Setting up Shop – AI in E-commerce

With six months left for that infamous 2020 countdown; it’s more prevalent now, more than ever that we’re living in a time where disruption, innovation and technology is bound to change the way we conduct our businesses, regardless of our industries.

Driving eCommerce through adaptive AI platforms

“We’re making this analogy that AI is the new electricity. Electricity transformed industries: agriculture, transportation, communication, manufacturing. “ – Andrew Ng

Hello there 21st century!

Over the course of time in today’s digital age, it’s imperative that having an eCommerce platform for your business is primal when it comes to running and managing a successful venture, however you’re also jumping in with the sharks when you do so; and you’re now looking at competing with some of the biggest online retailers in the business.

Comparisons & Competition

You quickly find yourself short on resources in comparison to your competition, but there is light at the end of the tunnel and while you may be short on resources, there are similar technologies you can use to make your company a lot more effective and visible in an already overpopulated arena.

With more than 63 % of customers totally unaware that they’re on an eCommerce platform that’s AI-powered, this is testament of the precision and know-how artificial intelligence is on; deploying your very own AI and instant improvements has never been easier.

Learn how your business can benefit with the use of AI in eCommerce. We’re talking about those all important points that has us all falling in love with AI within the eCommerce space. It’s a retailer’s dream come true!

Personalized Intelligent Virtual Assistants

It’s impossible for you to be available for your customers and clients at all given times, and maybe you’re even skeptical and a puritan when it comes to customer interaction; where only human-human interaction implies = converting leads.

However, many eCommerce sites, companies and case studies later, I think it’s safe to say it is invaluable for anyone with a business to leverage the power of Intelligent Virtual Assistants or IVAs in eCommerce.

With an IVA working hard for you, there’s time for you to focus your energies on bigger and better ideas. It’s the perfect solution when it comes to handling repetitive tasks, understanding your customers and freeing up your time.

Increase Conversion Rates

Data gathered is as useful as data utilized. Data = gold. With all that information you’ve got available, it gets a whole lot easier when it comes to understanding customer behavioral patterns, and what products lead to better conversations with your shoppers, the perfect price point and even any readjustments if necessary, based on market shares playing a pivotal role when it comes to pricing patterns. From inventory management to better management of your resources, AI helps you understand your business and your guests a lot better.

Personalization

The power of AI allows your customers to feel right at home, with an experience that’s perfectly crafted and catered to suit their needs and requirements. You AI almost knows what your shopper wants, even before they do.

According to a recent survey by digital trends:
“Customers crave personalization. 73% of consumers prefer to do business with brands that take their personal preferences into account. Investing in personalization is good for brands.”

That’s right SEVENTY-THREE percent!

Trust and technology go hand in hand. Consumers are a lot more willing to hand out personal information about themselves for a shopping experience that is a lot more curated and aligned in their best interests.

“Think of personalization as a matchmaking game between the consumer’s needs and what your website has to offer,” -Dan Darnell, VP of product and marketing at Baynote

Better Search Results

Ensuring that your business has AI integrated into its search capability goes a long way when it comes to creating dynamic and innovative shopping experiences for your guests.

We did talk about how data is gold, in this instance – data can be used to track your users’ searches, preferences & even what’s in the cart that they’ve debated buying for a while now. AI goes a step further and reminds us why is a retailer’s dream come true, AI helps recognize an individual’s characteristics thereby making each and every visit unique.

Better AI Tools

Retailers need to stay flexible and adapt to changes in the environment in order to retain customers while creating a loyal and delighted customer bank. In order to achieve this, every enterprise requires an apt and flexible artificial intelligence tool that allows your business to perform with unprecedented levels of flexibility while simultaneously building and providing valuable insights into various competitors’ products.

With AI, you can allow your business to perform at speeds that helps you easily outperform your competition. For instance; something as simple as visibility into various products being offered in the market gives your business a serious competitive advantage when it comes to accurate pricing.

Customer Service

A recent market study shows us that by the year 2020, chatbots will help businesses save more than $8 billion annually. Use of chatbots helps us communicate with our customers like never before. Saving money is when it comes to linking costs to call centers, company operatives and answering thousands of calls in a given day.

This goes further than a simple trend though, Business Insider reported that “67% of consumers around the world have used chatbots for customer support in the past year, so it is a proven technology you can deploy right away to reap the benefits.”

interface platform has a platform that helps build IVAs for ecommerce and retail solutions. Check out our Apps page for more information or request a demo for a conversation on AI and how it gels well with ecommerce growth.