BENEFITS OF AI IN E-COMMERCE GROWTH
There are different ways to understand how revolutionary a piece of technology is.
One of the simplest ways to know if that technology is really awesome is to imagine asking people a few decades ago what they think about that technology.
“This is impossible, this is science-fiction!”
If this is the answer that comes to your mind those people tell you then the technology in front of you is truly revolutionary and somewhat impossible a few decades back.
What can be more revolutionary than artificial intelligence (AI) technology! Artificial intelligence and AI-based algorithms along with machine learning are transforming the world as we speak.
One of the most important use cases that AI sees is in the industry of e-commerce businesses.
There are numerous benefits of AI in e-commerce from building business strategies to utilising virtual assistants for customer satisfaction.
E-Commerce automation and the general use case of artificial intelligence in online shopping are enabling this industry to grow at gargantuan levels.
HERE ARE THE WAYS AI BENEFITS E-COMMERCE BUSINESSES
PERSONALISATION
This is probably one of the most significant changes that can be visible to you as a consumer.
In order to notice this change, you must create an account in the E-Commerce platform you are going to analyse.
Then after creating the account, you must use that account to browse randomly in the eCommerce platform.
You can then search for specific items and specific items related to those items.
Give this a few days and after that if you open the app you are going to see that your suggestions page is filled with items that are related to what your search for.
By suggestions page we mean that the whole home page will be filled with items related to what you have searched for. These relations are intelligent relations.
For example, if you have searched for a dish scrubber then you might get the suggestions for dish soaps.
If you have searched for a mobile phone then you might get the suggestions for its back covers.
If you have searched for a cricket bat then you might get the suggestions for a cricket ball.
These are not simple suggestions but they go down why a bit deeper. This is only possible if your searches and your browsing behaviour as well as your preferences are being studied by AI-based algorithms.
This might seems scary to a few people and we do not blame them because ultimately this AI technology in e-commerce is using your data to get to your needs more efficiently.
This is not as scary as anything else because you are seeing first-hand what this data is being used to do.
If you want to compare this to the real world then this is exactly the kind of way you will be treated if you are a long-time customer in a store. The shopkeeper will know what your necessity is and will recommend you products.
The difference between the offline and the online use case is that what the shopkeeper takes years to learn the AI can learn within days.
This is merging and transforming the gap between your offline and online commerce experience.
VIRTUAL ASSISTANTS
Virtual assistants bring in an extra degree of support to AI.
If AI is going to be popular in e-commerce then AI needs to be able to perform various tasks for the customers.
While these tasks all happen in the background, the only way to show the customer that AI is being implemented is through virtual assistants.
While we have heard of virtual assistants being used in operating systems, they are slowly but surely being used in e-commerce apps.
These virtual assistants can be in the form of voice assistants. They will simply hear the customer ask for anything and they are going to find that out for them.
This will not only free the customers’ hands and do anything else but is also an excellent option for disabled customers.
Virtual assistants are also quite popularly used during customer enquiry. While a call centre can only be active for a certain number of working hours, an AI-based virtual assistant can be active infinitely and that will mean that the customer is getting the valuable support they want any time of the day.
Voice recognition technology is not unique but the layer of AI implementation that is added to it makes it stand out as a really useful tool for the convenience of customers.
AUTOMATION
This is one of the most important use cases of AI in e-commerce.
There are several functions that an e-commerce website has to do automatically and that might include the simplest of tasks like confirming the order and letting the payment process take place to complex tasks such as the running of various sales and various offers.
During these offers, the demand and supply dictate the prices of the goods and these prices must also be compatible with the company’s profit-making motive.
This kind of automation is done by artificial intelligence. AI makes it possible so that all the functions of any commerce website can be independently carried out without human intervention.
It is all known to us that humans can make mistakes and during crucial hours such as mega-festival SALES and other high traffic situations if there is a human element then that increases the chance of error.
CUSTOMER RETENTION
Customer retention is what keeps an e-commerce website alive.
If you have customers that are returning only then can you surely predict the trajectory of your company?
This is where artificial intelligence plays a crucial role.
We often see targeted emails and targeted push notifications and wonder how the app knows us so well. This is exactly what artificial intelligence and deep machine learning do.
Artificial intelligence can be used to study the patterns of customers and then use push notifications and other mediums to market them to return.
If we look at statistics this is a process that actually works quite well.
One of the most important things that AI does, in this case, is that it decreases the cost of running these personalized ad campaigns.
It would be impossible to do these kinds of ad campaigns if only humans are to be employed.
These were a few of the benefits of AI in e-commerce growth. AI is transforming the eCommerce landscape and is bringing eCommerce to a larger audience.
If you are someone who is planning on launching their eCommerce website and is willing to implement artificial intelligence into their processes, then we are here to help you. We are ThinkToShare, the fastest-growing website design company in Kolkata.
We will ensure your e-commerce website is optimised with the latest technology at all times and includes machine learning and AI so that you can compete with the e-Commerce giants and become a reputable name in the e-commerce industry.
META – There are multiple benefits when it comes to AI for e-commerce growth. These benefits not only help the e-commerce platform perform better in the market but also helps cut costs dramatically thereby increasing the overall efficiency.
