How Artificial Intelligence is Molding Ecommerce?

Are you running an eCommerce store?

If yes, you must be looking for approaches to increase sales and conversions, tools to manage work with minimum efforts, decrease cost and work-handling time. This article would cover how AI in eCommerce can enable you to accomplish these objectives.

Do you want to become another Amazon or eBay?

Let’s discuss the popular AI Applications

The e-commerce giants are using different forms of AI to offer seamless user experience, understand the potential and existing customers in a better way and generate quality leads.

The most prominent AI applications which are widely used by the top players of the e-commerce industry are:

Chatbot

The AI in Ecommerce cannot be introduced without discussing Chatbots. These chat boxes on the landing page of online business sites and mobile applications are AI-based computers that are modified to speak with clients in a customized way, respond to customer’s queries and inquiries.

The implementation of chatbots in e-commerce websites helps the modern buyers to search the right product, check the product availability-‘item in stock’, compare multiple products and finally helps in making the payment. Without much human intervention, chatbots empower organizations to add an individual touch to the connection between AI and clients.

Why Should You Be Using AI Chatbots in 2020?

AI chatbots have become quite popular as several businesses are adopting them for customer service and lead generation.

Those who haven’t started using chatbots yet are also considering to invest in them. That’s because of all of the success stories of implementing the chatbot technology.

So, what is it that makes chatbots so useful?

Why should you invest in AI chatbots?

Well, here are a few reasons why you should seriously consider using AI chatbots for your business:

• Chatbots are like super-efficient employees who work 24×7 all year round without asking for a break.
• They can help you resolve customer questions and provide answers much faster than a human can.
• Customers love to get immediate responses rather than having to wait to speak to a customer care executive.
• Chatbots are not prone to making human errors and provide a much higher accuracy rate in whatever they do.
• Deploying chatbots is a one-time investment that can help you save on costs in the long run.

Do you really need more convincing?

Then, check out this infographic that was originally published on ShaneBarker.com, to learn more about the challenges and opportunities associated with AI chatbots.

Recommendation Engines

Recommendation engines are widely used by all the e-commerce giants including Amazon, to classify the intended interest group of customers for their products. Considering the product searches made by a potential client, AI algorithms in search engines record basic subtleties on the product being looked. Based on AI algorithm results, the search engine creates appropriate suggestions for the browser and records them on their own dashboard to enable them to discover the products rapidly.

The personalized recommendations help the users to find a list of product range they are looking for and choose the best out of it.

Predictive Pricing

AI tools can enable the use of a dynamic pricing business model to your store. The use of machine learning e-commerce Artificial Intelligence help the companies to evaluate the buyer’s behavior and manipulate the product prices in real-time. It also considers competitor’s pricing strategy and market demand to change the product price, within the predefined parameters.

How to use AI in Ecommerce Business?

Use of Artificial Intelligence in re-targeting potential customers

Studies say that a major portion of marketing leads aren’t properly followed up by the sales team of the companies. Also, numerous organizations are over-burden with unmanageable client information and they do pretty much nothing with this useful data. This mind-blowing goldmine of unmanaged customer data can be utilized to increase the business profits and improve the sales cycle.

You must have experienced an advertisement of a product you recently searched, following you everywhere, on every website you visit.

Did you ever think about how your information is being used and why you are seeing the same advertisement everywhere?

Being a citizen of the digital world, we all know that Google collects the information we use on our smartphones and laptops and from all the connected devices.  Artificial intelligence helps the companies to monitor customers’ search and buying behavior and help the marketing team to run the targeted advertising campaign in front of the most potential customers.

To generate product descriptions

Along with the product images, it is essential to update the product description as well. But writing and updating product descriptions for a wide range of ever-changing inventory is a time consuming and costly affair.

AI takes care of this issue by automating the writing process for product description. Also, the AI Content Software knows the most relevant keywords and likewise it frames the content including the ‘most-searched’ keywords.

Benefits offered by automated product description:

• Creating content for thousands of product descriptions per hour.
• Producing effectual content addressing buyers’ interest.

AI offers post-sales support

AI solutions take care of the customers even after the sale. AI engages the customers by the following means:

• By sending automated post-sale follow-up notifications or e-mails.
• By handling customers’ complaints, queries, product returns, and refunds.
• By processing warranty claims.
• By sending notifications and emails on customized offers, upcoming discounts, and sale.

Although Artificial intelligence is not as great as human interaction. But with technological advancement, AI is taking good care of customers at all the pre and post buying stages.

AI offers automated inventory management

Good inventory management is essential to manage the stock requirement and free the resources locked in not-required inventory.

• AI tools intelligently manage the stock, tell the ‘in-stock’ and ‘out-of-stock’ products.
• AI suggests how much stock you’ll need tomorrow and precisely when.
• AI evaluates the factors affecting the stock level.

AI helps in Sales forecasting

AI tools work intelligently to project future sales. AI makes predictive sales analysis based on the below sources:

• Previous years sales history
• Market position Of competitor’s
• Real-time socio-economic changes
• Customer search trends
• Changes in demographics, age, and gender

AI offers intelligent data management

AI does not need to organize the data before using it. AI tools can use raw and unstructured data efficiently. It can store different types of data at a common location. Making the optimum use of raw data is a powerful job performed by AI.

?How Artificial Intelligence Is Molding Ecommerce?@planetwebsol https://t.co/kvFARR4Ckz pic.twitter.com/RJ2mHcGaaP

— Larry Kim (@larrykim) September 5, 2019

AI offers outstanding checkout features and payment solutions

The implementation of AI tools can enhance the checkout feature of the e-commerce website and help the store owners to get rid of cart abandonment rate rising due to poor checkout and payment solutions. AI makes the payment gateways user-friendly.

AI facilitates online stores with best checkout features, offering the below list of benefits:

• Advanced Security
• Easy and quick Checkout
• Intuitive interfaces
• Enhanced Customer experience

Start investing in Artificial Intelligence

It’s not difficult to get started with AI in e-commerce business. AI solutions are very easy to use and implement to your e-commerce store with minimal investment.

Whether your website is built on WordPress or Magento CMS or any other web development platform, our intelligent team of Artificial Intelligence experts can implement AI in your online shop to offer enhanced user experience and support overall business performance.