Artificial Intelligence in ecommerce is a revolutionary step many businesses are employing to advance and automate their various business processes. AI can help businesses in diverse ways.
In absolute terms, e-commerce, that is to say electronic commerce, simply refers to the buying and selling of products and services on the Internet. However, the term is often used to describe all steps and actions taken by a seller with the aim of selling products directly to consumers. The process starts as soon as a potential customer discovers a product, buys it and uses it until, ideally, becoming a loyal customer. Ecommerce also includes the sale and purchase of dematerialized products such as services and other digital products.
Global e-commerce currently represents almost 11% of global trade, and this will continue to grow in the coming years. But with the massive arrival of Artificial Intelligence (AI), this is likely to progress even faster, perhaps even onp an exponential trend. From the design of personalized shopping experiences to the existence of virtual personal shoppers, artificial intelligence is combined with e-commerce today and the goal is to improve the online shopping experience for both consumers and retailers.
1. To find potential customers: In retail for example, artificial intelligence is used with facial recognition to capture customer behaviors in a store. If a consumer lingers for a while in front of a product – a tv, for example – that information will be stored for use on their next visit. As AI improves, you may even start seeing special offers on your computer screen based on your wait time in store or even your reaction to a product.
2. Creating an Effective Sales Process with a Virtual Assistant: Now, with virtual assistants, online businesses can leverage AI to relevantly select and recommend products that are useful and desired by a shopper, saving the shopper from having to do all the research work in the catalog.
For example, integrating artificial intelligence into your CRM will personalize your solutions and create an effective sales message. Indeed, if your AI system enables natural language learning and voice input, like Siri or Alexa, your CRM will respond to customer inquiries, solve customer problems, and even identify new sales opportunities.
3. Chatbots: If e-commerce sites can offer 24/7 support to their customers, it's thanks to chatbots. Providing a cohesive brand experience today, these bots have come a long way since their first clumsy responses. They have become smart and can communicate effectively with visitors.
4. Product content management: From managing inventory to creating product catalogs, AI enables companies to deliver consistent customer experiences by tracking and organizing important data and resources.
5. Customer service
Having exceptional customer service is crucial in a competitive economy. AI allows brands and businesses to focus on what matters most: making customers happy and addressing their concerns, any time of the day. In the future, face-to-face interactions will become less and less frequent and AI will take center stage. Nany day-to-day tasks will be automated and customer service agents will be able to focus on providing more valuable and personalized service to customers
Artificial intelligence is the future of everything, especially ecommerce. AI is for today, not just tomorrow and it is going to affect the future of e-commerce, but also the present. It’s already here and it's time for sellers to learn how to integrate it into their businesses. Fortunately, it isn’t as complex as it may sound at first, the tech is pretty uncomplicated. AI offers retailers and consumers ecommerce that is more convenient, more responsive to consumer needs and ultimately even predictive of them leading to better experiences all round
Why trust artificial intelligence? Quite simply, to enhance your company. In a Deloitte study published in 2018, 41% of the companies surveyed saw automation, robotics and artificial intelligence as a topic of paramount importance. And it can be a key tool to improve the performance, profitability and competitiveness of your business. Reports show that artificial intelligence has the potential to increase the profitability of companies by an average of 38% by 2035.
Over the next decade we will see AI's first-line influence on e-commerce. Understanding human habits and consumer behaviors are key to running a successful business, whether online or offline. Embracing AI by accepting that it is changing the way we as humans work, shop and live will put you and your brand ahead of the competition. Not only do we need to understand how our consumers buy, but we also need to understand how they live on a daily basis.
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