Can e-Commerce Industry Make Profitable Use of AI

In the past few years, the e-Commerce industry has outgrown largely and is expected to expand further. With such affluence in e-Commerce businesses, the competition is likely to grow even fiercer. For online retailers to stay visible, businesses would need to make maximum endeavors to stay in the game, with every stage becoming even more challenging as they progress.

Artificial Intelligence or AI has simplified contesting in this swarming marketplace — even for small e-Commerce businesses.

Intelligent use of some AI tools, including natural language processing (NPL), machine learning (ML), as well as data mining facilitates all sort of companies to draw and keep customers through minimum input.

The following are ten profitable ways in which AI currently is and can be expected to benefit the e-Commerce industry:

  1. Virtual Personal Assistant (VPA)

It might not appear to be an apparent place to begin but research indicates that using a virtual personal assistant (VPA) is considered to be the most influential AI tool recommended by nearly 31 percent business executives. Basically, a VPA is a 24/7 on the toes assistant that uses NPL to recognize human speech and react however is required. Not only useful from a time-saving perspective but is helpful for consumers as well.

  1. Customer Service

Gartner reveals that 25 percent of customer service operations will use virtual customer assistants by 2020. Chatbots have fast become an essential tool in the customer service industry, replacing call centers since these significantly cost less and are more efficient. In 2018, nearly 67 percent of consumers are already taking advantages from a chatbot service for their customer support services, proving that it remains a certified AI tool that uses NPL and ML methods. 

Chatbots are easy to integrate into e-commerce websites, online support, other than for processing orders.

  1. Social Media

Social media has become the hub of everything that potential customers say about a particular service or brand. Businesses can easily gather insights into the latest market trends and understand what strategies to put in action for their products depending on customer reviews. Keyword searching for brands in social media is easy to perform with data mining. The collected data can further be converted into feedback that helps to enhance customers experience and increase the brand’s influence.

  1. Predictive Marketing

ML tools evaluate customer data and optimize eCommerce sites to perform targeted marketing. Every customer sees or prefers to see everything how they wish to see it. As more and more customer data is collected, the optimization process for that particular customer becomes even better.

Individually speaking, searching through such a huge volume of information individually could easily take ages, but thanks to machine learning (ML) and AI insights, optimization processes can be executed quite easily and quickly. Businesses can unremittingly update their customer data with the latest information, which enables the customers/clients to remain involved and interested.

  1. Personalization

Through a vast ocean of businesses and brands competing for attention, customers usually incline towards those products or services that they feel they can easily relate to on a personal level. Personalization is ruling the trend of how we purchase or opt for a brand. By consuming customer information that is extensively available online, companies can offer personalized messages in the form of adverts, make applicable recommendations, and create and sell precise content that satisfies the consumers. All this in no way could have been conceivable without the magnificent AI!

  1. Pursuing Potential Customers

The truth is that marketing budgets often are worthless if sales teams fail to bring in or follow up with leads. According to a survey, marketers discovered that 33 percent of their leads are wasted only because of no follow-up. Prospective buyers go downhill; however, AI techniques predominantly facial recognition and analytical tools let businesses recognize brand trustworthiness and understand their customers’ product preferences.

This information can offer more significant suggestions as well as saves time and information filtering for consumers. Your sales experience a major uplift with AI through lead generations. You can identify high-quality prospects and evaluate the vast data volume of prospective customers and distinguishing those that meet particular criteria.

  1. Appearing ‘Local’ regardless of location

Regardless of where an e-Commerce business is established, drawing out location-centered insights from customer data makes them seem local. With the help of location-based deals, advertising, or trends, customers can enrich their business efforts in their specific regions. This extent of personalization can meaningfully impact the usefulness of business for consumers by ranking offerings that seem distinctive to their location.

  1. Effective Data Analysis

Not everyone has the aptitude neither has the time for meticulously recording, examining, and then abstracting the capacity of data acquired from possible customers from all across the world. E-Commerce businesses that bank on user-centric feedback are in arrears, compared to those that employ AI for information gather and utilization.

With data extraction and ML, well-organized and appropriate processing of millions of databases is possible that equally supports all business aspects.

  1. Integrated technology across platforms

With customers becoming more dependent and accustomed to technology at homes as office or business dealings, the anticipation for these technologies in order to function increases ever more.  AI can effectively help integrate a retail platform with already existing devices, including mobile phones or everyday household appliances, can simplify shopping experiences’ for customers and connects them with brands and companies that provide them what they need.

  1. Improving Searches

If ML is integrated into an e-Commerce website’s search function, it allows stores to “remember” every visiting customer’s search habits, likes and wants depending on their preferences. Every time the customer returns, this information speeds up all customer service processes. Intelligent searching has been made possible thanks to AI. By being able to recognize the handler’s distinct traits, the technology can help reveal exactly what each visiting user wants immediately.

Consumers are quite likely to discover and buy more items on the sites that make use of these technologies.

E-Commerce industry across the globe has already begun to exploit and implement many such tools for boosting their business productivity and reaching out to wider audiences globally. Some of the biggest retailers in the e-commerce industry such as eBay, Amazon, or Aliexpress have already started capitalizing in AI technology.

The best thing about AI is that you don’t need a huge budget for deployment in order to stay ahead of the game among these industry goliaths.