How Artificial Intelligence is Building The Future of eCommerce

Following this year's activities, eCommerce will not be the same.

Although the entire world had frozen by the coronavirus pandemic, offline stores found that, if people's lives were limited by their homes or neighbourhoods, they could not compete with even the smallest online stores.

Nonetheless, those who have just started sales online this year will quickly find out what you have to do to sell online efficiently. Therefore, the market level is rising.

Asking how you could at this time gain a foothold? Consider modern technologies – artificial intelligence (AI), mechanical learning (ML), and the analysis of big data.

There’s a lot of applications, services, and programs created on these technologies, but not all of them are equally applicable to online retailers and they are quite expensive to implement.

So before you go adopting some fancy new technology, let us have a look at ways AI can improve eCommerce growth, increase conversion rates, and improve the customer experience.

Artificial Intelligent technologies can help the computers complete tasks humans would otherwise accomplish by successfully training computers in various abilities and by helping them learn from experience.

The whole idea of AI began in 1956, so it’s already an old and reliable technology with a strong mathematical and software base. There are a lot of different AI technologies being developed

• Deep learning
• Natural language processing
• Machine learning
• Fraud detection
• Neural networks
• Cognitive computing
• Computer vision
• IoT-based technologies

Image Source: Statista

AI has been doing a lot of work on all of the bytes of behavioural, financial and marketing data that companies have stored for long since modern business was established on the internet. Even if there are 2 out of 5 AI startups which are not AI-based, AI-based solutions can still be found to enhance your sales growth.

The main downside of AI technology is that it relies absolutely on the data that you feed it. You don't make much use of it if there's not enough data or if it's of low quality. And incorporation into the data environment takes time. It takes time.

Where and why should you use AI in an eCommerce business?

As I said, without data volumes, AI can not work. This is why your data quality matters before AI is implemented. AI motivates organizations to put divisions – sales , marketing, advertisement, customer support and even logistics – together into a single data system in which the highest priority is data quality.

When you have processed and collected all business data correctly, you can get high-quality analysis with the power to address hard business problems , develop processes and maximize the customer experience, without any loss of data, looping or format disorders, all logically linked links and IT-technology used for data processing.

Here list of AI benefits

Thanks to conversational commerce, customers can intelligently support their search. By AI you can improve your website's search logic and create a chat assistant to help your customers place orders wherever and whenever they are.

Make individual offers only. You will decide the particular mix and deals of each customer by monitoring all touch points, storing all items the your clients have seen and all prices they have responded to.

Stop guessing and projecting the way the customer will go. Make traveling with AI-powered recommendations as smooth as possible. If you can predict your clients' behaviour, your future marketing plan performance can be estimated by providing flexible margins. You can also gain a competitive advantage.

Reduce human planning and adjustment errors in the supply chain. Allow the amount available to the consumers in the inventory and products at any time with AI. This optimization can be done online and in-store and gives you 100% transparent inventory levels in real time.

Until they touch you, spot problems. Get irregularities, suspicious purchases, sales operations, theft, and reject alerts while you still have time to get involved and see what's going on.

Pump the distribution channels offline. You get the magical ability to monitor your customers in your physical stores by collecting the information from sensors like video cameras. You can figure out where people are going, where they are stopping, and whether they are new or new clients. You will also draw clients by providing the latest online deals in shops.

Sales aiming for AI is one of the most popular predictive analytics applications. This is used to automatically identify and submit customized deals to customers who want to buy.

From a technical perspective it searches for customers in your target audience with the same features as a typical group of existing customers that is ready to be purchased.

For a human, but for an AI algorithm it is impossible. This job.

For specified types of customers, you can build several automatic reaction to-do lists:

• Churning customers
• Seasonal purchasers
• Customers who have given feedback
• Wholesale customers

What next?

Advertising is never more than 400% ROAS to you. Without clear explanations, images, and video content products cannot be sold for themselves, and customer service can never offer refunds without complaints. Nothing will help stop emerging innovations to maximize the company spending and multiply sales.

Support AI technologies adapt your company to the modern age of digital immersion.