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How Artificial Intelligence can Boost your eCommerce Business

The concept of Artificial Intelligence is expanding its footprint to almost all the areas of our life. From smart home, eCommerce to e-learning and more, there is rarely any domain that has remained untouched by the impact of AI. Self-checkout cash counters in supermarkets, advanced security check system at airports, are a few instances of the role of AI in our everyday life. 

Today, machines are replacing people for carrying out mundane tasks and channelizing their energies on doing better jobs. As we stay in a profit-driven world, businesses are going beyond geographical boundaries to sell their products and services worldwide. It requires you to be available to your customers at all hours of the day. 

Artificial Intelligence enables your eCommerce business to achieve this goal. AI helps you in gathering and analyzing data in real-time to offer personalized experience by their preferences. It also facilitates in gaining efficiency and competitive advantage. 
Chatbots, CRM (Customer Relationship Management), Product Content Management and more are some of the AI tools benefiting the eCommerce business. 

Here are some of the other advantages of AI in eCommerce:

1. Sales Forecasting

One of the most significant uses of AI is making sales forecasts. It helps in analyzing vast volumes of user data and offers useful insights into the buying pattern of consumers. AI predicts what consumers want by the selections made by them. Therefore, the users have options before they ascertain them.

2. Better Service at Affordable Cost

AI automates routine processes by doing away with redundancies. It helps better serve your clients through personalized marketing options. The Chatbots backed up by AI also help businesses to save a significant amount spent on customer service costs. The reasons being: 

Chatbots not only bring cost minimization but also help in developing a customer-centric approach for your business.

3. Enhanced Customer Satisfaction

Further to excellent customer service, AI aids in conversational commerce through a human-like interaction in real-time between client and chatbot, messenger or voice-chat. The automated intelligent services ask users questions to understand their intent and make personalized recommendations accordingly. It helps in elevating the level of customer satisfaction and securing more sales.

4. Search Optimization

Integrating AI with your eCommerce site’s search capability helps the store to remember the way a user searches. The technology also recognizes the individual characteristics of the users and makes each visit unique through intelligent searches.​​

5. Dynamic Pricing

eCommerce sites have a wide range of products listed and manually changing the prices of all of them is a full-time job. However, with AI, you can adjust the amount of your inventory by multiple data points like capacity, market conditions, customer behavior, demand and more. Dynamic pricing feature automatically sets the prices in real-time as customers visit your site.

Conclusion

Artificial intelligence is a must-have tool for eCommerce businesses with its state-of-the-art features to optimize your eCommerce solutions as a whole or the individual segments within it. The concept of Artificial Intelligence is expanding its footprint to almost all the areas of our life. From smart home, eCommerce to e-learning and more, there is rarely any domain that has remained untouched by the impact of AI. Self-checkout cash counters in supermarkets, advanced security check system at airports, are a few instances of the role of AI in our everyday life. 

Image Credit: Pixabay

Artificial Intelligence | tags: ai, customers, ecommerce, pricing, Artificial Intelligence

Article Author: Chris BatesonCMO

Quality Analyst with more than 5 years of enterprise software product quality assurance experience.Strong observation skills with an above-average proficiency in mathematics and the English language. Fast learner with the ability to solve complex problems quickly and efficiently in order to ensure companies are operating to the best of their abilities.

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