One of the “most sought after” domain these days is Artificial Intelligence (AI). Artificial Intelligence (AI) capabilities for e-commerce and other Platforms today are able to leverage available information regarding similarities and dissimilarities between customers, along with the Phone. The ability to utilize the vast datasets regarding customer behavior and usage patterns acquired by e-commerce platforms, artificial intelligence – with its self-learning algorithms and intelligence, creates personalized shopping experiences for online buyers.
Here’s a snapshot of how Artificial Intelligence (AI) is slowly changing the world of business and shopping for good:
The Chatbots Revolution for both, machines and smart devices
AI is rapidly reducing manual effort in communication for the e-commerce platforms via natural language processing (NLP) and machine learning capabilities, AI’s chatbots are able to automate conversation with the buyers.
This can carry out the daily transactional conversation, which otherwise required human support staff. Furthermore, the chatbot-led conversations transpire with zero scope for human error. Chat assistants are further being used for CRM, personalizing buyer experience by addressing their queries.
This is the reason why e-commerce sites are today able to drive conversations with their users via AI. The Industry Gurus believe that e-commerce players to go big on the entire chatbots revolution. Gartner predicted that chatbots are going to replace 85 per cent of customer interactions by 2020.
Virtual Buying Assistants:
These days AI-powered virtual assistants, e-commerce sites are able to provide their shoppers with a personal fashion assistant. The technology assists shoppers through personalized recommendations, on the basis of their preferences and past usage patterns. For example, sending notifications or prompts when prices drop; the virtual assistants will let the shoppers know the instant there is a price change, this will help them to increase the footfalls on the site, leading to more successful conversions.
Monotonous or Traditional merchandising systems no longer possess the required wherewithal to analyze large volumes of data, or read and predict consumer trends. This is where AI comes in, helping consumers with what to buy, based on their behavior patterns and preferences. The same also provides e-commerce sites with actionable insights to make their platform best suited for their buyers, and come up with the most relevant offers, campaigns, strategic messaging etc.
Making conversations and Improving Order Fulfillment:
Because of the sheer number of mushrooming e-commerce platforms, consumers today are bombarded with a volley of messages. It not a surprise anymore, when most of the times important communication from e-commerce sites is missed by the customers.
To tackle these challenges, Companies using Artificial Intelligence exploit, Predictive Intelligence and Contextual Messaging functionalities to determine the right time to target a customer. This ensures higher conversation rates, whilst also improving brand’s engagement with its customers.
Furthermore, the noteworthy aspect of the technology is that the practice can be used to target each and every customer individually. Companies can now re-engage with every customer via strategic messaging, most opportune time, and a communication channel of their preference which makes it convenient for them.
AI potential has been utilized by e-commerce companies across the globe to minimize shopping cart abandonment, automate processes and optimize the conversion rate. E-commerce sites are increasingly adopting AI to provide a much more personal, intuitive and simplified experience to their patrons.
The future belongs to industry-level collaborations between AI and e-commerce giants, with the sole intention of putting forth the best platform for the customers.