How is Artificial Intelligence transforming eCommerce?

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The use of artificial intelligence in online shopping is transforming the E-commerce industry by predicting shopping patterns based on the products that shoppers buy and when they buy them. For example, if online shoppers frequently buy a particular brand of rice every week, then the online retailer could send a personalized offer to these shoppers for this product, or even use a machine learning-enabled recommendation for a supplementary product that goes well with rice dishes.

Ecommerce AI tools or AI-enabled digital assistants such as the Google Duplex tool is developing capabilities like creating grocery lists (from the shopper’s natural voice) and even placing online shopping orders for them.

4 Major AI Applications in E-commerce

While there are multiple benefits of artificial intelligence in eCommerce, here are 4 major AI applications for Ecommerce that are dominating the industry today.

Chatbots and other virtual assistants

E-commerce retailers are increasingly turning towards chatbots or digital assistants to provide 24×7 support to their online shoppers. Built using AI technologies, chatbots are getting more intuitive and are enabling a better customer experience.

Apart from providing good customer support, chatbots are enhancing the impact of AI in eCommerce through capabilities such as:

·         Natural language processing (or NLP) that can interpret voice-based interactions with consumers.

·         Addressing consumer needs through deeper insights.

·         Self-learning capabilities that help them improve over time.

·         Provide personalized or targeted offers to customers.

·         Intelligent Product Recommendations

Among the major applications of artificial intelligence in eCommerce, personalized product recommendations for online shoppers are increasing conversion rates by 915% and average order values by 3%. With the use of big data, AI in eCommerce is impacting customer choices thanks to its knowledge of previous purchases, searched products, and online browsing habits.

Product recommendations provide multiple benefits for eCommerce retailers including:

·         Higher number of returning customers

·         Improved customer retention and sales

·         A personalized shopping experience for online shoppers

·         Enable a personalized business email campaign.

·         AI Personalization in Ecommerce

Rated among the most effective modes, personalization is at the core of AI in Ecommerce marketing. Based on specific data gathered from each online user, AI and machine learning in eCommerce are deriving important user insights from the generated customer data.

Inventory Management

Efficient inventory management is all about maintaining the right level of inventory that can fulfill market demand without adding to idle stock.

While the conventional form of inventory management was restricted to current stock levels, AI-enabled inventory management is enabling how to maintain stocks based on data related to:

·         Sales trends over the previous years

·         Projected or anticipated changes in product demands

·         Potential supply-related issues that could impact inventory levels

Apart from inventory management, AI is enabling warehouse management with the emergence of automated robots that are being projected as the future of artificial intelligence in eCommerce. Unlike human employees, AI robots can be used to store or retrieve stocks 24×7 along with immediate dispatching of ordered items following online order.

As you see, artificial intelligence in eCommerce is playing a leading role in driving innovative solutions and customer experiences. Some of the leading use cases of artificial intelligence in eCommerce are in the area of personalized shopping, product recommendations, and inventory management.