Give a U Turn to Your Ecommerce Business through AI

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Give a U Turn to Your Ecommerce Business through AI

by Hvantage
09 Apr 2018
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Artificial Intelligence technology is trending nowadays. If you are in the field of online market and ecommerce business then you must keep yourself updated. AI has taken a wide space in all sectors- may it be IT industries, entertainment, education, medical field etc. Everywhere AI is in demand and therefore ecommerce section cannot be untouched by the impact of AI. AI has given a new way to the ecommerce business. Before going further about AI and its magic on ecommerce business, let’s know what this buzzing word AI is.

The Nitty-gritty of AI- What is AI?

The capability of machines and devices to make decisions (with the higher probability of success) based on accumulated data, past history similar to living beings is termed as Artificial Intelligence. It is the technology that gives machine and devices the potential and smartness to take actions as per the conditions just like a human mind does. AI is the machine intelligence quite similar to Natural Intelligence(AI).Technical advancement as BigData, Machine Learning, Deep learning etc. fused with Artificial Intelligence has given a U-turn to the computer science. But the technology does not seem in the rest mood, there is more to come.

AI has become the choice of the engineers, technocrats and data scientists who intend to change the world with the technical power. The software developers and web developers are making their hands full on this latest technology to leverage the world with the new artificial mind that has the calibre to work as the human. We would be going to witness the tweaks and turns everywhere.

Though AI possesses a wide scope in the industries yet it is considered detrimental as it would be dangerous and uncontrollable when machines and devices would be capable of taking all the decisions that would let the human empowerment and human minds behind of them.

AI in ecommerce

1. Customer’s search would be more focused.

While online shopping on Amazon, it is seen that Amazon comes up with the results that are similar to your searching history. Have you ever thought- how Amazon comes to know about your choice or the relevancy of your search? Here AI comes in the role. AI makes the decision based on the search history and previous data that consume has used. More often it had seen that customer leave the page when he didn’t find the relevant options while searching. He more often used to abandon the cart and could not make the confirmed buying decisions that affected the ecommerce sales and profit. But now with AI, search results are enhanced and improved and the online website delivers the best search options to the customers. Magento, Joomla etc. are serving this purpose in the ecommerce sector.

2. Everyone Loves a Little Personalization

Your customers should not be platform specific. You must cover all the users active on every platform and social media. AI thus here works in the best way. What the customer sees on one platform can be synchronized to another platform and depending on which the search results can be optimized and more centric. Retailers online are showing interest in personifying the user’s shopping experience. A report by Boston Consulting Group (BCG) shows that AI has improved the ecommerce shopping gain by 6-10% with the personalization in the ecommerce strategies.

3. Inventory planning through AI

Inventory Management is the most important factor in the online retailing. It would not be appreciated that customers pick the product from your online store but you don’t have enough inventory to make the order complete. This repels customers from you. We understand that due to an overburden of sales and business management works, you couldn’t restock your inventory but customers don’t wait for you to fulfil your order as per your convenience, rather they would go to your competitor to make their purchase. This would affect your sales and business profit. While on the other hand, it too is not good that you run with overstocking but there are no orders on such inventory.

Wouldn’t it be nice that you can get the notifications and alert of your inventory time to time whether about refilling or the exceeding inventory? Yes, AI can do it all for you. AI is being used efficiently in inventory forecasting that helps the retailers to satisfy their customers by fulfilling their order on time. Neither run out of stock nor overstock. Use AI to predict the real-time orders and demands.

4. Retaining the Potential Consumers

We all know that customers are the king of every business. It would be easier to have a customer visiting your store and making the purchase for the first time but it would be tougher to maintain those customers for a long-term as your potential customer. You must be fully active in serving customers with the best quality services. But when you run with the overburden and myriad of customers to your store, it would be difficult to handle all the customers personally. Therefore you need a human staff that can take care of your valuable customers so that they can stick with you for a long time. It would be good if a single assistance can work for you. Yes, AI virtual assistants who can personify user’s experience with leveraging them with the best offers, best assistance and exclusive services. This increases the retention rate of the customers.

5. Chatbots for customer support

For the efficient customer service, the businesses are adopting the virtual assistant who can communicate with the customers and help them in answering their queries.

The chatbot can be considered as the virtual assistant who is programmed to communicate with the users using the Internet. The chatbot has emerged as the effective way to have a conversation with the users 24*7. It gives an instantaneous online support. In ecommerce, when people shop online when they find any confusion or want to know more about the products and services of the service provider, they either leave the product or go to another website that fulfils their queries and removes their confusion. Here chatbots play an important role to reach your customers in a wider way and with the satisfactory solution. Chatbots are programmed with the accurate solution and with the help of AI, these virtual assistants solve the customer’s queries depending upon the available information fed into them based on the people’s search and query. Amazon, eBay, Etsy etc. are using chatbot assistant for serving their customers in the best possible way.

Conclusion:

AI has entered into the ecommerce sector in a wider way with which the online businesses are flourishing more and more. To reach more customers and serve them with the quality services in lesser time has made possible with AI. With AI, ecommerce services like customer support, product recommendation etc. has been improved. AI has added security to the customer’s experience by reducing the chances of fraud payment. Google Now, Siri, Alexa has given a new concept of talking and communicating with our smartphones, laptops and other appliances to complete the task we want and that too in a smarter way.

Therefore, in today’s world, where AI has made its roots you need to updated and also need to keep your website and businesses with the latest AI technology. Reach your customers in an intelligent way through AI. We at Hvantage Technologies serve our clients with the latest technology of AI and also with IoT. Our website helps our clients to take their business at the new level to meet their business goals and boost their ecommerce sales.