Few examples of AI in E-commerce

Chatbots

Nowadays the e-commerce sites offer 24/7 assistance, this is possible only because of chatbots. Previously, chatbots used to offer only customary replies, but recently they can understand all issues related to the visitors. Many online shopping sites are taking resort to these chatbots for helping customers to make buying decisions. Even applications like Messenger and Facebook have chatbots through which potential customers communicate with the vendor site.

CRM

Nowadays the dependencies on human resource for the management of customer relationship has reduced. A huge effort is continuously been given so that data can be gathered and analyzed properly so as to offer flawless service to the clients. Nowadays, AI can work through huge volumes of data for predicting all potential clients. Efforts are constantly been made for securing their engagement. CRM can identify and point out the buying trends so that your actions can be directed in the right direction. This has relieved the sales representative from their monotonous tasks of analyzing numbers.

Internet of Things (IoT)

The main aim of IOT is to sync various devices together. From programming your washing machine to lights, and even car. IOT is everywhere, turning all the devices into smart devices. IOT is impacting on all virtual things in our lives. Both B2B retailers and B2C retailers are benefitting tremendously from this IOT.

AI is achieving Sales Goals

It is all about sales. E-commerce basically deals with sales generation. AI helps in the detailed customer journey process, from finding the right customer to providing after-sales services. AI is also used to generate brief revenue forecasts at the macro level for sales managers. It offers a detailed insight into the sales trends which are bifurcated on the basis of sales representatives, sales organizations and so on. Because of these AIs companies are optimizing resource allocation for coming up with a healthy pipeline, examining team performance and leading to cost-effective outcomes.

The current status of the online marketplace is the reason e-commerce has become more saturated and competitive. E-commerce needs to be smarter and faster. For example, nowadays building a website no longer requires hiring a website designer and paying thousands of dollars for having a professional website, now all you need is an AI website builder and the task will be done within minutes. Wherever we look these days we can find data all around us. These data are collected, analyzed and organized by AI and is put to work in a more efficient way. This is where AI comes to the scene and it’s changing the entire game at a rapid pace.

AI is helping in the improvement of the e-commerce platform rapidly. This form of technology is being deployed everywhere. There are numerous products and services that have incorporated AI and helping consumers on a daily basis. Retailers are implementing personalization strategies and have witnessed sales growth by 6-10%. Which is almost two to three times more than that of other retailers. According to one report by The Boston Consulting Group (BCG), there is a huge chance that it would boost the profitability rates by 59% in the wholesale and retail industries by 2035.

Submitted August 07, 2019 at 06:27PM by Amit_phoenix11 https://ift.tt/2TaE0na via TikTokTikk