AI or artificial intelligence has influenced every industry around the globe, whether it be small or big. No industry has been immune to this. From gaming systems using virtual reality to the use of intelligence-based robots in the manufacturing industry, the world has developed various ways to incorporate them to make work easier. To put it simply, what seemed futuristic has been transformed into reality by the way artificial intelligence has revolutionized the way we interact with society.
Technologies and systems are changing the way people can buy and sell online. It is taking over mundane manual tasks as well as optimizing the experience of the customers. It is also providing retailers with all the know-how so that they can make appropriate and informed decisions for their businesses. Let’s look at the ways AI has been changing the way e-commerce business is working –
1. Copywriting Using AI
Many brands have been changing the ways they create their sales copy using AI. Writing tools are creating copies for marketing in the blink of an eye, which is saving them time. They are using these tools like write sonic, and jasper ai to write descriptions of products on-site, headlines, and introductions for their blogs instead of hiring advertising agencies or copywriters. These tools are creating digital advertisement copies, and content for social media with the usage of advanced models of AI. And, although some forms of editing are needed manually, AI copywriting is soon going to be a fixture for e-commerce businesses.
2. Personalized Marketing
Intuitive businesses know that the probable consumer target group doesn’t like to be marketed to. Therefore, every interaction with them has to be subtle as well as packed with purpose. This is where AI is used by those companies to create a personalized experience online to recommend products unique for every viewer or buyer. Some of the most successful benefits of this were reaped by Amazon and Netflix, who adopted Artificial Intelligence at the earliest. Amazon has seen a rise in sales by 29℅ after they recommended products to their shoppers. When Netflix created a show suggesting a model according to viewed choices and demographic, those recommendations worked 75℅ of the time for Netflix.
3. Visual Search
Visual search is also on the rise for the ease and time it saves. Instead of typing a long description of a product on a search box that may not end up working, a simple photo upload from the gallery or camera now helps in finding the items or items needed. If you like a bag and you would like to see more bags like that, all you would need to do is upload a photo of that bag and the rest would be done by a visual search which would show you the same or similar bags. Neiman Marcus is one such company that has achieved huge success through this technology. AI algorithms go through huge databases to get insights into consumer behaviour that makes their prediction more accurate. They also use data from the shopping history to suggest products that match the products you may be searching for. If you have searched for dishwashers recently, AI recommends cleaning products across various sites.
4. Voice Searches
They use artificial intelligence to give shoppers the freedom to search for the things they would like to buy using voice search. Just like physical stores, e-commerce had representatives and customer support offering their services, it was not until recently that AI was used to fill the gap with immediate assistance. It provides 24*7 support to buyers, even at midnight or in the early morning. The presence of chatbots has made shopping easier for those who can understand voices easier due to natural language processing and provide personalized recommendations. These chatbots are also improving, by getting programmed with self-learning capabilities, which would equip them better to address the needs of the customers.
5. Managing Inventories
This is another area of e-commerce where predictive analysis made by AI is changing the way inventory is being managed. Not every storage facility has the investment or space to stock everything, it is where AI comes to play. It predicts future demands and the supply and inventory needed. AI, with the help of machine learning, decides what inventory needs to be ordered and how much of it should be always kept stocked. These AI systems are programmed to predict sudden shifts in trends, as well as to conduct preventive measures for the technology as well as automation of certain packaging processes to speed up and increase efficiency.
Therefore the brands are depending on AI for improving their insights on analytics.
6. Strengthening Security
As e-commerce is rising, so are the cases of fraud and cyber hacks. Hackers have been using proxy frauds, credit card schemes, and promo codes to weaken businesses. That’s why AI is being used to save businesses by detecting such frauds and creating a blacklist of dangerous IPs and mail ids for prevention. AI is thoroughly screening transactions, helping businesses to retain their profit margin as well as their brand image.
The amalgamation of cybersecurity experts with AI would tighten the loopholes of such attacks. AI is almost accurate in identifying and prioritizing threats along with a ready and automated response before any harm befalls them.
To Sum Up
AI is taking over the decision-making sphere of the e-commerce space. By automation of decisions, it’s made sure that decisions are being taken on relevant and factual data. There is transparency as well as a data-driven structure. That transparency is enabling the empowerment of employees. AI being a program can handle all the monotonous tasks without falling ill or tired, leaving the complex and creative aspect of the work to humans. This brings up a significant boost, both in production and revenue. AI additionally also helps in training employees by providing a personalized program for them, as well as during the employee hiring process. AI implementation in HR processes is also being used for increasing efficiency and decreasing bias.