Advancements in artificial intelligence and deep learning have changed our lives in multiple ways. AI is used to power Google’s search engine, Apple’s voice assistant, and Tesla’s self-driving cars. Similarly, the impact of artificial intelligence is being experienced in retail and e-commerce. AI is a smart and modern tool for sales growth as well as optimizing different aspects of e-commerce operations.
Business insider claims as much as 85 percent of customer interactions will be handled without a human by 2020. Artificial intelligence can leverage the available information regarding customers’ buying patterns, and the type of apps used by customers, extracting patterns from customer behavior, and with its self-learning algorithms and intelligence it can produce a personalized shopping experience.
In the following ways, AI is affecting the E-commerce industry
1. Personalized User Experience
Artificial Intelligence is constantly proving its expertise in delivering a personalized experience to online buyers. AI is a key factor in ensuring an interactive shopping experience to boost sales eventually as recommendations are not simply based on users’ previous likes and visits but also include probable products that they are likely to purchase.
2. Virtual Shopping Assistant
AI-powered virtual shopping assistants are helping e-commerce sites to ensure customers a unique and wonderful experience. In this way, customers will be provided with customized recommendations on behalf of their taste, preference, and previous usage patterns. This includes services like notifications on price drops to increase online footfalls for even more conversions.
3. Voice Search
Voice recognition is a tricky problem due to innumerable variations in the manner people speak. They tend to be a bit longer than typed searches as well as more complex. To match the intention of the user algorithms need to be trained to recognize and interpret multiple patterns that exist in our natural language.
A certain type of artificial intelligence known as neural networks is capable of emulating how our brains learn and make decisions. This is also used in facial recognition and automated speech. To put voice search at the forefront experts believe that experience needs to feel like human interaction, not like a computer.
4. Chatbots
Advancements in artificial intelligence will help chatbots decode what customers are looking for precisely in multiple scenarios. Interestingly chatbots are available 24*7 therefore, they can provide a reliable and inexpensive mode of customer support.
5. Assortment management
In the current competitive scenario of online shopping, merchants are required to track the products that are sold frequently, what products need to be added, and which products are likely to be discontinued. Assortment management requires sufficient forecasting to remain ahead of the competition.
Previous performance of products can be analyzed by an individual but very accurate forecasting is possible through a sophisticated algorithmic model. It is important to assess the interrelationship between various products with the direct and indirect influence of multiple events as well as the effect of competition and pricing.
E-commerce businesses are getting smarter to reach operational excellence. Artificial intelligence is capable of decoding the data, predicting upcoming market trends, and providing responses to market change in real time.
A user-oriented solution on cutting-edge technology to engage customers or boost your brand to eventually edge out your competitor and realize the potential and importance of the latest online business solutions in various domains to ensure stability and rocket sky the ROI.
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