AI Revolutionising E-Commerce: Maximising Savings for Online Shoppers

India, standing third globally in online shopping behind China and the US, hosts a considerable base of 150 million online shoppers as of FY21, with projections soaring to 350 million by FY26. This surge reflects a growing preference among consumers to utilise e-commerce platforms for diverse purchases, ranging from groceries to electronic gadgets, attracted by the convenience of virtual browsing. As per IBEF, 34% of businesses focus their attention on e-commerce sales, underscoring a substantial trend towards digital retailing.

The growing population of internet users is primarily responsible for the rise in e-commerce and online purchasing. The trend of consumers buying more online is growing as companies move from physical stores to virtual platforms. The increased convenience it offers consumers, especially with the abundance of deals and special offers up for grabs, Artificial intelligence (AI) plays a significant role by helping businesses customise product recommendations for each customer. Moreover, AI-powered platforms make it easier for online shoppers to find discounts and coupons, making the whole shopping experience even better.

How is AI helping online online shoppers?

Personalised recommendations: AI has the ability to understand the shopping behaviours and preferences of consumers, allowing them to present tailored deals on items that match their interests. This personalised method replaces the old-fashioned tactic of inundating consumers with irrelevant discounts, guaranteeing a more significant shopping journey.

Timely alerts: Artificial intelligence systems continuously monitor price changes across various e-commerce platforms. This allows consumers to set alerts, ensuring they receive timely notifications when prices are expected to rise or a desired product becomes available at a highly discounted price. This feature enables consumers to seize the best deals before they expire.

Smart search: Online purchases typically begin with a search. For users, it’s crucial that the search results match their keywords; otherwise, they might seek alternatives elsewhere. Text-based searches usually provide lists of items matching the title and description keywords; however, artificial intelligence techniques now enable users to upload images for more accurate results, saving consumers significant time by eliminating the need for prolonged searching.

AI assistance: E-commerce platforms are embracing AI technology with the introduction of chatbots, such as Myntra’s chatbot Maya. These chatbots enable consumers to interact seamlessly, aiding in product searches, finding deals, and discovering offers. Users simply input their needs, and the chatbot swiftly provides the most relevant product options.

Additionally, various platforms, such as Zifup, assist consumers in discovering optimal deals, discounts, and offers for their desired products and brands across e-commerce platforms. These platforms facilitate efficient window shopping experiences with AI-driven systems and provide timely alerts to online shoppers, showcasing the latest and most relevant offers from multiple e-commerce platforms. This aids in enhancing consumer decision-making regarding their purchases.

In contrast to conventional shopping methods, AI has revolutionised the shopping landscape. It enhances the overall experience for consumers and aids e-commerce platforms and sellers in expanding their reach and increasing sales. Moreover, it offers cost-saving opportunities for shoppers. This innovative technology presents a mutually beneficial solution in the age of online shopping.