AI and the future of E-Commerce
Overview
By leveraging businesses with predictive intelligence, self-learning algorithms, contextual messaging, personalized customer approach to mimicking human intelligence, Artificial intelligence has witnessed its true technological benefits in almost every field and major trades. The topmost fortunate brands like Titan who have already embraced its wonders are now enjoying double folds on investments with a smooth flow of huge online traffic. The evolution of artificial intelligence has changed the notions and techniques of doing the business. It has channeled human intelligence and talent into more productive areas by performing mere energy-draining and time-consuming tasks.
Artificial Intelligence Shaping the E-Commerce Industry
After mobile apps and web development industries, the e-commerce trade is also showing a rapid growth and advancements in the digital sphere. The fast shrinking of the attention span of online buyers has triggered many challenges in this field. According to the statistics, nearly 40% of the online users abandon a site upon loading for more than 3 seconds. To rescue the retail business from such havoc artificial intelligence extends its support facilitating diverse sections and areas of the field with its highly advanced assets. Let’s get on a journey to learn more about artificial intelligence and its influence on e-commerce business.
Personalized Customer Experience
The AI-powered bots working on the back end servers of the retail sites identify important information from the clustered data. Data like past purchases, the pattern followed by customers, most viewed item, most preferred color shade to credit checks; the bots pay focus on all such areas that would be difficult for a human to perform.
By introducing more laser-focused tools to facilitate personalization, artificial intelligence has altered the face of retail business. General tools used to drive out customer preferences were dedicated to only one channel either online stores, brick or mortar store or the mobile apps. However, the bots powered by deep-learning algorithms dig out trends, preferences and customer needs from all such channels. The marketers can quite easily learn the requirements of their target audience and cater their needs accordingly.
The Super Transition from Offline to Virtual Realm
According to a report presented by Business Insider, by 2020, around 85% of customer interactions are going to be handled without a human. Now the question arrives, how is this possible?
Well, the artificial intelligence bots have created a unique way to merge the two forms of doing business- online and offline. On one hand, it has facilitated the brick-and-mortar stores and its many counterparts while on the other hand, it ensures to gather in-depth knowledge about customer behavior. With the help of self-learning bots, it has improvised customer engagements with the brands, thus creating a smooth and prosperous sales cycle. Doubtlessly, artificial intelligence facilitated brands by supporting three major spokes of business- the product discovery, support to valued customers and providing referrals.
Increasing the Percentage of Returning Customers
In the world of e-commerce business, one has to keep a close watch on customer behaviors and engagements. You can’t just pitch a customer and persuade him or her to make a sale, instead you have to develop interest in them by observing their needs in a way that they tend to make a purchase itself. If you become successful in doing that, you can enjoy the center stage for longer.
However, the report presented by Conversica shows the opposite of it. Around one third of the sales staff around the globe shows a downward trend in customer retention. Customer data is your true goldmine, if used properly can generate an unending sales cycle. With the assistance of artificial intelligence like the technique of facial expressions, and Chatbots you can process the stored information and pitch them again to create more sales. The best thing about these bots is that you can even read the dwell time of your customers. It helps to offer packages, suggestions and referrals to customers based on the records of the products or services they have dwelled on the site.
Effective Sales Cycle
The striking revolution in artificial intelligence persuaded the famous Titan Company to invest in Chatbots. With this incorporation of AI-powered bots, the company received a huge surplus of sales in watches, perfumes, and bags on 14th-February 2017.
Another example of how artificial intelligence has powered sales and triggered efficiency is seen when the users of HDFC bank were facilitated by these bots that allows them in requesting loans to make the bank site a shopping mall sort of thing. The common notion of doing a prosperous business is pitching the right product at the right time to the right customer and that’s what they are doing with the help of AI-powered bots.
Those days are long gone when you have to call cold customers or strive hard to pitch them. With the efficient artificial intelligence, you can create a personalized and pitch-perfect package to compel and entice your target audience for creating a proficient sales cycle. Tools like Siri, Alexa, and Chatbots you can upgrade your CRM and offer to multitask to your employees. AI help organizations to create tailored solutions to boost customer engagements and to uplift the graph of sales and revenues generated. The tools read customer preferences and behavior and act accordingly. They have the ability to evaluate and respond to the customer.
Wrapping Up
The growing popularity of artificial intelligence is evident from the following report. Around 70% of the US online users; according to J. Walter Thompson- the research company, is interested to witness the wonders of AI and would like brands to incorporate them in their business structure. However, many critics believe that organization should seek advantage from such massively growing technology to provide and cater customers with what they need.
Author Bio :Terry Bogard is an expert offering exceptional web design services to customers globally. Apart from designing, he has a deep interest in composing note-worthy and research-based documents on topics like Augmented Reality, Artificial Intelligence, and Virtual Reality. He discusses their impact on various fields and industries.
