A myriad of people do not know the leaps and bounds that artificial intelligence has grown in the last couple of years. If the common person understood the capabilities of machines to learn they might be impressed or downright terrified. The fact that a machine can learn thousands of things by the time a person can learn a few makes AI a great option for many businesses. Being able to automate many things can be a huge help but where the huge advantage lies is that of translating data into usable strategies. Ecommerce is a huge industry with trillions of dollars changing hands every year. AI has impacted this industry in the following ways.
Marketing To The Consumer
The marketing strategies of many ecommerce businesses are going to be changed immensely by AI. The fact that many of the ads can be generated and custom to the consumer is going to help conversion rates. Not only will custom ads help but with machine learning AI be able to target the right demographics with these custom ads or articles pertaining to the ecommerce site. Recommending the right products can help convert on a new sale with a large portion of buyers as many products go together or are needed at the same time. The job of the marketing team is to make sure that the customer has the smoothest and most enjoyable buying experience possible. Concentrating on each customer as well as their interests will see ecommerce continue to boom for years to come.
Smart technology is making its way into millions of homes a year to simply make daily life easier for the common person. Ecommerce can really take advantage of this as AI is a part of many of these appliances. For example, a brand comes out with a refrigerator that can tell when you are low on a certain item using cameras then can order it for you using AI. Ecommerce giants that might come out with this appliance can allow a person to choose which grocery store or website to order these items from. More than likely certain brands will partner with certain grocery store chains for best optimization of the ordering process.
Customer Relationship Monitoring
Customer relationship monitoring or CRM can be a nightmare for people who have a hard time gathering then deciphering what a set of data means. Everything from the frequency of calls to the amount of time spent on a call will be factored in. If a client puts in a new order every time they frequently email to ask questions the AI will be able to let a business know about this so they can leverage the data gathered. This will not only allow you to understand what you will be selling to certain customers, it will also help predict what future customers will be buying. Maximizing the spend out of current customers is a common goal for many sales teams and AI will help gather all of the data to help attain that goal.
Keeping Inventory Stocked
AI will help ecommerce businesses keep their inventory stocked in order to reduce the frequency of a business being out of a certain product. Much like the appliance mentioned above AI will be able to order a certain product as it will see patterns in the sales of the product. Certain products might be purchased more in different seasons of the month so it can help optimize storage as well. Running out of a product is a common problem for ecommerce businesses so always being in stock will help a business surpass a competitor that is not utilizing AI for inventory purposes.
AI will continue to shape the ecommerce industry making companies more profitable by the day. Maximizing profits through machine learning has never been more possible so take advantage!