The eCommerce sector has been constantly undergoing changes in the recent years. The onset of Artificial Intelligence (AI) has unlocked newer opportunities for the eCommerce industry, while boosting business growth. Change in shopping patterns, automation of simple jobs, face recognition, media trends and pattern identification with the help of AI can bring more dynamism into the eCommerce industry. When eCommerce and AI work hand-in-hand, it can create more focus on customers and enhance customer services.
People who shop online from Aliexpress, Amazon, eBay and other e-commerce websites, always look for timely customer support and an easy online shopping process. As per study, by the year 2020, we will see around 80% of interactions with customers taken care of by AI. A lot of retailers are also planning to invest in AI for the best business results. Another report says that shoppers who have an interaction with reviews and opinions online, are 97% more likely to convert into customers than those who don’t. AI is definitely changing the way the eCommerce industry works, but what is it that actually drives businesses to apply this technology?
Enhanced Customer Service - Excellent customer support and service are tools that businesses just cannot afford to ignore. It is one of the most crucial elements in any business. With newer technologies emerging every day, there’s an increase in competition. With increase in competition, the need for quality customer service has also increased. Customer support is best provided by people working for the company, but not all businesses can afford to employ human resource solely for this purpose. With interactive customer support delivered by AI effectively, budget-friendly customer support becomes easy.
Customised Experience - AI is known for providing personalised experience to users and enhancing the overall customer experience. With the help of AI, online merchants can include personalised pages on their website and offer customised recommendations to users. While the recommendations are based on the user’s previous likes, the other complimentary products displayed are also similar to what the user would like. This offers an interactive buying experience and increases the probability of generating sales.
Top-Notch Security - Security plays a major role when it comes to eCommerce business transactions and it cannot be compromised. Report says that at least 13% of shoppers hesitate to purchase because of probable security issues. The implementation of AI is believed to take care of security issues and offer a worry-free experience. It will help in collecting behavioural predictions more accurately and quickening the purchase process. AI will help online businesses in offering high-end security to all its users and in turn diminishing any probable fraud transactions.
With AI making online shopping a convenient and safe experience, shoppers can go out and make the most of shopping deals during popular online shopping events like Click Frenzy.
Reliable and Quick Decision Making - AI has been a boon to us in that it has simplified a lot of tasks and reduced our work immensely. It has proved to be one of the best inventions today by simplifying data analysis and modelling, to a great extent. Tasks such as analysing the customer’s shopping pattern, handling of customer data, data manipulation, predicting every user’s behaviour and the same would require much time and effort from a human. AI on the other hand, can perform all these tasks quickly and efficiently. This is why more and more online retailers are looking forward to implementing automation and AI solutions in their businesses. It is estimated that in the coming years, almost everything in the eCommerce industry will be automated and taken over by AI.
Serving Beyond the Needs - Humans are believed to be performers of the highest level, be it any field of work. We are known to have expertise in almost every field. In the retail industry, where huge amounts of data play the key role, it becomes highly crucial to analyse every set of data. Although employees do their best to deliver the work as expected, there’s no denying the fact that not all the data gets utilised to the full extent. In such situations, AI comes into play. It can track and fetch every little data of the customer’s purchase frequency and order history, and thus perform predictive analysis. When these details are analysed, the retailer can predict every customer’s next order date and type of order. Using this data, the seller can send personalised emails and notifications to each of the customers, and in turn increase the probability of generating sales. This means that AI not only delivers what’s needed, but also works two-fold and meets your expectations beyond the need.
These are some of the ways in which AI is changing the way of trade in the eCommerce industry. With the right decision and judgement, businesses can implement AI and fulfill all their requirements, including better revenue generation.