The term “Change” has been consistent in the e-commerce realm. There are times when it comes in the form of passing fads, while at other times it can turn out into a seismic shift. The rise of Artificial Intelligence certainly falls into the latter category.
Innovations in technology is no longer a luxury, it has become more than a need for one to sustain in the fierce – and ever-changing marketing environment. Artificial Intelligence is a recommended tech which can be implemented in a relatively easy manner. Not so long ago, the technology was considered as a mere science fiction but as of now, AI used on the daily basis and by everyone. For example, I am sure you must have used Google maps while driving where there is a narrator informing you that a faster route has become available. This is AI. Similarly, when you visit online retailers—the ones that appear after you’ve added an item to your cart, or even on the sides or bottom of a specific item page. Don’t get confused because these aren’t random they are selected especially for you using AI algorithms and calculations.
AI Changing the Future of E-Commerce
The world of online shopping is changing day in day out. Several e-Commerce stores are found emphasizing on customer satisfaction. Right from offering virtual assistants to creating personalized shopping experience, Artificial intelligence seems to be refining shopping experience for both retailers as well as customers. Right from analyzing consumer data to predicting future purchasing patterns and making product recommendations on the basis of browsing patterns is what AI applications do in general. Other than this, here I would like to mention a few key pointers stating how artificial intelligence is changing the realm of e-commerce industry.
#1 personalized customer service– Of course, this is not a new concept! But there are tons of companies using the emerging AI technologies to improve the different levels of customer service offered by them. With the use of collaborative filters, they provide their customers with recommendations depending on the search history, trends, bestselling items from the website. Information is gathered here from lots of channels which provides deep insights that help businesses achieve seamless client experience.
#2 Image search- Campaigns nowadays are moving towards developing image search capabilities. Here the user tends to upload an image of any product of their choice and the website helps them in finding the identical or similar product. AI-driven algorithm are here to play a very crucial role especially when we are living in the digital era of Snapchat or Instagram. It is safe to say that image search has made the life of consumers pretty easy. All they require doing is to upload a picture and find similar ones online.
#3 Re-targeting clients– Most of the companies are loaded with customer data but aren’t able to utilize the same for their business. This data can prove to be extremely beneficial, do you know why? Because, with such advancements, companies can now display relevant special offers for their customers, based on customer’s search history and consumer data. As a result, retailers can now re-market their product to customers through their websites.
#4 channelizing the Sales Process– From traditional methods of cold calling and yellow pages, sales techniques have changed to a great extent. By incorporating Artificial Intelligence, services can be customized with a sales message that reaches the right customer at the scheduled time. Which means an AI-driven CRM can effectively manage all sales tasks and streamline the whole process. Say bye-bye to inappropriate yields results.
#5 Virtual Buying Assistants– This is something that helps consumers to decide which products or services to buy or choose. The assistant prompts customer if there is a drop in terms of the cost of the item in which the customer showed interest and if directed, it can also buy that item on behalf of the customer. This feature, in particular, can prove to be highly beneficial for the consumer and lead to a considerable amount of cost savings.
Practical examples of AI in E-Commerce
- WayBlazer– This is a travel start-up that features artificial intelligence in order to deliver contextual, personalized insights and advice for travelers, using deep learning algorithms. The company assists numerous B2B companies especially those who tend to plan small outings, manage hotel bookings, and arrange tours and what not!
- USAA– The company provides financial services that make effective use of AI in order to identify inconsistency in financial transactions by simply tracking client’s behavior and identifying hidden patterns. They make use of thousands of factors to determine customer behavior.
- Under Armour– Have you heard about the famous sports and fitness Apparel Company? With the help of IBM’s Watson AI system, they end up creating an app which keeps of a person’s health and fitness. The system aims to offer the user with individualized training advice and personal nutrition information.
- Knorr– I am sure you know this company! What you don’t know is Knorr uses AI application to develop recipes right on the basis of the ingredients available to the end user. Relevant hints are provided by the application to the user and it also provides the company with information about what the customer needs or is looking for.
- Netflix- This one is my favorite! The online video and media streaming website also use AI to provide their customers with personalized recommendations. Being usually based on what a user has watched or the video’s online ratings.
Author Bio: Rooney Reeves is a content strategist and a technical blogger associated with well known firm for eTatvaSoft – Web, e-Commerce &Mobile App Development Company in India. An old hand writer by day and an avid reader by night, she has a vast experience in writing about new products, software design and test-driven methodology. Her write-ups mainly features anything and everything related to the web!
With the true passion for creating compelling content for online and offline media, Rooney has donned multiple hats over the past several years.