Power of AI in eCommerce: How AI Drives eCommerce and Boost your Business?
Artificial Intelligence is a not-so-old, revolutionary concept used in different industrial sectors and we will be discussing its impact on the most popular sector in the technology-driven era – the eCommerce sector in this blog.
The concept of Artificial Intelligence is limitless and it has grown its links with the eCommerce industry rapidly. In fact, more than 85% of marketers have predicted substantial growth of Artificial Intelligence in eCommerce in the next five years. Many online store platforms or eCommerce giants like Amazon and Flipkart are already utilizing Artificial Intelligence technologies and solutions to get higher sales revenues than before. For example – the introduction of AI in customer experience and other services, Amazon has earned about 35% of its total revenue through this.
It is also transparent that Artificial Intelligence in retail industry is proving a better customer experience via smarter product recommendations, quicker checkouts, easy identification of genuine customers, and more. This is strengthening the Unified experience for customers at a single platform or overall boosting the Unified Commerce. Similarly, Unified eCommerce is rooted across many industrial sectors due to provisions like optimal inventory with sales forecasts, high customer engagement, customer analytics, etc. Unified eCommerce can be made into reality through implementing advanced Artificial Intelligence tools like customer service AI Chatbot in business processes and customer experience.
AI in eCommerce
As per the Gartner study, 58% of users will use Artificial Intelligence to save their time. The latest technologies are empowering the eCommerce sites with its robust algorithms such as Machine Learning in eCommerce, Data Analytics, and the most important Artificial Intelligence in retail. Customer service and AI goes hand in hand in the eCommerce sector. The use of AI in the eCommerce industry is exceptional over the years and helps in better customer understanding to improve the customer experience for high sales. The customer analytics is based on the data available through web history, website traffic, page visits, product visits, product checkouts, conversion rates, etc. that are turned into customer experience intelligence via integrated AI algorithms.
Some ways of using Artificial Intelligence In eCommerce
As mentioned, many eCommerce businesses are harnessing the advantages of Artificial Intelligence to increase their sales and for better customer experience, we will be describing here some fruitful ways of implementing AI in the eCommerce business.
Adopting Personalized Search
For any digital commerce platform, a smart search experience for clients is the highlight and with the help of Machine Learning analytics and AI aided software, better search experiences can be developed via smart image and video recognition.
Providing Convenient Payments
With AI-assisted shopping carts for automated purchase tally, order creation, and payments as by the ShopCart, it is a convenient, quick purchase process and payments along with a smarter customer experience and best of eCommerce solutions.
Utilizing Wearable Technology
Build good partnerships with AI in stores by introducing it into wearable to increase business sales as wearable analytics holds more potential to analyze customer behavior, taste, and physical statistics than eCommerce platforms to deliver accurate product recommendations.
Enhancing Products/Services Recommendations
Right products or services recommendation is the direct way to the sales and so AI is used by big brands like Netflix, Amazon, and Starbucks to enhance customer experience intelligence via suggestions based on customer behavior and data insights.
Installing Virtual Assistants for Help
Virtual Artificial Intelligence in the form of Virtual Assistants like Siri for iPhones, Alexa for eCommerce Amazon is highly convenient for customers to make purchases on the eCommerce platform and there is a great scope for its high implementation in the retail industry.
Rapid Conversations with AI Chatbots
AI Chatbot for eCommerce stores is an outstanding eCommerce customer service and benefits both customers and tech support to handle queries quickly with the fastest communication channel. AI customer service Chatbot can be integrated with Shopping Carts for automated sales and fixing chat queries with linked customer details.
Personalization on Multiple Devices
AI-based personalization helps the eCommerce business to analyze customers’ approaches to online stores from multiple devices whether mobile, website or email. AI engine offers a unified customer view on all platforms along with a reliable customer experience.
Improving Sales Process Efficiency
The integrated AI systems in an eCommerce application work to improve Sales efficiency via AI-driven CRM solutions to answer customer queries intelligently delivering the apt solution for the problem and perform multi-tasking like quick customer information access, efficient employee skills utilization, etc.
Identifying/Retargeting Target Customers
Those businesses that comprise customer-centric AI in eCommerce know how to utilize this technology to identify target prospects with new lead generations. Also, retargeting potential customers via AI-driven facial recognition and dwell time in-store is another way of profiting businesses directly.
Implementing AI-Powered Solutions
Advanced AI-powered solutions like AI-enabled email-marketing for smart customer analysis based on their responses, AI-based data analytics tools for business intelligence, customer analysis via his information details, AI-enabled Supply Chain Automations, etc. make the retail business powerful.
How AI in Unified eCommerce makes it possible for retailers and consumers?
All the above-mentioned benefits of AI in the customer service of the eCommerce platform include endless sales opportunities. Customers purchasing patterns are restructured with solutions like AI Chatbot customer service and omnichannel strategies. It validates the concept of Unified eCommerce with a unified and personalized customer experience. Unified eCommerce is blooming in the Fashion and Cosmetics sectors already as robustly supported by Artificial Intelligence. Consumers are highly satisfied with the right product consumption and retailers are earning high revenues based on efficient sales in the online market.
With personalized shopping experience, quality inventory management, intelligent customer experience through AI innovations like Chatbots, Virtual Assistants, and product recommendations resources, the advanced technology holds a really strong impact on the eCommerce industry in the coming future. As predicted by Gartner, eCommerce sales are expected to reach $4.8 billion by the end of the year 2021. AI in the eCommerce sector is a secured deal for many coming years going through this pandemic age, with its advantages like enriched customer experience 24*7 Chatbot facilities, instant messaging channel, provided informed decision making with simplified modeling analysis, and personalized messages with recommendations based on web history to contemplate customer behavior for future purchases, etc. AI is still being experimented to make it more flawless to understand the real customer behavior and requirements that cannot be even experienced by the human certainly.
Wrapping up the digital age of successful Unified eCommerce?
In the current digital world where most of the products are purchased online to which the Pandemic situation contributes a lot, depends on eCommerce stores for their basic and fashioned needs. As we have discussed in the blog that AI has completely transformed the way of online business, purchase, customer interaction, and support, it also has aided to create a unified customer experience and unified eCommerce development with capacities to deal with multiple tasks and queries simultaneously. So, one cannot deny that with the AI applications in eCommerce through AI technology companies, we are living in this digital age of successful Unified eCommerce industry.
The business makers who trust in technology and want to grab reliable and AI-driven eCommerce development services on the chosen platforms can directly contact our experts in CG-VAK, a renowned offshore eCommerce development company mailing with their project requirements.