Today almost anything and everything can be purchased using E- commerce. Especially during and after Covid19, E-commerce has been the go-to place for many customers. This provides a lot of data to businesses which can further be used to provide greater efficiency and customer satisfaction.
Here are some use cases of how AI can help E-commerce advance their operations to a new level:
- Service Personalization — When a potential customer visits a website, based on their previous data AI can customize the website to nudge them in the right direction. Customers can also get relevant offers that they are more likely to use. This technology can also be used across multiple platforms such as social media, emails etc.
- Product Recommendation — While a customer is making a purchase, the AI algorithm can better predict what complementary things that customer might want and hence increasing the chances of conversion. These recommendations drive higher revenue per customer and build customer loyalty.
- Pricing Strategy — The price of a product is one of the most important factors in determining whether a potential buyer will make a purchase or not, for this very reason it becomes extremely important to put the right price tag on products. Deep learning allows AI to look at what products an individual clicks, adds to their cart, and purchases, it can alter the price of an item to increase the likelihood of conversion for that particular customer. First-time purchasers can be enticed by lower prices, or more price-sensitive customers given slightly lower rates.
- Image Tagging and Recognition — By obtaining visual cues from the existing image AI can help customers find similar products. One platform using such technology is Pinterest.
- Chatbots and Virtual Assistant — These help in responding to customer queries with great insights and give product recommendations to them using NLP. Customers can also track their orders and submit feedback. Virtual Assistants can help to navigate customers to find what they desire and also provide them with the necessary details about the same.
- Inventory Management — AI can keep a well-maintained record of the existing stock and notify about restocks based on the customer’s demand. AI-powered demand forecasting solutions can provide more accurate results and prevent cash-in-stock and out-of-stock cases that businesses may encounter.
- Generating Insights — Based on the data it receives, AI can provide great insights about what customers do on a website. It can help in more targeted marketing and retargeting potential customers who fall through due to inevitable cracks. These insights can be of great value to a business and can help them improve significantly.
- Boosting Omnichannel Ecommerce — According to HubSpot omnichannel marketing is the ability to deliver a seamless and consistent experience across channels while factoring in the different devices that consumers are using to interact with your business. AI is helping to revolutionize omnichannel services by providing the right content at the right time and providing the most customized experience to customers.
AI technology is likely to have a massive and beneficial impact on the E-Commerce industry in the coming years. It will change and improve the way consumers find products online. In times when the online businesses are growing and there is a cutthroat competition among top e commerce players, it goes without saying that only advanced AI technology can keep one in the race.
Contact us if you would like to explore solving any of your e-commerce related problems with Artificial Intelligence.
