The question today is not whether, when, or even how to go digital, but rather how to stand out and differentiate in this vast digital economy. Ecommerce businesses can use new technologies like artificial intelligence and machine learning to find scalable solutions and improve their performance, resulting in long-term success. The impact of AI technologies on business is expected to boost productivity by up to 40% and allow people to make better use of their time. Aside from efficiency, AI is transforming eCommerce in a variety of ways, from improving customer service and meeting consumer demands to cost savings and gaining a competitive advantage.
Despite thousands of AI applications, the majority of them can be classified into four areas that are critical today. Some are more advanced in eCommerce than others, and some have yet to reach their full potential. They are, however, all critical to the success of your eCommerce.
1. Personalization AI or Internet AI
Traditionally, the data used to train this type of AI has come from Internet user behaviour. AI is extensively widely used in eCommerce to provide personalised product and service recommendations, including popular recommender systems from online platforms such as Amazon, Spotify, and Netflix. Personalization is critical for improving the user experience by providing relevant and personalised context.
2. Cognitive AI or Perceptual AI
Perceptual AI has become extremely popular in eCommerce due to the proliferation of conversational agents. Perceptual AI can mak eCommerce shopping experience much more interactive and engaging. As a result, many websites are incorporating chatbots to help visitors navigate more efficiently and find the information they seek. Perceptual AI can also be combined with Internet AI to make product recommendations via conversational agents. Because of the post-pandemic influx of new users who may be unfamiliar with your eCommerce interface, an engaging and guided user experience through Cognitive AI is more important than ever.
3. Decision AI or Business AI
This automation, which is typically used by business users rather than end users, can be used to improve productivity, decrease costs, and free up time for teams to focus on value-added tasks such as customer relations and monitoring complex situations. Furthermore, by optimising decision outcomes and standardising decision processes, Business AI can aid in the delivery of more consistent results. Business AI is critical to eCommerce success, particularly now that the pandemic has disrupted demand and reduced margins in many industries.
4. Autonomous AI
The eCommerce industry stands to benefit greatly from autonomous AI. Consumers can now browse, research, configure, and buy products and services online, but not all of them are downloadable with a single click of a mouse. Autonomous AI can help to bridge the gap between the physical world and digital eCommerce.
Authored by Sandeep Pareek, CMO, Saraf Furniture