Everyone you talk to these days has been trying to convince you that AI is the best thing since sliced bread. Well, they are right.
Artificial Intelligence is the hottest topic in technology and the advancements in the field are astonishing, to say the least. In 2017, Google’s AI even created its own ‘AI baby’ which ended up being more accurate and advanced than all the other man-made systems.
With the ability to carry out so many new tasks every day, Artificial Intelligence has now been rooted in every sector of our daily lives. Be it smart homes or e-learning or e-commerce, there are very few fields in which Artificial Intelligence is yet to make a mark. Look at the numbers below to understand the impact of Artificial Intelligence in our lives and the future.
Statistics Of AI In eCommerce
- According to Gartner, 15% of all customer service interactions globally will be handled completely by AI by 2021.
- As per a report by Ubisend, 1 in 5 customers are willing to make a purchase through a chatbot.
- 35% of Amazon’s customers have been making purchases based on the product recommendation engine.
- As of 2017, more than 60% of businesses had implemented artificial intelligence for improving their company’s growth.
Clearly, with so many AI tools and products available, using AI for businesses could be simple enough. After testing various tools and strategies, businesses could then expand their budget if their artificial intelligence project turns out to be fruitful. But the question arises, what are the ways in which a business could use artificial intelligence in the e-commerce industry?
How To Use Artificial Intelligence In The eCommerce Industry
There are various challenges faced by eCommerce startups and most of them require help to improve. eCommerce companies can start by exploring various sections of Artificial Intelligence and see how they can implement AI tools into their processes. There are several ways of using artificial intelligence for an eCommerce company. While it can be difficult to choose which one to use for your business, you can simply try using one that best suits your website or mobile app goals, and aids you in growing your ROI.
Here are some of the ways in which artificial intelligence could be helpful if you are in the eCommerce industry:
- Improve customer service with personalized recommendations.
- Streamline most of the processes for solving customer grievances.
- Automate emails and responses based on customer engagement.
- Use big data, machine learning or data analysis to learn more about your target customers as well as current customers.
- Enhance the online shopping experience for your customers with genuineness and easier shopping.
Truely is a great example of how AI is helping companies and individuals with choosing the right software for their needs. AI is sorting through hundreds of reviews to pick out the right ones that can make all the difference in your endeavours. These were just some of the options to show you that artificial intelligence in the eCommerce industry could be very beneficial and can help your business get rapid growth. To help you out with what kind of AI tools you can use for your business, here is a list of examples for Artificial Intelligence (AI) in eCommerce.
Examples Of Artificial Intelligence In eCommerce Industry
Here is a list of 6 examples of AI in the eCommerce industry. Keep it in mind that this is a limited list and there are many other AI tools that can be used in eCommerce apps. Trying out various artificial intelligence tools is a good way to decide which works best to help in fulfilling the desired goals.
1. Personalized recommendations
Possibly one of the most common AI tools in eCommerce mobile apps and websites, a recommendation engine or recommender system can coax users to buy more products than they originally wanted. It analyzes consumer behavior, studies various patterns, and then suggests products to the user. This AI tool can also suggest songs, videos, or books based on the user’s past behavior and patterns. It can be very useful for eCommerce website development company because it can help users remember other similar things that they needed to buy and end in creating a bigger bill than planned.
2. Retarget potential customers
Many businesses are loaded with data that they have no idea what to do with. However, most eCommerce companies are unaware of the fact that this data can be used to give a boost to sales and revenue.
Wondering how to use AI in eCommerce to retarget customers? The simplest method is to track metrics of your eCommerce app or website and then use those to automatically display relevant ads to the visitors. This helps recapture the attention of the users who did not complete their purchases for some or the other reason. If 50% of these visitors place an order, even then the number of sales will rise substantially.
3. Virtual personal shopping assistant
Shopping alone can be difficult, and what could be better than a virtual personal shopping assistant? Many major eCommerce companies have their own virtual personal assistants to help customers make better decisions.
For example, Amazon’s Alexa can help users place orders online, book a cab, order flowers for their loved ones, order pizza and track its status in real-time and much more. Virtual personal shopping assistants can create a huge impact on the way that customers shop online and it is a brilliant way of using artificial intelligence in the eCommerce industry.
4. Tackle fake reviews
Whenever someone logs in to any social media platform, one thing they are sure to see is ads. Loads of them. In such instances, the one thing that can be trusted is word-of-mouth. This is where reviews from genuine buyers play an important role. But what if the reviews are fake? It could negatively affect the online shopping experience of buyers.
AI tools can be used to help tackle this issue. Machine learning can help in such a way that the reviews by verified buyers are given more importance and shown at the top. Users can also mark helpful or not helpful for reviews given by other people. This helps improve the system and allow you to offer better services to the customers.
5. For achieving sales goals
eCommerce is all about generating more sales. For increasing sales, it is important to keep the customers happy so that they keep coming back for more. AI tools can actually help in achieving this in various ways. It can keep track of the macro-trends and help you predict the number of future purchases for different products.
Artificial intelligence in eCommerce can also help the buyers on every step of their buyer’s journey. This can help improve the marketing and sales funnels, and in turn, increase sales.
6. CRM (Customer Relationship Management)
Earlier, the base for customer relationship management was just humans. They gathered data and segregated it to offer better services to the customers. However, AI tools can be used to do this task in a much shorter time than humans. They can also be used to predict which client will make a purchase, who will become a returning customer and how to offer them a better service. With artificial intelligence, predictions are very accurate, and human resources can be used for performing other more important tasks.
Benefits Of Artificial Intelligence In eCommerce
The above mentioned examples of artificial intelligence in eCommerce are only some of the ways in which artificial intelligence tools can be used in the industry. The list keeps expanding every day, with technological advancements in the artificial intelligence field. Here are some of the benefits of AI in eCommerce:
- Create a more personalized online shopping experience for the customers.
- Improve marketing efforts by using data processed by AI tools.
- Increase the number of sales and make the sales process more efficient with the help of various artificial intelligence tools.
- Provide better customer services with the help of chatbots, virtual personal shopping assistants, personalized recommendations and other types of AI in eCommerce.
- Attract new potential customers with the help of artificial intelligence by showing the ads to the correct people at the correct time.
On A Final Note
You should keep in mind that not all eCommerce apps are created the same and every company has different needs. Hence, when choosing an AI tool for your company, make sure you take the help of an experienced eCommerce app development company. This will help you get the best results from your eCommerce app. You can also try testing various artificial intelligence tools with your app to check which one helps you the most.