Top 5 Advanced Features of Artificial Intelligence in eCommerce BusinessEthan Millar
Don’t be surprised if you find a Magento website development company using artificial intelligence in eCommerce. Artificial intelligence has come a long way and now the eCommerce industry is exploring its advantages. In this article, we will highlight the major advanced features of AI in the eCommerce business. There are powerful and practical ways for retail businesses to use AI in the eCommerce world.
Artificial intelligence is taking up space in our lives. From the increasing number of self-checkout cash registers to high-tech security checks at the airport, AI is everywhere.
Major tech firms like IBM, Facebook, and Yahoo have already said to the reporters that they focus on developing AI as a new source of business. A lot of journals have been published online about AI and in a recent study it is found that over 85% of customer interactions will be handled by AI without human assistance in early 2020. Many eCommerce business owners have already started applying different types of AI to develop a better understanding of customers, generate new leads, and deliver exceptional customer experience.
Top features of AI are as under:
1. Create Better Search Results
It has been studied that customers end up leaving their shopping cart without billing because the product results displayed turns out irrelevant. To avoid such a nuisance during shopping, eCommerce website leverages NLP or Natural Language Processing and Image Recognition to better understand user language and create better results.
Yandex is a famous search engine that has successfully implemented a few advanced apps of NLP and deep learning that help optimize future searches using historical data. This idea got successful as they were able to increase their click-through rates by 10%.
Pinterest is associating with eCommerce stores to leverage its latest feature Pinterest Lens with which users will be able to find similar products in the store directly from their image on Pinterest. This is a good thing for people who usually abandon their search since they are unable to find the desired product.
Such instances of development are not just assisting businesses in generating more revenues, but are also saving the browsing time of the user.
2. Real Shopping Experience
Every eCommerce owner wants to deliver a real shopping experience to the users. You may check out your Google Maps timeline just to know how much Google knows about you.
The smart devices you usually use are collecting and storing maximum information about you. This valuable data can enrich and enhance your shopping experience.
ML and deep learning technologies have the potential to use the smallest part of data.
AI engines like Boomtrain helps businesses in analyzing the conversation between their customers. It also offers a unified view throughout all devices, analyzing and monitoring performances across multiple platforms.
Artificial intelligence is used in eCommerce to generate deep and relevant data insights by performing scanning and analyzing via terabytes of data. This helps in predicting human behavior. This also provides a personalized shopping experience to the end-user.
3. Control Fake Reviews
Customer reviews play an important role in the sales cycle. Stats discovered that 87% of customers trust the reviews shared by other customers without even doing any prior research. However, it is also found that not all reviews are genuine and to curb such fake feedbacks, eCommerce is applying AI that analyzes user reviews.
Yelp is one of such AI that uses a sentiment analysis technique to classify user review ratings. With the help of this technique, Yelp organizes the data into unique sets like business_id, date, stars, review_id, text, etc.
4. Sales Forecasting
If you think that there is only the God that can read your mind then you are wrong. Artificial intelligence is smarter to read the human mind. It focuses on marketing efforts and expenditures where the customer is interested in making a purchase.
AI is also helpful to industries that are dealing with perishable products – which not only include groceries but the event tickets and transportation.
AI is designed to help gather historical data related to past purchases and assist the sales team in decision making and coming to the conclusions. The plus point is you can afford AI and use it for your organization with smaller budgets.
5. Chatbots – The Savior
eCommerce websites are adopting chatbots to enhance their customer service and satisfaction. It works as a small chat window that pop-up asking what you require or what you want to buy when opening any eCommerce website. Once you share your requirements, you will be navigated to filtered results as per your need.
Innovations are the real thing happening inside the eCommerce world. Magento Web Development Services is providing AI solutions to eCommerce clients to deliver unique shopping experiences to their customers or end-users. You can get in touch with them and avail the best suitable service for your eCommerce website.
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