Artificial Intelligence has evolved over a period of time.
In the 1950’s AI started off as a program that could sense, reason, act and adapt.
In the 1980’s, came ‘Machine Learning’. Now computers began to learn without being programmed.
Come 2010, ‘Deep Learning’ allowed machines to mimic the way in which the human brain works. <\/p>\n\n\n\n
The last stage of AI’s evolution, deep learning, is what makes AI invaluable for e-commerce. Machine learning that can not only analyze customer data but use that data to anticipate customer needs in order to create personalized experiences. Today, artificial intelligence provides personalized experiences for customers across devices and is revolutionizing both, conversations and content.<\/p>\n\n\n\n
According to Sharad Agarwal, CEO of Cyber Gear, “Using AI and Big Data, businesses can monitor their competitors’ product mix and marketing strategies. AI provides businesses the ability to adjust their own product-mix and pricing in real time with high accuracy – an impressive competitive advantage that provides complete visibility into what products are being offered in the market. The intelligent software puts retailers in a strong position to make specific assortment and planning decisions, and track the business impact of those actions.””<\/p>\n\n\n\n
E-commerce sites now have the ability to harvest products data from competition sites and find the best price for all SKUs. They can, therefore, offer a ‘Best Price Guarantee’ and improve sales turnover. The ability to harness data is enabling masses of big data to be utilized to form actionable customer segments and individual offers and incentives to increase sales and customer retention. <\/p>\n\n\n\n
While the potential for AI in e-commerce is boundless, most e-commerce companies are focused on AI for online shopping.<\/p>\n\n\n\n
Here are some of the benefits of using AI in your e-commerce site:
\u2022 Identify market size
\u2022 Identify new products and strategies employed by the major market players
\u2022 Analyze and dissect the brand ‘slice of the pie’
\u2022 Enable shoppers to discover complementary products whether it is size, colour, shape, fabric or even brand.
\u2022 Image search is an extremely powerful AI tool for enhancing shopping experience
\u2022 Identify reasons why online shopping carts are abandoned
\u2022 Offer recommendations based on customers past buying pattern
\u2022 Chatbots are on the cutting edge of customer service
\u2022 AI helps in planning inventory levels
\u2022 Artificial intelligence has also improved the cybersecurity of the E-commerce websites
\u2022 With the help of machine learning algorithms, advanced CRM can learn and improve over time
\u2022 Analytics can reveal insights for new opportunities
\u2022 Statistics and trends analysis are available 24\/7 through an interactive dashboard<\/p>\n\n\n\n
AI makes it possible for e-commerce retailers to analyze millions of interactions every day and ultimately target offers down to a single customer.<\/p>\n\n\n\n