Digitization is the face of the future of every industry if they want to sustain themselves in the ever-changing market and shifting paradigm and preferences of consumers. The e-commerce industry is no exception. The retail industry has unleashed new avenues and opportunities for promising retailers across the globe. Over time the online shopping experience has evolved drastically and is not limited to just spending money on a product or service. As per a prediction by 2018, nearly 75% of the worldwide developer would be involved in creating multiple services and apps using Artificial Intelligence – The Big Data.
Some Starting Analytics in Artificial Intelligence
Of late in the recent past Artificial Intelligence has crafted an indispensable place in the market. It has been predicted by a study that by the end of this decade (2020) more than 85% of customer support services will be managed by Artificial Intelligence.
If another study is to be believed, 90% of online retailers have made up their minds to invest heavily in AI in the next 18 to 24 months. It is also predicted in this research that more than 65% of the survey respondents are confident that AI is the future and it is going to strengthen their business’ efficiency.
Coming to one more report, it has been established that online shoppers that interact with online opinions and reviews are 97% more inclined towards making a purchase and converting into actual buyers compared to those shoppers who do not interact with online reviews. On the other hand, the conversion rates of the brands have catapulted to nearly 78%.
How is AI acting as the Game Changer in E-commerce?
The changing shift of the eCommerce market towards artificial intelligence is clearly visible. What makes this paradigm shift the real crux requires attention. Let’s list out those ways in which AI is adding value to the e-commerce industry and gaining traction:
1. Offering Personalized User Experience
Utilizing AI brands are offering personalized user experience to the shoppers and consistently proving its expertise in this field. It is enabling online merchants and retailers to include personalized content and pages to their websites and thus deliver reviews and recommendations to online visitors. Such activities are not only reliable and trustworthy but it is also triggering sales and making their purchases more interactive and impulsive. As such reviews and recommendations are based on earlier customers’ likes and are also coupled with the complementary products that they would like to buy.
2. Reliable and Sustainable Customer Support
The evolving technology has increased the competition dramatically and has triggered the customer service also which has become a major factor for a successful business. As per a study, nearly 75% of shoppers like to purchase brands having great customer support. But the trend is that shoppers are more inclined towards having human interaction during customer support. On the other hand, deputing human resources could be an expensive affair for the brands. But with the advent of AI, offering interactive customer services has become simple and affordable as well. Interactive chatbots have started playing a great role in this arena and have been utilized by many brands all over the world.
3. Faster and Accurate Decision Making
Artificial Intelligent has also helped in making the right and quick decisions for buyers. It has displayed expertise in managing and studying their purchase pattern, predicting their online behavior and in other data manipulation activities. AI has also helped online retailers to automate their businesses by generating all these analytical reports. No doubt, AI is the future of the eCommerce industry and will drastically automate the entire process of eCommerce.
4. Beyond Catering to the Requirements
Data is the future. It is playing a crucial role in the development of online retailers. The online retail industry is the biggest data bank due to its regular and close interaction with consumers. The irony is, not every eCommerce industry is able to utilize this rich source of data. This is where Artificial Intelligence comes into play. It tracks and gathers every piece of data pertaining to the customer’s online activities starting from order history, and purchase patterns to predictive analytics, and identifies the navigation sequence and based on this it can easily predict the overall purchase pattern and next purchase of the visitor. This can drastically help retailers to reschedule their email marketing and other strategies to pitch the buyers for chances of increasing sales.
5. Highly Safe and Secure
Considering the current scenario, it is believed that in the future AI will help brands to earn their customer’s loyalty by offering them complete security against online fraud activities. With the growing trend and evolving technology, Artificial Intelligence will be able to deliver more precise behavioral predictions and expedite the checkout process. Today, according to a survey more than 13% of buyers admitted that security concern is their major reason behind abandoning a cart. But in the coming years, Artificial Intelligence will be able to offer high-end security thus delivering peace of mind to the shoppers.
The above listed are some of the benefits of artificial intelligence in online businesses. Undoubtedly the advent of AI in the eCommerce industry is going to transform the way online shopping is taking place today. It will not only deliver the simplest and fastest way of online purchases but will also offer completely secure purchases and prove to be a better revenue generator for online brands. It is also equally important for entrepreneurs to accordingly curate their e-commerce websites by hiring ecommerce marketplace development services company having dedicated Web Developers. Brands should know the exact requirements and use AI religiously to acquire the desired outcome.