By Krishan Kumar, Co-founder & CTO, Million Cases
In today’s digital world, companies are investing significant efforts to ensure customers have a positive e-commerce experience. With advancements in technology and the growing competition in the industry, many companies are now turning to Artificial Intelligence (AI), Machine Learning (ML) Big Data (BD), and many other like technologies to enhance their customer’s online experiences. These technologies allow businesses to collect consumer data and understand user behavior they also provide deeper insights into user preferences and actions.
According to some research, AI can enhance business productivity by up to 40%, and 87% of global business organisations are already convinced that incorporating AI will give them a competitive advantage.
Tailoring recommendations: With technology, shop owners can improve customer interactions and increase sales by offering personalised product recommendations. This helps customers find more relevant items, leading to higher conversion rates, bigger orders, and increased loyalty.
Price optimisation: You can use a system to find the best price for your products by looking at your costs and your competitor’s prices. This system uses big data. It can also tell you when to increase or decrease the price and when to have a sale if it has the right information.
Using chatbots: AI chatbots can provide customer support on weekends and holidays when your human support team is not available. They can answer easy questions, do simple tasks, direct customers to helpful information, and let them leave messages for agents to call back.
Segregation audiences: AI tools can quickly group your customers based on similarities. They analyse data without any assumptions or biases. For example, they won’t assume that young men are the main target for video games and that women are more interested in fitness products. AI can give you a more accurate understanding of your audience. These tools can even create new segments by highlighting parts of your audience that you or your team may have missed.
Managing logistics: AI can help you track all your products from the manufacturer to your store. You can use a tracking system with RFID and GPS technology to locate your products and monitor their conditions during transportation and storage. This is especially useful if you have many suppliers and vendors to manage. By using AI, you can reduce the risk of late deliveries and damaged products.
Take care of fraud reviews: Fake reviews are a big problem online. A report by Fakespot says that about 31% of online reviews are fake. But there’s hope. Artificial intelligence (AI) can now recognise fake reviews. AI can look at things like how the text is written and how it’s formatted. It can quickly compare reviews and flag the ones that seem fake. This is good news for the e-commerce industry, which has been struggling to fight fake reviews for a long time.
Auto-generated product descriptions: AI tools can use copywriting principles like AIDA to write like humans and add keywords naturally. However, the industry is not yet widely accepting AI-generated product descriptions. But, with the rapid improvement of tools equipped with natural language processing, it’s only a matter of time.
As technology advances, so does the potential for companies to capitalise on its power in areas like eCommerce. AI, ML, and BD are all tools that can be utilised to create a better customer experience. Companies can use these tools to improve their customer retention rate and increase conversions. Additionally, they can use these tools to more accurately analyse customer data and gain valuable insights into their customers’ behavior.
Ultimately, these technologies have improved the shopping experience for customers everywhere, saving them time and money while providing them with more options than ever before. As technology continues to evolve so too will ecommerce experiences.