Soon artificial intelligence is going to take over everything. So far, it is not considered as a threat to the lives of people. We will soon find that AI controls all the activities in our life and this will happen because we want it to be that way.
For businesses, it has been seen that AI is getting to each and every aspect of it and has been adding personal touch to everything on its way. It is working on to improve buy-sell experience for businesses and consumers at the same time.
There are a number of ways artificial intelligence will affect businesses and change its future for sure and they are:
Smart technology
Who is not aware of Internet of Things? If we look into the concept deeply we will understand that it is more than just a bunch of computers connected together with internet. In today’s modern world, a lot more like laptops, smartphones, smart devices and much more are connected with each other. Just apart from the normal objects, here you will find cars, fridges, printers and much more over the network.
If we just talk about fridge, how about having one which is smart? The one that will alert you based on the kind of the items you have in there and even offer you recipes based on your fridge contents. All these intelligent acts can be made possible by artificial intelligence and machine learning working together.
Chatbots
A number of times when shopping online, you may have made use of the chat services. A good number of times the person on the other side to whom you are talking to is not a person at all. You may be actually talking to a chatbot service used by the company. The bot is programmed in such a way that it can work on its own to answer the queries of the shoppers and it has advanced to an extent where it has become difficult to know the difference whether you are interacting with a human or a bot. As new businesses are making use of chatbots, advancements are made in it and chatting experience has become more personalized and intelligent.
By making use of this chatbot powered by machine learning and AI, it becomes possible for eCommerce websites to offer uninterrupted customer support round the clock. This helps them to collect valuable customer data, continue branding while tracking customer behaviour. By making use of automated chatbot with effective intelligent skills, it will become possible for eCommerce sites to build better conversion rates by offering uninterrupted and tailor-made online experience to the customers and AI Chatbots will become Future of Customer Service and Support.
Customer relationship management
One of the main and attractive features of AI is the predictive nature that it comes with. Using CRM has now become a thing of past. With the use of AI, it has become easy and the process of collecting data and using them for the project has been streamlined. It has made everything efficient too.
Now by using AI program it is possible for the businesses to take care of customers by making use of all the collected data and then bifurcate the ones in to the categories like who would like to buy from you, what steps can be taken to effectively engage customers, what are the products they would prefer to buy, how can you maximize conversions and how is it possible to boost the buying habits of consumers.
The extra efforts put towards marketing and the amounts spend on ads will come down with AI. The new marketing efforts will be focused on relevant visitors and it will be quality focused. Moreover, there will be efforts to improve the overall customer experience for the users by making things easier.
Inventory management
Inventory management is now getting influenced by the predictive analytics of AI. If you have used inventory management in the past then you must have experienced how difficult it is to manage inventory with up to date stock, tracking everything and stocking up things. By the use of AI technology businesses will be able to understand the factors which are driving demand in the market and it also offers predictive analytics which will help to know the future demands of the market. As the businesses start to use their AI solution more, the technology will understand your business more. This will help businesses have real-time information of inventory needs and predict things.
Warehouse automation
Warehouse operations play a key role in eCommerce success by deciding the trend of sale. By proper steps it will be possible to boost the efficiency and speed of the warehouse activities like sorting mechanisms and delivery schedule of products.
Image classification
A number of times we have an idea about the product we want to buy but, are not sure about what it is called. You don’t know how you can find them! In this situation AI can simply change the way you shop for things. With AI, it will become possible to classify products, interpret it and even understand the images.
Just think that you liked something pinned on Pinterest and you will be able to find similar image results on Visually. Sounds great right? Now you can buy the exact same dress someone wore in a picture or a rug or mug with ease. This will make shopping easier for the people.
Recommendation engines
A good number of retail companies like Amazon is now opting for recommendation engines. This helps them to know who the target audience interested in their products are. The searches made by potential customers are recorded and AI algorithms make use of the information to record minute details of the products which are searched. Appropriate recommendations are made by search engines for the browser based on the algorithm outcomes. These recommendations are then placed on the dashboard to help the people find the product quickly.
Instant product discovery
It is possible for businesses to make use of the strength of artificial intelligence to help have better shopping experience by making use of services like CamFind. This service is a balanced mix of AI and augmented reality and it helps to change business in terms of addressing user experience, marketing and creating revenue streams. With more than half of young shoppers opting for AR and VR products, there will be more chances were AI implementation will be seen. Google’s own RankBrain is a search algorithmbased on AI and it comes with a number of practical implications which can help businesses.
Mobile shopping getting better
When it comes to mobile users, they browse for products more often than they are buying something. There is a huge gap between the two acts and this has been getting closed by AI technologies. For a number of businesses, this seems to be a big opportunity and they are trying to make use of machine learning to get ahead on this competitive marketplace. Apart from going for Business intelligence development solutions, companies should also think about opting for mobile app development to exploit this trend to the maximum extent.
Customer service getting better
For the businesses of today, one of the main aspects which they cannot neglect is to offer proper customer service to the shoppers and visitors. Majority of the shoppers look for the customer service offered by a brand before getting into business with them. For the business it can add to their expenditure but there is no way to get away from it. If you offer better customer service you will be able to keep your customers which can be better than trying to find new ones.
By the use of artificial intelligence and machine learning, customer service is no more expensive. You can go for chatbots which can help you keep your customers engaged and your customer service team in loop. By opting for AI-based solutions it will become possible for business to reach and communicate faster and offer customer service effortlessly. This will help the businesses find better opportunities for growth.
eCommerce decision making will get better
For different business niche machine learning tools have helped a lot with analysis and modelling. Currently these data driven solutions are used by companies into car insurance and loans but, there is a chance for eCommerce sector too to get some use of it.
With AI it will become possible to predict visitor behavior, handle customer data, check the purchase patterns and much just by working on the data. The use of machine learning tools is getting more common and for eCommerce businesses this leads to easy implementation of AI solutions that can be used for specific marketing needs.
Competition will get tougher
With businesses trying to get on their feet, they need to face another trouble of competition in the market. With competition stopping for none, it is seriously a brutal thing any business can have. By using artificial intelligence, businesses will be able to check different competitive analysis elements. AI will work towards economic growth and will help businesses with cost reduction.
Wrapping it up
Artificial intelligence is all about working on to make machines smarter. For eCommerce, it is building up a new way to analyses things and engage more customers to the store and let them have better customer experience. Artificial intelligence can help with a number of things like language processing, handwritten recognition and much more. It is a powerful tool which can be used to solve the issues of eCommerce sector.
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