Over the past couple of years, the e-commerce sector has undergone enormous improvements, and artificial intelligence has influenced this e-commerce transformation for the better. AI facilitates a multitude of benefits to the online ecosystem, it focuses on helping online retailers in making better future sales projections, efficient inventory management & planning, excellent customer service, informed decision making and targeting numerous consumers at once.
As per Fortune Business Insights, the artificial intelligence market is projected to reach $267 billion by 2027. Moreover, the adoption rate of artificial intelligence related services and softwares by businesses has grown by 270% in the past few years.
From these stats, you can clearly understand the sheer importance of AI in the expansion of the online business, especially if you are in the online market for some period. Therefore, artificial intelligence is the product of further technological innovation that improves the shopping experience of customers. In the online business landscape, the function of the AI cannot be overlooked. Machine learning and artificial intelligence are extremely advantageous that impact e-commerce significantly.
The convergence of the artificial intelligence functionalities in your organization will refine users' buying experience, generate personalized product suggestions and lead to targeted ads. In simple terms, artificially intelligent systems are software that can work independently without any human supervision. These programs are able to do a wide range of tasks including speech recognition, pattern recognition, decision making and task management. Today we can see that these systems can be used for many purposes
A good example is IBM's Watson, which can be used by consumers as assistants to their own virtual personal assistants (VPA). In the past few years, we have seen that IBM is using Watson to analyze consumer data and influence buying decisions. Another example is email marketing platforms like Mailchimp and SpamMail that can automatically monitor and route emails based on predefined criteria. It also allows users to filter and sort emails based on subject or contents. The possibilities are many. As mentioned earlier, these tools can also be used for web applications. Optimizing voice search to effectively deliver on customers’ requests and integrating conversational chatbots on e-commerce websites can strengthen customer relationships and increase brand loyalists.
The future of artificial intelligent systems for online business will probably be even more exciting and far-reaching than Watson or other similar tools. Currently, such systems are being used by corporations like Amazon and Alibaba to improve their e-commerce websites. However, even small companies are taking notice. In fact, there is already a growing contingent of e-commerce developers that are using artificially intelligent tools for decision making. This is especially true for those who are faced with many complex questions and multiple options.
Artificial intelligence will be even more critical as the online business world grows and becomes more complicated. It will increasingly be used to help with such issues as search engine optimization and link building. We are also seeing the use of AI in decision making in edtech, telemedicine, e-commerce and manufacturing. Indeed, we may soon witness a new revolution in business.
There are challenges, of course, as artificial intelligence is not a perfect system. It does have its flaws. These include the inability to diagnose a virus, error messages, and other errors. But, as the technology improves and as our understanding of the human brain improves, this problem may become nonexistent.
To sum it up,
The future of artificial intelligence in online business will be exciting and perhaps even transform our lives. As we develop better artificial intelligence software, we need to make sure that its control is well thought out and closely monitored. Maintaining these AI systems is very important. In addition, we must ensure that the data we collect on this system is secure, and that it is kept safe from malicious hackers.
Business Intelligence (BI) is a combination of technologies and strategies that will offer important information about the business and customers to the enterprise owner. Enterprises can store, process, and use the necessary data to improve the business. This usefulness of BI has inspired many eCommerce businesses to use it. In fact, special BI tools have the capacity to revolutionize the working models of an eCommerce business. Some other major advantages include:
eCommerce Related Business Information
Accurate data available at the required time can be the driving factor for the success of an eCommerce business. BI will help develop matrices and industry-specific data that can assist in decision-making. Few examples of this helpful information are:
The primary purpose of BI is to help enterprises in decision-making. Decisions made on the basis of analyzed data have a 79% success rate as compared to the decisions made on intuition. BI experts analyze data and prepare reports so that businesses can use them before creating strategies. For example, BI can offer data related to the past and current pricing of the competitors. This information will help the business to decide its own pricing model.
It is as important for eCommerce websites to retain their customers as it is to find new ones. Also, getting new customers onboard is 6-7 times more costly than retaining the existing customers. BI will offer business insights into what made the customers leave. An eCommerce site owner will get all details related to late shipments, returns, customer reviews, and complaints. All of this information on hand will allow them to improve customer satisfaction and retention.
There is no denying the fact that eCommerce is a highly competitive market. To keep up with the dynamic market conditions, adopting business intelligence has become more of a need than an option. One of the primary reasons being that not only it helps in decision making but also allows them to monitor various business outcomes on a regular basis.
If you’ve been through the internet then you’d have most likely heard about Artificial intelligence(AI). Nowadays, Artificial Intelligence playing a predominant role in any business you see online, that too in the eCommerce business it has a massive way to go in enhancing the quality, quantity, and experience they’re offering to the end customer online.
In simple, AI is everywhere you go and wherever you see its impact on online businesses. Unlike other technology, Artificial intelligence takes up all the process that people are doing manually and process the tons of data to analyze and leaves the decision-making part alone for the human-beings.
Okay everything is fine, how and in what are the ways Artificial Intelligence(AI) impacts the online business?
You know what, the rate of abandonment cart is 76% in an online eCommerce store, that is a bit too much. This costs them too much, so using AI drives the customers by offering a more personalized experience.
AI helping the shoppers to buy through the visual search which simplifies the shopping experience as it allows the buyers to visually see the product and make purchase-decision. Huge companies like eBay, Amazon have already implemented AI to enhance the shopping experience.
As predicted, by 2021, about 35% of the business contents on the internet are written using AI. Because AI is boundless and highly flexible to implement, it is the reason why many companies are focused on AI for their eCommerce business.
Despite the fact, Artificial Intelligence(AI) is the trending technology that strives in enhancing the business and customer experience through personalized features, content, and a lot more.