The year 1999 took us all by surprise when the Matrix movie was launched. The popular sci-fi movie depicted how computers become supreme in our surroundings and how technology rules the world. What was considered fiction back then has now became an integrated part of our lives. Just take a look around and you will notice that we are walking through our own digital path. We are hearing, wearing, speaking all through our smart devices. There are no geographical boundaries left. We are all connected. And in such interconnected global audience, AI has set up a paradigm of growth. It is shaping our future for better prospects.
AI or Artificial Intelligence commonly known as machine technology operates through digital platforms like computers, smart phones, smart watches, even the Google assistants like Alexia, Siri etc are examples of AI. In simpler words, if we define Artificial Intelligence we would say it’s a system through which the human work is minimized and is replaced through intelligent machines.
Assistance of AI in e-commerce business
Now it’s important to understand how exactly the implication of AI in an e-commerce venture will enhance the business. According to the Narrative Science 2018 report around 61% of businesses implemented AI in 2017 which is a major hike from 38% in 2016. AI is working through diversified e-commerce portals like it is used in social media feeds, cars, smart phones, video games, travel, banking etc. The knitty gritty involvement of technology in our day to day lives is gearing its pace. Now let us explain how AI assists e-commerce:
Whenever you visit an e-commerce site there appears a prompt window saying “May, I help you?” And if you have any query it is served instantly with better-filtered answers. That small popped up windows are chat bots. They are AI program which communicates through text or speech to provide instant customer support. According to Tech Emergence “Gartner projects that more than 85% of customer interactions will be managed without a human by 2020, and chat bots are also expected to be the No. 1 consumer applications of AI over the next five years.
Managing customer Data
E-commerce websites have to daily deal with a lot of product and customer information which is a lengthy process to record. Through AI you can track the records of your daily sales, queries, information about orders and what not. It will help you in preparing the record in a quick and hassle-free manner.
Analyzing Customer data
Now when you have managed the data you can easily analyze it to understand customer behavior.
Targeting potential customers
Future customers can be targeted online by identifying their searching patterns E.g. if a user visits any shopping site and is looking out for the specific product every there and now. Then through AI, special offers can be targeted towards that customer’s screen to strengthen their buying decision ultimately leading to business growth.
AI is assisting our daily needs by incorporating super features e.g. L.G’s smart Insta view Refrigerators having digitized assistance with web OS software. It not only provides you with daily news and weather updates. Apart from that it also takes care of your shopping orders. In that case, a consumer can never run out of stock. So AI is not just limited to virtual commerce portal but also is entering our homes through digital services.
Minimizing human effort
With all activities being governed through virtual mode there are very few options left to hire human resources. Instead, it’s better to invest in the virtual platform as it’s a onetime investment. Not only this AI technology also cut the human error tendency.
Through voice assistance, AI can set up your business globally with features like translations available you can easily target customers at global level irrespective of their ethnicity.
Automatic customer support
Artificial Intelligence sends automated emails to the consumers like about flash sales, discounts, new product launch to aware the prospects and also to reach directly in the inboxes of customers.
We all know while purchasing online, reviews do affect our buying decisions. And sometimes there are so many fake reviews available that misguide the customers. To overcome that site like Amazon allows only verified purchasers to review the product. Their AI helps in combating fake reviews by identifying the verified purchases.
Over the years modes of business have changed by adapting to newer means. We have walked from commerce to e-commerce. According to recent Ubisend report the AI is literally running the web portals and customers rely on it for any information Almost 40% of the consumers use chat bots to search offers and meals. Even Google has invested around £400 million to acquire DeepMind; Artificial intelligence company. These reports are itself suggestive in nature. AI has simplified millions of daily transactions and interactions further empowering the business.
If we sum it up in the words of Alvin Toffler, famous American Business Analyst-The illiterate in the 21st century are not those who cannot read and write but those who can’t learn unlearn and relearn. And here at Jerry we believe the same so. We rigorously work on the latest techniques to empower evolving e-commerce. We work on building on demand apps for e-commerce businesses so if you require any help with your upcoming e-commerce project we would love to hear from you.