I’m sure you would have been looking for ways to improve your eCommerce site experience. Now, you could gain ground in this area. Here, you’ll see how much Artificial Intelligence has evolved since chatbots.
According to recent estimates, eCommerce sales are set to top $27 trillion by the year 2020. Do you know what that translates to for you? Tremendous competition in the immediate future. Where do you stand now? Where will you stand in a year?
Imagine an F1 race car. Now, let’s say you’re racing against it with your car. Assuming both of you start at the same time, do you think you can ever catch up? Artificial Intelligence is the new race car. All you have to do is start using it.
Earlier, artificial intelligence took a u-turn with chatbots. This didn’t quite yield the expected profits. And not long after that, media turned its attention elsewhere. This rift in scrutiny gave the companies working in AI exactly what they needed. Now, they’ve come up with a host of e-Commerce techniques powered by AI that you can put in place on your website right away.
Out of the lot, these are the most useful and viable ones:
- Intelligent Merchandising
This provides a smart curation of all your merchandise. Because of this, the merchandising algorithm optimizes your website to it’s greatest extent. It also upgrades your back-end optimizations to make it more effective.
Tools under Intelligent Merchandising:
- Intelligent Search- Adds a contextual angle to your customers’ search terms. It provides more intelligent results in comparison to traditional search engines. The AI uses intuition to judge what the user means rather than simply processing keywords.
- Assortment Tools- Tells you what products to carry. Compares your inventory to competitors’ and suggests unique products that you could provide.
- Dynamic Pricing- Anticipates customers’ mindset and predicts the most profitable prices. You don’t need to plan product discounts anymore and still enjoy more sales and profits.
- Intelligent Q&A agent – Acts as a go-between for brands and retailers.
Analyzes each of your customer’s behavioral patterns through web-based eye tracking. Using that, it suggests products based on intelligent 1:1 personalization algorithms. The AI provides these suggestions based on patterns, textures, and the like. Suggestions improve as customers show specific product tastes.
Tools under Personalization:
- Visual Search- Your shopper, now gets to search for items just by taking a picture of it and uploading. The AI shows similar & related results by comparing texture, color, and other aspects of the product.
- Product Suggestion Engine- Provides intuitive suggestions based on shoppers’ intentions. It uses Entity Detection and Computer Vision to determine shoppers’ purpose of visit. For example, the AI would identify “Chicago Bears” as intent. After which it displays products related to the team instead of typical suggestions based on keywords.
- Virtual Dressing Rooms- Provides a virtual fitting room. Your customers can try out clothes and see how the products look on them. It is exclusively designed for fashion platforms.
AI is the only way to provide the human touch to millions of online shoppers at very low cost. This is definitely the time to invest in it.