How AI Technology Can Transform The Ecommerce Industry?
The current time in the world of innovations is all about one particular technology, Artificial Intelligence (AI). A lot of fortune 500 companies and several other enterprises are aggressively investing in AI & ML apps development and implementation into the existing ecosystem. The purpose of implementing artificial intelligence into business operations is to leverage consumer data to understand the possibilities to enhance the end-user experience, drive better business performance, growth in terms of overall business efficiency and ROI.
AI can be a proven and game-changing technology for the E-commerce industry. This technology, especially when integrated with IoT, mobile app development, etc. can enhance all facets of operations associated with E-commerce. From inventory management to how product advertisements are placed and tweaked, to how companies address abandoned carts and fake reviews.
Let us take a tour for understanding the five ways how AI can transform E-commerce solutions.
Manual maintenance of the inventory list without errors or delays is challenging and difficult at best. Leveraging AI, inventory management becomes smart, easy, highly optimized, and produces superior results. What if I tell you now your stock levels and volumes will be maintained based on consumer demand and consumption. Say no to dead stocks. But how? Find it out below how AI actually helps.
AI uses predictive analytics with the help of metrics and algorithms to fetch quality data from various touchpoints based on predefined parameters. The different touchpoints could like buying preferences, competitor sales figures, reviews, product launches, returns, and retailers, which allows it to prepare for periodic surges in demand.
Beyond this, AI can leverage the information gathered from predictive analytics to suggest products based on previous browsing or shopping history. This is known as a recommendation engine that enhances the personalized experience of the visitors by reminding them what they may have missed upon the previous time. Also, if one shopper prefers a certain color or brand of clothing, the system automatically prompts them with an advertisement when a new product becomes available by the brand or in that color. AI really boosts upselling and cross-selling techniques.
AI-powered Chatbots for Enhanced Customer Services
E-commerce businesses can leverage the benefits by implementing AI-powered chatbots to drive a natural conversational experience to your users and custom bots that simplify processes.
When a customer does online shopping and shipment of that order leaves the warehouse, the custom-developed chatbot will send the alert to the customer! The same thing applies to every step of the transit to keep the customer updated about the delivery time. There are two major benefits associated with this solution. The customer services executives will be able to focus on other important issues instead of providing updates about the delivery. The customer will receive personalized information which always improves the overall experience and brand loyalty.
AI Redirects Users Back to Abandoned Carts
An abandoned cart is one major issue that any E-commerce business is desperately trying to solve for a long time. It is extremely common that a user adds items to the cart and immediately abandons the cart. But why? Well, the reasons are plenty of them that result in goal conversion getting failed. Some of these reasons include delivery costs, website security reliability issues, mandatory registration or sign-up process, complex & tedious checkout, etc.
AI technology can help in fixing the major issues behind the abandoned carts. AI can recognize patterns and records the data behind the choice of products, at which stage the cart was abandoned, and how much time was spent actually filling the cart.
With such data and pre-defined parameters, the desired output is achieved that helps marketers can use enticing deals, on-screen advertisements, and e-mails to re-engage. All of these reignite customer’s interest in the abandoned cart and kind of pushing them forward to complete a goal, by making a purchase in the end.
AI Technology Can Identify Fake Reviews
It is the nature of the E-commerce business to deal with unwanted situations to refund or send another replacement for the purchased order. But are all such reviews 100% genuine? No. Then what is the way to identify and categorize the negative reviews as genuine and fake?
AI technology solves this problem by real-time tracking and monitoring of when and how the fake reviews were posted in order to reveal the patterns associated with such reviews. This will allow E-commerce businesses to blacklist the buyers who try to game the system. This AI-based solution has proven to be a major coup as manual tracking of all the reviews is impossible. Even the identification of authenticity behind the review is manually impossible.
AI for Targeted Product Placement
Artificial intelligence solutions implementation can help to access and use the retrieved customer data. This quality customer data is fed to the AI & ML algorithms developed by the AI engineers that can have the ability to perform the analysis and carry out possible outcomes for the future.
This helps in determining individual consumer’s behavior allowing companies to optimize advertising campaigns efficiently. The other benefit is to increase the chances of more goal conversions. Hence, in simple terms, it is a way of using the technology to gather a large audience leveraging programmed and planned advertising, and then redirect them to the products they are highly likely to purchase.
The campaign optimization and merchandise placement targets are often changed and tweaked in real-time across smartphone devices, as video and social channels. You may wonder how is that even possible? Very well. It is possible through the utilization of demand-side platforms, they collect and analyze cookie data gathered from website visitors.
Why Choose IndiaNIC for AI & ML Solutions?
IndiaNIC, since 1997, has been helping all, startups and enterprises, with trending technological innovations, even solutions powered through Artificial Intelligence and Machine Learning. The enthusiastic AI & ML engineers from IndiaNIC are constantly reimagining the boundaries of artificial intelligence and machine learning to help global businesses efficiently utilize their assets and also unlock new possibilities by meaningful integration of AI & ML technologies.
A few AI & ML solutions which we can offer are:
- Connected Autonomous Vehicles
- Predictions on Patients’ Health
- Precision Farming & Cultivation
- Magic Mirrors for Virtual Try-on
- Smart Homes
- Recommendation Engine
The world’s businesses are going smart, is yours? Contact AI & ML experts at IndiaNIC now for end-to-end consultation at no additional cost.