Nowadays, we are surrounded with artificial intelligence. From the developing number of self-checkout money registers to advanced security checks at the airport terminal; artificial intelligence is just about everywhere.
It’s widely anticipated that AI is set to go into turbo drive in the next couple of years with goliath’s, for example, Google and Microsoft already investing heavily into new AI initiatives. Google’s recent invest £400m to purchase startup DeepMind, it is artificial intelligence company which is masters in making algorithms for machine learning..
Other real tech firms, for example, Facebook, IBM and Yahoo have already publicly expressed their emphasis on developing artificial intelligence as a new source of business.
On the off chance that you search for AI online, you will stumble crosswise over hundreds of articles that predict a marketplace dominated by the use of artificial intelligence. Truth be told, a recent report by Business Insider suggests that as much as 85% of customer interactions will be managed without a human by when 2020.
Segmentation, Personalization, and Targeting
E-commerce websites suffer a degree of separation from their customers. In person, a salesperson interacting with a customer rapidly takes in what they are stating, their non-verbal communication, behavior, and numerous other factors in order to help the customer. In effect, the salesperson segments and targets, and personalizes the customer’s experience to get them to purchase.
When offline shoppers have a question, concern, or hesitation, a salesperson is there to give them the correct data to nudge them closer to purchase. Online, we have trouble understanding the tremendous measures of data needed to be able to provide the same tailored experience; which means it’s very hard to nudge an on-the-fence shopper closer to purchase. Sale lost.
This is where machine learning makes an effect. AI technology helps in providing optimized experiences which help in driving sales and increase revenue.
Pricing is vital. Online pricing is basically imperative. You can’t simply rely on a set markup rate or even the neighborhood market price to win the sale. It’s easier than at any other time to compare prices starting with one competitor then onto the next with only a few ticks. What’s more, shoppers aren’t hesitant to get a better deal.
Machine learning technology can change prices to represent many factors immediately. Like competitors’ prices, time of day, demand and type of customer.Fraud Protection
E-commerce companies are susceptible to fraud. Chargebacks are only the beginning of the negative consequences of fraud. In some cases, a damaged reputation can permanently discolor an organization’s reputation.
On the off chance that your shoppers can’t discover what they’re searching for, they won’t be able to get it. We might be excessively spoiled by Google’s search engine, making it impossible to consider that not all search is intelligent. In any case, often, product searches miss the mark concerning delivering results that genuinely answer the query.
Variables like content, preferences, and comparable items all play into giving the ideal search results. Machine learning can pull data from deep inside the patterns of search and purchases—rather than just keywords.
Amazon has proven that product recommendations work. Their Recommendation Engine is responsible for 35% of its sales. Be that as it may, it takes a considerable measure of figuring power to locate the correct patterns in product sales and shopping behavior.
Machine learning can do it. It is possible for an intelligent employee to write “if this, then that” rules, however this limits recommendations to just reflect the employee’s knowledge. Machine learning can effortlessly evaluate purchasing behavior over and over once more, each time diving deeper into trends.
Customer Support and Self Service
Giving quality customer service in e-commerce is challenging. Doing as such at scale is overwhelming. Be that as it may, one answer is to use machine learning technology like chatbots. Intelligent chatbots are able to use characteristic language to communicate with a customer, identify an issue, and resolve the issue.
Automating customer support and enabling self-service makes it easier for you and your customer to have higher fulfillment. There’s a considerable measure of creativity to how machine learning can be used to help customers, chatbots being only one example. Yet, the intent remains the same: higher customer fulfillment.
Supply and Demand Prediction
Forecasting is regular enough. Yet, today, with more data than any time in recent memory, e-commerce companies are leaving this errand to the machines. Not exclusively is machine learning able to process data faster, it’s additionally able to discover unique experiences hidden where people weren’t thinking to look.
Furthermore, forecasting is only a glimpse of a larger problem when it comes to business intelligence. Machine learning can be applied to a number of explanatory objectives. With deeper, more accurate data, companies can make data-backed decisions that ultimately lead to better products and services.