How is artificial intelligence reshaping e-commerce?
Wednesday August 01, 2018,
3 min Read
Artificial Intelligence or AI will control the daily activities of our lives. Most businesses are now going to adopt AI, not just only to generate the effectiveness but reduce the workload as well. Artificial Intelligence is all about to machine intelligence, in which machines are able to learn from experiences and perform human-like tasks. For an example – chess-playing computers, self-driving cars, automated robots or voice recognition is also the part of AI.
AI in the eCommerce sector open the new doors of opportunities for the online retailers globally. By 2018, around 75% of developer will take the advantage of AI at the time of developing or building the business. Some time ago, no one can know the power of AI, what it can do. But now, AI plays a major role in our lives and in our business too.
Siri and Cortana are the examples and already play this role, as AI assistants.
According to a Gartner study, by 2020 more than 80% of all customer interaction will be handling by Artificial Intelligence. Even in another study, found that around 67% of survey participation believe that AI will help them to improve their business efficiency.
The market of Artificial Intelligence is growing day-by-day for every type of industry, from eCommerce to financial, from Construction to education and much more. By 2025, AI market is expected to touch $35,870 billion.
Impact of AI in E-commerce
Artificial Intelligence is helpful to the business. But the question comes what are the key benefits? So, we have listed some points to consider that drives eCommerce by AI.
• Re-target potential customers
There are lots of the customers data are available in every industry which is not use. According to a research, around 33% of the marketing leads are not followed up by the sales team. Because of most of the businesses are overloaded with the customer data. So, in this way, AI will help those businesses to track their unfollow leads and enhance the sales cycle of your business.
• Personalized Experience
AI will help your customers to get more personalized with their shopping experience. AI will track customer’s behavior and provide recommendation products on the behalf of their shopping experience. It will prove its specialization to deliver the personalized experience. This will improve the shopping experience of a customer and enhance the chance of generating more sales.
• High-end Security
Security is the biggest reason for every users while he/she purchasing some stuffs online. But in case, AI will help online entrepreneurs to enhance the customer’s trust by providing them safe and secure checkout. Report says, 13% of buyers accepted that security is the biggest reason for discard cart.
Yes, Chatbots is one of the biggest reason of why many online entrepreneurs are now looking to AI and use in their eCommerce business. Have you ever chat on any eCommerce site before purchasing any things. Well, those are bot programmed to give answers of your questions. And now, many e-commerce stores provide 24/7 customer support by using AI technology, is smart, personalized, intelligent, quick response and so on.
AI industry will provide many features that help your eCommerce business to generate effective and better productivity. AI will provide the easy shopping experience, ensure security and better revenue generation. Now, AI is not only limited to eCommerce or some industry, it spread their wings in other industry too such as – Construction, Agriculture, Mining, etc.