerce retailers to execute routine operations and scale fast.
In short, AI in e-commerce is needed in today’s business environment. Along with helping in cost saving it opens up several new opportunities. Seems interesting right, but the common question is where do you start?
Artificial Intelligence is changing the face of E-commerce. Whether it is optimizing processes to achieve lifetime customer value or to automate routine tasks for service or sales teams, AI offers incredible benefits for improving the efficiency and productivity. Certainly, proper data feed and well-defined processes can significantly improve the results. Artificial intelligence is a must-have tool for every E-commerce business. Get started now to use it effectively and reap its manifold benefits now.
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