Artificial Intelligence helps e-commerce businesses boom as it tackles tasks that would normally need manual inputs, freeing up lots of people time and energy for further planning and strategising.
Listed below are some of its advantages:
#1 Virtual Personal Assistant Artificial intelligence is a transformative technology that drives sustainable competitive advantages and business values. It can perform tasks and services for an individual, just like a dependable aide. This conversational, computer-generated character of AI simulates a conversation to deliver voice- or text-based information to the user, via a web or mobile interface.
#2 Predictive Marketing Using algorithms to deliver highly researched, targeted product recommendations, Predictive Marketing is a technique that helps determine which marketing strategies and actions have the highest probability of seeing the light of the day. Using this technique, e-commerce can be optimized to show what a business’ TG want to see, how they see it, and even suggest price points for the products that are sold.
#3 Personalisation AI bridges the gap between the seller and the buyer by responding to the customer’s needs, based on their history and specific tasks. Through AI, every small business is able to send out targeted emails, deliver personalised ads and make product recommendations apt for their TG.
#4 Customer Service E-commerce businesses these days use chat bots to communicate with their customers. These chat bots give the customers a chatting experience that is round-the-clock, more personalized, branded, and intelligent. This is made possible through the collection of valuable data and by tracking the customer’s online behaviour.
#5 Optimised Search AI has transformed the landscape of search to a large extent. AI is a constantly evolving system designed to identify, sort, and present the data that is most likely to meet the needs of users, then and there. It is based on a multitude of variables that go far beyond just a simple keyword phrase. This leads to the creating of a unique experience for the user each time he visits the online store.
#6 Social Listening AI tracks conversations in social media networks for keywords, phrases or brands. It then uses this data to suggest new prospects, enhance customer experience and make more conversant strategic product decisions.
#7 Fraud Detection and Prevention AI techniques are proposed to overcome the increasing challenges of online fraud. Due to its constant analysing cycle, the technology is always studying transactions to ensure that the purchase being made is not a fake or a swindle.
#8 Automation AI takes care of repeated tasks which frees up the time and mind space of a small business owner to strategise and grow his business further.
Identifying high risk purchases, to publishing new products on various sites, to giving discounts to repeated customers, all these tasks can be automated.
#9 Location Based Intelligence AI can help identify the exact location of the TG and this can be used for personalized location-based offers with predictive analysis, and even make site specific decisions and forecasts.
#10 Dynamic Pricing Complex businesses turn to AI for perfect pricing. With AI, they reap the benefits of pricing algorithms and prevent the common pitfalls. AI also adjusts the price of the inventory based on multiple data points.
Thanks to AI, SME India has experienced 20% more sales opportunities in the recent past. This is a definite must-have tool for all E-commerce businesses, as it makes a company future ready for growth.