How Is Artificial Intelligence Helping The e-Commerce Companies Change The retail Landscape?

Living in a digital world, enabling a positive and immersive user experience using technology is the key objective of every digital business. Today, the everyday lifestyle of people has evolved the businesses to be user-friendly, customer-centric, and enable a lesser turn-around-time. Helping businesses do these with ease, AI has come as a boon to almost all the business industries and sectors.

Helping consumer make informed decisions and buying goods at their convenience, the e-commerce industry has completely disrupted the way we shop today. It is one of the industries that use AI to the fullest potential. The implementation of AI technology in the e-commerce sector is a very strategic step towards business development and increasing revenues. By wisely using AI, e-commerce businesses are creating an immersive experience for its users across the globe. With constant use of latest technologies, e-commerce today has changed the global retail landscape.

AI technology is backed by data, and analysing data ain’t that simple. While it may not be a simple technology to use, but if implemented rightly, it can reap you the best benefits. The mission of any AI tool is to quickly provide accurate and scientific data to help businesses and its users make informed decisions.

In this blog post our experts share three most widely used AI technologies than can help e-commerce players change the retail landscape:

Chatbots and virtual assistance

What better way than to be available for your customers 24*7? Yes, AI can help you with that. Built using trending AI technologies, digital assistants can help you provide 24*7 support to your online customers. This enables a better customer experience as the customer queries are answered real-time. Chatbots also have the capability to:

• Address customer needs with in-depth insights
• Interpret voice commands
• Provide highly personalised answers to the queries

Intelligent product recommendations 

Every e-commerce business in the world is fighting for higher user attention and revenue. Using AI can help them keep their users engaged and shop more from their platforms. The best use of AI in e-commerce is enabling personalised recommendations for online shoppers. It is noted that the conversion rates increase exponentially when an AI bot recommends a product. These AI bots use big data technologies to make recommendations by analysing the user’s purchase history and buying patterns. With the right use of this technology, e-commerce players can:

• Increase customer loyalty and retention
• Increase sales and generate better revenue
• Provide highly personalised shopping experience

Smart inventory management 

An e-commerce player can only survive if their inventories are tracked and managed at real-time. Inventory management aims to procure and maintain the right level of inventory that can strategically fulfil market demands. AI can help e-commerce businesses maintain the inventory at real-times, suggest recommendations, and order supplies. This AI-enabled smart inventory management can help e-commerce players to:

• Anticipate market demands on a real-time basis
• Compare trends of previous year/half/quarter
• Highlight demand-supply issues

These were some benefits of using AI in e-commerce. The accuracy and agility of AI bots had enabled AI-based technology to rule the digital world. As an e-commerce player are you willing to nurture AI for your business? Experienced in developing AI-based e-commerce applications, GoodWorkLabs can help you build an effective and efficient e-commerce platform or mobile application. Reach out to us at +91- 9863077000 or [email protected] for a free 1-hour consultation of how we can help you.