AI and Machine learning have become an indispensable technology in daily life. Its influence is observable in direct and indirect forms in our everyday life. This article is all about “AI &ML: How are they boosting eCommerce businesses?”
The technology is highly valuable as it helps to ease the complex decisions involving tons of data generated by human-machine communication which would otherwise become too tough to handle.
Together the AI & ML is expected to contribute a whopping $13 trillion to the Global Economy by the year 2030.
Although this technology is spanning each area of daily life, its contribution is significantly high in healthcare, eCommerce, digital platform, etc.
The social distancing norms of the Covid-19 Pandemic became a contributing factor to eCommerce growth.
In fact, the countries of America and Canada witnessed an incredible 129% growth on E-commerce platforms.
It proved to be a rare positive outcome for eCommerce website development companies in India as more projects reached from across the world.
The above facts must have cleared the essence of AI & ML and beneficial growth of eCommerce in recent times!
Let’s take at the queries that we will be covering in this blog:
- How can AI and Machine Learning boost your eCommerce platform?
- What exactly do you understand by the two terms?
- Are you already using them or they are yet to make an official entry?
While the first two questions will have direct answers, the answer of the third would depend upon the specific applications of the technology we will be covering in this blog. Let us begin with the definitions.
What is the meaning of AI (Artificial Intelligence) & Machine Learning?
AI is the imitation of human intelligence by the machines programmed and developed to think and act like human brains.
On the other hand, Machine Learning is an application of AI that facilitates learning from the experience, much like we humans.
Together they seem to hold an unmatched potential for the digital as well as the physical world. We are already witnessing its contribution in usual eCommerce activities in the form of chatbots, image search etc.
The Big Tech that includes Amazon, Apple, Google, Facebook, and Microsoft are tapping the AI & Machine Learning potential to make the most of it.
You can also gain an edge over your competitors by making optimum use of this technology on your eCommerce platform.
Top 7 ways in which AI & Machine Learning are proving to be eCommerce Tech Game Changers
Visual Search Engine
Well, it’s not new for you to learn that Visuals generate a more significant impact. But do you know that nearly 90% of information transmitted to the brain is visual? Yes, of all the news on your mind visuals holds the most outstanding share.
Surprisingly the stats say that around 45% of UK retailers are already relying upon Visual search for their daily needs. And that’s just beginning, look at more such interesting stats of a survey: AI &ML: How are they boosting eCommerce businesses?
- 61% of users said they find visual search more appealing than the usual search.
- 62% of users agreed that they prefer visual search over any other search engine model.
- The Global Visual Search Market is expected to cross $14,727 Million by 2023.
A more significant benefit associated with the visual search is that users can find the most relevant items based on an image/click search. Searching with a simple click is far easier than trying to describe the exact product.
Often the description in words tends to vary from person to person, which leads to poor results. In contrast, the visual search engine focuses on the colours, size, shape, texture, etc. to offer users the most relevant items with the same period.
So, the visual search engine is agile and offers enhanced performance to all your clients. It is worthy of your investment.
AI Chatbots
The NLP (Natural Language Processing) has transformed chatbots from scripted tools to nearly a virtual customer assistant for your business. So, gone are the days when chatbots could only offer a few simple functions.
Chatbots now act as 24×7 support to businesses as they can offer reliable answers to customer queries.
With chatbots, you have a fully functional service team handling multiple customers simultaneously without failure. AI &ML: How are they boosting eCommerce businesses?
They also have the potential to easily connect a user with the physical team when in need. Enhancing the user experience chatbots are increasing the credibility of the eCommerce platform.
Voice Assistants
Although the technology is in its development stage but once released, it will surely be on the bucket list of your eCommerce platform. The growing popularity of Alexa and Siri is clear proof of it.
Amazon has already crossed the 100 Million Mark for Alexa powered gadgets long ago, and its sales are only increasing every day.
Voice assistants offer a more human touch to your digital platform and thus bridges the gap between the physical and digital world.
Your Ecommerce platform will become more customer-friendly with voice-bots easing the search and order placement process for the user.
Machine Learning CRM (Customer Relationship Management)
Say goodbye to traditional years old practice of CRM that is both time-taking and less effective as now you have access to Machine Learning CRM.
The approach of Machine Learning CRM is an innovative way of handling tons of data to make the best decision for the business.
Unlike the traditional approach, it comes with the ability to weigh the pros and cons that came with earlier decisions taken by it.
So, you will have access to a marvellous view of the decision helping you in choosing the best for the firm.
Combined with NLP, the unstructured data becomes much more comfortable to comprehend for the user. It is here to stay for long as it offers the ultimate convenience for CRM.
Personal Recommendations
Having AI as part of your search engine will offer personalized recommendations to each user. As technology can remember the preference and likings of each user, it automatically provides the best to the online customer.
Users search for products based on brands, features, colours, size, costs etc. It often becomes dull for users to search after filling multiple filters online.
In contrast, the AI uses all these data to offer relevant products to the users.
The personalized recommendations of products is a much-sought feature for your eCommerce platform as it offers the services similar to that of a reliable salesman
Combating Fake Reviews
The infamous habit of competitive business organizations placing fake and negative reviews about your products and services is a serious concern.
However, it’s not always feasible for you to differentiate between a real and fake one as there are just too many of them.
With Machine learning AI the technology can identify the fake ones by looking out for the inconsistencies in the reviews of similar products from the rest of the competitors. Thus, you can quickly get rid of fake reviews from your eCommerce platform.
Dynamic Offers
Dealing with dynamic pricing can be a tedious task, especially if your eCommerce portals offer a variety of products and services. However, with Artificial Intelligence onboard this task can be quickly taken care of.
You can include all the guidelines that are of concern including your current stock, market scenario, competitors pricing, etc. to make the most of your product and services on the digital platform.
Final Words
Artificial Intelligence, along with Machine Learning, is leading revolutionary changes in the eCommerce platforms.
It is in the best interest of a business to invest in this technology as any form of negligence can lead to a severe setback to your firm.
The integration process of AI and ML with your eCommerce platform may seem easy but involves several technicalities that are best addressed by the experts.
There are various experienced eCommerce website development companies in India that offer smooth integration of AI & ML for your digital platform.
It is preferable to connect with them because the technology is relatively new, and errors in the integration process may cause severe distress on your eCommerce platform.
So thanks for reading the article regarding “AI &ML: How are they boosting eCommerce businesses?” If you have any issue feel free to raise a ticket at https://bagisto.uvdesk.com/en/
