Advancement 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. In similar fashion the impact of artificial intelligence is being experienced in retail and e-commerce. AI is smart and modern tool for sales growth as well […]
Advancement 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. In similar fashion the impact of artificial intelligence is being experienced in retail and e-commerce. AI is smart and modern tool for sales growth as well as optimize different aspects of e-commerce operation.
Business insider claims as much as 85 percent of customer interactions will be handled without a human by 2020. Artificial intelligence is able to leverage the available information regarding customers buying patterns, type of apps used by customers, extracting pattern from customer behavior and with its self-learning algorithms and intelligence it is able to produce a personalized shopping experiences.
In following ways AI is affecting the Ecommerce industry
1. Personalized User Experience
Artificial Intelligence is constantly proving its expertise in delivering a personalized experience to online buyers. AI is key factor in ensuring an interactive shopping experience to boost the sales eventually as recommendations are not simply based on user 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 customer 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 include service like notification on price drop to increase online foot falls 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 search as well as more complex. In order 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 type of artificial intelligence known as neural network is capable of emulating how our brains learns and take decisions. This is also used in facial recognition and automated speech. To put voice search at forefront experts believe that experience need to feel like human interaction not like computer.
Advancement in artificial intelligence will help chatbots to decode what customer is 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 discontinue. Assortment management requires sufficient forecasting to remain ahead in 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 interrelationship between various products with direct and indirect influence of multiple events as well as effect of competition and pricing.
E-commerce business is getting smarter to reach the operational excellence. Artificial intelligence is capable of decode the data, predict upcoming market trends and provide response 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 latest online business solution in various domain to ensure stability and rocket sky the ROI. Singsys boasts best-fit developers, designers that were key to partner with multiple Fortune 500 firms to deliver industry oriented web, mobile and ecommerce solution always.
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Oct 5th, 2017