Technology is rapidly evolving, and so is Artificial Intelligence. Artificial Intelligence has taken the world by storm over the last several years. Bloomberg demonstrates that AI is the most disruptive force in technology in the 21st century because of how it impacts and redesigns all established rules. It is already being used in numerous sectors, particularly consumer businesses that have been collecting huge amounts of diverse customer data for a considerable time. Especially Product Managers, Marketers, and Salespeople are the ones who gained the upper hand while AI is reshaping eCommerce.
With AI’s increasingly sophisticated capabilities coming into play, eCommerces now have the opportunity to deliver massive value if they exploit artificial intelligence’s potential concrete change. Such that, businesses who embraced artificial intelligence in their eCommerces have seen drastically sales improvements by its altered product recommendations based on what stage of the marketing funnel a customer is shopping in. Artificial Intelligence is driving three megatrends in eCommerce: automation, forecasting, and personalization. These are the areas where eCommerce merchants put their focus and energy.
Here is a comprehensive look at the three megatrends that AI is reshaping eCommerce:
AI Automation allows computers to make decisions, or assist humans in decision-making: such as dynamic pricing, systems for product recommendations, or chatbots. Chatbots are one of the most common uses of AI providing a spectacular customer support experience while greatly decreasing the need for a person-power. An IBM report shows that AI automation can make annual revenue growth go up by 10%. Not only are they there to assist customers with issues, but they are also effective for the sales teams in delivering a better customer experience. There is nothing more reassuring for a customer than having a salesperson who is focused solely on a specific customer’s own needs. As these bots learn how humans interact with them, they become more effective in handling orders, even the most complex and picky ones clients may have.
Forecasting, if it has a strong data set, allows finding patterns and developing models for possible scenarios customers may encounter during shopping. While forecasting also assists in predicting typical customer behaviors and purchasing decisions, in some cases it can even detect fraud patterns easily with its continuous learning structure. When given enough data and time to process it, an AI designed to forecast may become one of the most innovative and helpful resources for eCommerces in understanding customers and fulfilling their needs.
While personalization provides tailored customer segments and tailored recommendations for each customer, it has become one of the most crucial points for eCommerces to retain customers. Using comprehensive customer information, AI analyses each customer to make carefully targeted, personalized promotions, products, and price offerings. Though personalization is not a new concept, emerging AI solutions are increasing even more day by day to provide exactly what customers want in seconds. The current trend for most eCommerces is to use collaborative filtering to see best-selling items, most-viewed history, evergreen trends, and more; as we provide you in Mowico.
From the time when computers were first built, visionaries have always dreamt of the day when computing artificial intelligence would be akin to the human intelligence that has existed before them. Increases in artificial intelligence have only been improving as the years go on, more and more rapidly each year. As of 2020, we are witnessing how far artificial intelligence has come and how it changed perceptions and rewrote the way we comprehend entire fields such as eCommerce. In eCommerce, artificial intelligence has become a fabulously popular topic for it is providing continuous growth. AI has replaced manual labor with automated systems that dramatically improved the experience of shoppers, and transformed the experience into a highly personalized level. Whether you like to implement visual search options, personalization, or automation; artificial intelligence is and will be the tool that will help you make it happen. Should you like to learn more about how Mowico may assist in creating a mobile app and providing an AI solution to your customers, we are always here for you.