7 Things About AI In 2020 That E-Commerce Business Owners Must Know As the days are passing by, AI is increasingly gaining more prominence among businesses today. Not just the big business houses, even small-scale ventures are now adopting AI in e-commerce . In other words, if you are keen to gain that winning edge in business over your competitors, then there is no escaping AI Trends . Here’s what you must know about AI in e-commerce 1. Personalized Customer Experience is the actual game-changer CX or customer experience is the ultimate deciding factor for success in business. It is the only thing that can pave the way for customer loyalty. And personalizing CX through AI is surely going to turn out to be highly satisfactory as it is going to fulfill every want of the customer, even before they express it. 2. Finding the shopper’s intent The way we speak is a lot different from the phrases we type in the search bar of Google.It is crucial to understand your customer’s intent from the phrases used for Google searches. Like if they search for ‘pedal’ the AI e-commerce platform will try to understand whether they want a pedal for drums, cycle or motorbike 3. Smart recommendations for profit maximization When a customer reaches the checkout page on your e-commerce website, AI will try to maximize the order value. This is done by combining the techniques of cross-selling and combination selling, by suggesting products that the customer might want to add to cart. While the former offers compatible products, the latter allows for higher-end versions of the selected products 4. Chatbots are extremely useful Chatbots in online stores are known as to improve customer support to a great extent. Yes, you can hire employees to manually field queries, but that is expensive. Chatbots are smart and need no expenses – powered by AI In business , they can also enhance the administrative interface of your e-commerce store. 5. Enhance operational efficiency AI Technology that works continuously behind the scenes is absolutely phenomenal when it comes to increasing operational efficiency. From navigating administration issues to negotiating with suppliers and creating presentations, AI can practically assist you with anything and everything. It can smoothen out workflows with automation and streamline operations easily. 6. Forecasting will help you decide on your stock If today you get to know how the market demand can be during the next few months, you would obviously know the best way to manage your warehouse. Today, Artificial Intelligence & Machine Learning are being used to come up with near-accurate estimations of the market which are helping business owners in cutting back spending and managing inventories smartly 7. Not the sci-fi AI Although AI can do wonders for your e-commerce business, it cannot replicate the human thought process. So it is important to realize that applying AI in marketing needs to be a continuous process; AI cannot be left in isolation, and then expect to fetch huge returns. AI today can only provide an approximation of what the human mind expects.
