Artificial Intelligence (AI) is supporting every business to grow and explore new horizons. As per Tractica’s market forecast, AI is expected to generate revenue of 118.6 billion USD from AI software by 2025.
Gone were the days when e-commerce business was all about website designing of your offline store and selling across that. The increasing inclination and constant competition in the trending technologies are improving the e-commerce industry at a growing pace. AI transforms the traditional tactics of managing different tasks of business in smarter ways. From local vendors and manufacturers to giant retailers and digital startups, AI is helping every business.
Now, let me share some of the surprising transformations brought by AI in improving the shopping experience of customers as well as business owners.
- Virtual Assistance:
AI allows you to virtually assist each of your customers with the help of chatbots. While surfing on e-commerce sites, you will find the pop-up message from the smart bots that can solve the puzzle piece for you. The key benefit of a chatbot is, you don’t need to hire multiple resources to serve your diverse language speaking clients.
Unlike the old days when bots just showed up, AI integrated chatbots can communicate with your customers exactly like humans. Based on the customer requirements and queries with machine learning, chatbots are capable of guiding them through every step of shopping. From product selection to the checkout process, chatbots are there to help your customers at every stage.
In addition to chatbots, voice assistants can be helpful for the end-users. It makes the user communication easy and swift and keeps the user from typing in their queries. On one hand, voice search saves your time and adds a personal touch. On the other hand, voice assistance enables you to assist your customers with the bots that answer their queries by speaking it out, rather than displaying on the screen.
- Advance Visual Search:
Visual search is one of the amazing features that everyone craves for. The reason is pretty simple, mostly we know the product we want, but at times confused to explain it. If you don’t explain your query in a proper fashion, getting the exact result that you wanted is impossible.
Thanks to AI’s live product search option, that enables you to scan the product that you want to search. A single search of yours is capable of bringing hundreds of variations of the product you were looking for. So, no more worries about typing different attributes of the product. Simply scan the product and you will find the product all of the information displayed along with the in-stock quantity and the variants available.
E-commerce giants like Amazon have already started using the visual search option. If you want to get the feel of the feature, you can check it out there. Later, you can add such a feature to your store also.
- Personalized product recommendations:
The customer satisfaction is the ultimate goal of every business. So, you must care for each of your user requirements. If you talk about the physical shops, it turns hectic in the festive days or during rush hours. A shop owner and the staff can understand the shopping behavior and show the products as per their needs, but taking note of every customer’s choice, even when he/she is a first time visitor; is a bit tricky.
E-commerce makes it possible for you to take note of choices of every visitor and AI helps you in offering a personalized experience to them. A single customer search displays 100s of products and with the gradual learning, you will find a list of recommended products in the “Products you may like” section. The list of products is solely based on your search and that of the customers earlier liked such products. You will also find the products that you can buy together, it is like a profitable deal that can further entice customers to purchase the product.
- Manage your inventory based on forecasted sales:
The sales forecasting feature is really an asset for businesses. Based on previous purchases, user demographics, customer behavior, the time of the season and various other factors; AI helps you in predicting your future sales. Based on such analysis, you can manage your inventory and stock the products which have higher chances of bringing sales in the meantime.
The sales forecast can help you make your marketing strategies and cut off the marketing costs when it is not of much worth.
- Customer Relationship Management (CRM):
Unlike the old days of managing the database of your customers across the spreadsheets, now, CRM software took a tool on it. When CRM makes it easy for you to manage the data and sales of B2B and B2C customers separately, it eases the communication with potential clients.
Further, AI makes it easier for you to collect the data from social media, helps in evaluating potential leads, automate data entry, and enable data analysis to support your marketing strategies and sales.
Above mentioned benefits of Artificial Intelligence are the vital ones to count on. There are a plethora of opportunities that you can discover time to grow your e-commerce business with more personalization for your customers.
When you are ready to jump on the bandwagon of e-commerce business, Builderfly can help you make your store live. Moreover, with a web-store, you can build an AI-integrated native m-commerce app for your business in the single investment of web store. Flourish your business, understand your customer demographics accurately and offer personalized experiences to your customers with the power of AI.