Artificial Intelligence is making inroads in nearly all business sectors. It’s penetration says a thing or two about its efficacy and the advantages it offers. eCommerce is no different, it’s a sector that has no limitations when it comes to AI implementation. eCommerce AI is indispensable to each other in this new wave of digitization. The penetration of eCommerce in the food & beverage industry alone has grown over 1500 percent between the last two decades. The importance of eCommerce and what it can offer to the masses along with AI integration has no limitations.
If you’re an eCommerce entity and looking to expand your online realm then Artificial Intelligence in eCommerce is something you should consider. Here are 7 powerful ways to use artificial intelligence in eCommerce:
1- The Use of Chatbots & Virtual Assistants:
Chatbots have been under AI’s microscope for a long time. In the beginning phases, chatbots weren’t as efficient as they are now. AI in eCommerce has been able to make chatbots intuitive which is the reason why major eCommerce stores have AI powered chatbots.
The benefits of having a chatbot are a lot as you can provide customer support 24/7. Furthermore, chatbots by being intuitive can provide excellent product recommendations which can enhance your chances of making a sale.
2- Retarget Potential Customers:
The number of leads that don’t materialize or are followed up by marketing teams is a lot more in number than we tend to acknowledge. A big chunk of potential buyers simply lose interest due to a lack of proactive approach by sales teams. In some cases the data is simply too large to handle manually. These scenarios present an excellent opportunity for artificial intelligence in eCommerce.
If a customer spends an ample amount of time looking at a gadget, this information will be stored and used next time when the customer visits again. It’s almost like an online store recognizes the same person and retargets by showing the one product they were looking to buy.
3- Personalization for your Customers:
Marketing 101. Personalized environment for specific users can increase sales dramatically. eCommerce AI presents a solution to personalize the shopping experience of each buyer. This is done through Big Data where data collected is used by AI to create a centric model specific to the buyer.
This information is then used to personalize the shopping experience itself. Ever gotten push notifications of a product that you browsed a day ago? Well, Artificial Intelligence in eCommerce uses information about your digital footprint and identifies ways to connect with you in different ways.
4- An Improved Recommendations Panel:
Shopping on eCommerce stores is incomplete without recommendations. Ever wondered why when buying a product or even browsing products you tend to find something really cool in recommendations?
Artificial Intelligence in eCommerce uses huge quantities of data to predict user behavior. Through user behavior predictions, recommendation of products becomes easier. The algorithm uses data of different types that include customer base preference, buying histories, contextual information and even interests of the buyer base.
5- The Value of Intelligent Agents:
Ever heard of agent technology? In text book terms, an agent technology refers to a methodology that involves agents within a model which are autonomous and can cooperate with each other. These agents have problem solving skills and are extremely beneficial in an eCommerce store.
The main function of intelligent agents include facilitation in transactions and matching buyers & sellers together. As mentioned before, the agents are autonomous and have control over their actions. Their main function is to streamline the entire shopping experience and not just from the customer’s point of view but the sellers as well.
6- Efficient Inventory management:
One thing that many eCommerce stores face is inventory management. At times, store owners are unable to decipher or predict how much market demand there is. This fact further leads towards shortage of stock or even excess of idle stock just laying there.
AI enabled inventory management uses information such as sales trends over the past few years through which projected rate of supply is drawn. You can use an AI backed inventory management model to find the right amount of products that are able to meet the demands in perfection.
7- AI Based Marketing in eCommerce:
As we said before, Artificial Intelligence is penetrating in nearly all sectors. This also includes the marketing sector as the ads you run on social media or search engines gain information from AI backed data metrics.
The benefits of Artificial Intelligence in eCommerce are immense as marketing is a world of its own as well. Regardless, marketing itself has a significant impact on the world of eCommerce and Artificial Intelligence.
In a Nutshell:
The impact of Artificial Intelligence in eCommerce is something that many people are still finding out. Its impact on the industry however is quite powerful and in manifold ways. It has been able to elevate the entire experience of not only the buyer but the seller as well.
If you’re looking for an AI engineer who can strategize your eCommerce store with AI integration, then give us a call and we’ll be able the change the very face of your business!