Artificial Intelligence has brought out about many changes that have grown and been implemented over different platforms. One popular field that has seen a lot of implementation of AI is E-Commerce. AI has revolutionized the world of online shopping by setting new standards.
Artificial Intelligence is giving solutions to help build a good customer base which gradually can be converted into sales volume. The customer base is being built by giving 24 hour customer service with perfection. This technology has forced business to emphasize on customer satisfaction with immediate response to customer needs regardless of time.
Chat-bots and machine learning techniques are the first level of customer and business interactions. These techniques fail as they cannot respond to complicated customer specific questions. It is believed that, as, in-person interactions fall, significance of AI in E-Commerce would raise tremendously as the agents will be directed to offer value added personal services to customers.
Few feel that AI is taking over humans, but the fact is that it is providing retailers with customers’ desires regardless of any restraint. AI enables to connect with customers in a better way which helps to save customers time. This highly recommended technology in the current market has started its impact on sale process in a better way.
AI works on the basic theory of E-Commerce to understand customer’s actions and behavior on online store. This helps commercial sites to meet demands of customers by real time services and solution over queries. AI has the capacity to improve online experience of user and forecast how the user purchase will affect the company’s turnover.
The most important factors on which AI focuses are but not limited to :-
- Price Optimization: AI helps in analyzing how customers react to change of price for its products and services through different channels and make plans accordingly to maximize profits.
- Up Selling And Cross Selling: the technique helps companies to design schemes that could boost up selling or cross selling for maximum sales.
- Lead Scoring: AI helps to lead score of products and services, so that the sales team can concentrate on these products in devising their schemes.
- Managing Performance: AI also suggests ideas about how to introduce schemes that will enable products with low sales skyrocket their overall performance.
Recommendation engines are online product advisory tools. Also known as E-Commerce Personalization Engine, which gives suggestions about most searched products by the customer and the once relevant to the same products. The suggestions may differ in cut, model, pattern, colour, shape, or size. These recommendations also work on questions and queries triggered by AI.
Popular websites like eBay, Shopbot and Amazon Go use AI to offer customers, numerous opportunities to make their journey easy. The main aim of all these sites is to give customers unforgettable shopping experience which would force them to return to the same site next time.