AI as the enabler of ecommerce
The present digital market is primarily dominated by e-commerce. As per a report by Statista, more than 46% of the revenues that digital startups generate owe their origin to e-commerce platforms. E-commerce platforms are changing the way the market operates in the digital domain in the present time. It is with the help of artificial intelligence that recommendation systems are reaching the remotest of the customers. In this way, the scope of the digital market is getting broadened day by day. Be it the chatbot services powered by artificial intelligence or the analysis of customer conversations, artificial intelligence has tremendous power to trigger the sustained growth of ecommerce analytics. In the present times, more than 50% of online customers are taking the help of chatbots and searching for desired products. In the global e-commerce market, it is predicted that sales would reach 5 billion by the end of 2021. As per a report by Gartner, more than 79% of all customer activity in the digital domain will be managed by AI technologies by the end of 2022.
Transformation with AI
The use of artificial intelligence in ecommerce analytics started a few years ago. The process of streamlining various products and arranging and rearranging them according to the needs of the customers has been perfectly achieved by artificial intelligence. As such, the online recommendation systems and product catalogs help in achieving a greater level of precision than ever before. The role of digital assistants which are powered by artificial intelligence has added to the simplicity of e-commerce tools. In a nutshell, artificial intelligence has led to transformation not only in the digital platform but also in brick-and-mortar shops. Omnichannel customer experience would never have been possible without the aid of products and tools powered by artificial intelligence.
Showcasing the AI technology
The benefits that artificial intelligence has brought to the domain of ecommerce analytics are numerous. As such, the range of applications that have emerged due to full-fledged adoption of artificial intelligence in e-commerce is diverse. One of the most important applications of artificial intelligence that is available to retailers is the use of virtual assistants. Virtual assistants are provided with built-in AI technologies and help in enhancing customer experience and customer engagement. They also provide effective customer support because of the natural language processing capabilities that they inherit. Not only do they address the grievances of customers with a lot of ease, but they also cater to the other needs of customers. They help in deriving deeper insights from the available data sets and surveys provided by customers. It is due to artificial intelligence that they are capable of learning and improving over a period. The provision of providing personalized recommendations and targeting customers with a catalog of products is also possible with the use of AI chatbots.
A platform for precise recommendation
It is due to artificial intelligence that we can provide intelligent product recommendations to different types of customers and online shoppers. In this way, we are not only able to impact customer choices but are also able to influence customer purchases and their browsing habits in the long run. The use of artificial intelligence has enabled recommendation of a high level and has increased the number of returning customers. Needless to mention, we have also been able to improve customer retention and consequently, the growth of sales has witnessed a boom. The platform for precise recommendations has improved the shopping experience of customers. Alternatively, it has enabled businesses to run targeted campaigns and launch new products and brands effortlessly over the digital platform.
The personalization factor
There is no doubt in the fact that artificial intelligence and machine learning have generated deep user insights from customer data in e-commerce platforms. As such, the levels of personalization have considerably improved. The analysis of data from different touchpoints has led to engaged customer interaction. On the other hand, the personalization factor has also acted as a marketing tool for various e-commerce platforms and retailers.
The ultimate answer
Artificial intelligence may probably be the ultimate answer to various problems that the e-commerce sector has been confronted with, in the recent past. Be it inventory management or the innovation and management of new products and services, AI is the ultimate panacea.
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