Are you an ECommerce stakeholder? You must be looking for ways to improve conversion, reduce cost and time. This piece would cover how Artificial Intelligence(AI) can help you achieve these goals.
According to recent estimates, E-Commerce sales are set to top $27 trillion by the year 2020.
Here are the functional areas of (A.I) Ways can help you
1. User Experience by AI:
Our first priority is Shoppers have a high bar on user experience. Machine Intelligence(MI) can influence them with a best-in-class user experience. It helps you in designing a brand new website or adding smart widgets to your existing site. UX and 1:1 personalization has become a significant factor for success, it would maximize your ROI. Landing a user on a page without a good experience would eat the marketing dollars with a low conversion.
2. Predictive pricing and incentives:
Artificial intelligence (AI) tools can add a dynamic pricing layer to your store. They use Machine learning and Data science to understand your user behavior and change the product price in real-time. Some advanced tools consider competitor pricing and market demand. Of course, they change within the parameters specified by you.
3. Marketing & Analytics:
Today many subsections of marketing use machine learning like user data enrichment, user identification across devices, intelligent Ads personalization, predictive analytics and so on.
4. Visual search:
Your shoppers can search for items in your catalog just by taking a picture on their phones. AI picks similar products based on color, texture, shape and so on. These tools would help fashion stores a lot and makes sense for a store with a large catalog.
5. Growth in neural networks and human-like technologies
We have been using traditional Machine Learning (ML) algorithms for quite long, and we couldn’t move forward. In the past few years, we have had a breakthrough in neural networks. Deep learning is a new method to achieve closer to human results. In specific areas like computer vision, it has bypassed human efficiency. We are in the era of productization of all these AI technologies. Now, most A.I tools use a combination of traditional ML methods and deep learning together to achieve their goals.
We have covered a selected few functions of E-commerce in this post. The primary goal of this article is to highlight the trending use cases of A.I in ECommerce apart from chatbots and personal assistants. I’d love to hear your thoughts on the same.