Artificial Intelligence (AI) is the future, with a growth prediction of 300% in post COVID era. With more and more marketers realising the importance of AI, the growth trajectory is projected to reach its peak by 2021. For e-commerce ventures AI has three important aspects to offer – Data Mining, Machine Learning, and Natural Language Processing (NLP).
More and more e-commerce setups are leveraging AI to give their customers a delightful experience in areas like product personalization, customised services and virtual shoppers. Usage of AI for these firms have been cheaper and faster. Tech giants like IBM, Yahoo and Facebook have already started focusing on AI. Their focus was and will always be in how to leverage AI to save costs.
AI in gaming industry is also set to take off. Games devs are imaginatively making use of conversational AI chatbots, voice assistants, Alexa Skills kit to serve as an extended arm of voice enabled games.
Let’s now have a look at how e-commerce firms can effectively use AI and break the barriers.
1. Enabling Visual search
AI’s machine learning helps a customer to search the web through visuals. It’s as easy as loading the picture of the desired product and the e-commerce site will bring up exactly the same product based on the colour, pattern and style. And all these instantaneously. Study of human brain says that visuals are processed faster than words and AI is just helping to achieve the same. E-commerce companies like Myntra, Voonik and Craftsvilla are already using AI to have a competitive edge.
2. Set up Virtual Personal Shopper
Just as a customer gets shopping assistance when he/she visits a brick and mortar store, e-commerce firms are setting up virtual shoppers with the help of AI. Flipkart already attempted such concept in form of a service called ‘Ping’, while Amazon’s Alexa continues to give its customer a delightful shopping experience. Using cognitive data and predictive analytics, AI are helping its customers to suggest and recommend.
3. Create efficient Sales process
Integrating AI with CRM can create wonders – this helps CRM system to resolve customer complains, address their queries, and bring in new opportunities for the sales team to pitch. AI’s NLP together with voice inputs from Apple’s Siri or Amazon’s Alexa are helping sales process immensely.
Personalization is a major game changer for the e-commerce firms. Customers are more likely to stay on a webpage and engage with it, when they find products relevant to their need. Emerging AI technique uses machine learning and data mining collaboratively to offer personalized products. Netflix, Amazon, Houzz.com are successfully using AI algorithms for personalization.
5. Tackling fake Reviews
When online reviews can make or break a firm’s reputation, tackling fake reviews becomes an important task and who better than AI could do this. AI’s machine learning system can detect a verified customer and accordingly detect an original review vis-à-vis a fake review. Amazon uses this efficiently as reviews built customer trusts and recommendations.
6. Deal with counterfeit products
Dealing with counterfeit products is equally important as that of tackling fake reviews. Consumers’ interest should be protected by e-commerce firms, and with so many offerings from a large base of third party sellers or vendors, it becomes difficult to identify counterfeits. AI has a perfect solution for this and can be of tremendous help. Machine learning algorithms can identify these counterfeits quickly and inform the websites accordingly. eBay and Amazon are using these tools already.
AI has immense potential that can be utilized by the e-commerce companies for their own profitability and gain trust among its customer. With clutter in the online market place, the ones with great imagery in consumers’ mind space will excel.