What is the first thing that comes to your mind when you hear the word Artificial Intelligence? Does it remind you of ‘Skynet’ from the famous science fiction movie “Terminator”? Or do you remember Ultron, the super-intelligent robotic villain from The Avengers? Well, artificial intelligence (AI) is beginning to penetrate all areas of our lives. AI can be found almost everywhere, from self-checkout registers to enhanced security checks at airports.
Intelligent product recommendations and personalized messaging are two highlights of how AI is transforming the ecommerce landscape.
This is how Artificial Intelligence (AI) is changing the face of e-commerce:
1. AI-enabled smart product recommendations
AI helps to collect and compile gigantic pools of data from various channels, past transactions, purchase history, etc. to determine buying patterns and customer trends. This can be used to make personalized product suggestions.
Furthermore, AI-as-a-Service not only helps deliver highly personalized items, but also helps analyze customer behavior and make intelligent predictions about what they actually want. This is used to better anticipate future purchases and create personalized sales strategies based on customer behavior patterns. Delivering personalized marketing and advertising messages to your customers helps eCommerce businesses retain their customers.
2. Virtual assistants and chatbots
Ecommerce merchants today use chatbots and other virtual assistants to provide 24/7 support to their consumers. AI-powered chatbots or virtual assistants can help personalize user experiences. Ecommerce businesses can harness the power of AI-powered chatbots to deliver seamless shopping and support experiences to their customers. Eureka! Businesses can also save cost and time by automating support-related tasks through chatbots.
Also read: How GenAI is transforming the future of marketing for companies?
AI algorithms sift through massive databases and extract useful insights into customer behavior, allowing them to better predict what a customer needs and when. AI helps deliver intelligent services and hyper-personalized customer experiences.
A good number of eCommerce websites are personalizing their messages and engaging in one-on-one conversations with their customers with the help of AI.
Also read: How the cloud is solving the most vexing problems for e-commerce companies?
4. Inventory control
Inventory must be kept current, properly stored, and pre-ordered based on demand projections. Predictive analytics powered by AI technology is proving to be a big help here.
AI-powered predictive analytics provides predictions about future market demands by evaluating historical data related to customers, sales, inventory, orders, purchase history, etc. When combined with machine learning (ML) algorithms, AI improves your ability to anticipate inventory requirements well in advance. You can also predict rapid changes in demand.
5. Effortless automation
AI automates critical tasks like product recommendations, discounts, customer support, and more. AI-powered e-commerce services will make it simple for e-commerce organizations to automate a variety of operational activities, lower costs, and reduce manual work. AI helps design a more effective sales process and automate the tracking of abandoned cart inquiries and more.
6. Cyber security
Advances in AI and ML are helping to analyze data and identify patterns that eventually help make decisions with minimal human intervention. E-commerce websites can harness the power of AI to track and identify threats and attack patterns before they appear with the help of well-integrated and managed threat protection services.
Artificial intelligence is playing a key role in creating seamless customer experiences for eCommerce businesses. Some of the most prominent benefits of AI in eCommerce are personalized shopping experiences, product recommendations, and intelligent inventory management.
Futurism Technologies is a leading Digital Transformation (DX) partner helping businesses unlock the true potential of digital. We offer DX services across the entire value chain, including digital experience, cybersecurity, digital consumer engagement, and more. We’ve helped hundreds of retail, healthcare, manufacturing, BFSI and other businesses realize their digital dreams.
Get in touch with our AI expert to see how we’re helping retail and eCommerce businesses stay ahead with our tried and tested AI services.
The post How is AI reinventing the ecommerce industry as we see it today? first appeared in Futurism Technologies.