With the rapidly growing world of online marketplace, more and more businesses are making the switch from traditional to digital marketing. Ecommerce has become saturated, resulting in brands becoming more and more competitive. For a business to survive, it has to be faster, smarter and ever powerful. The solution to this is the integration of Artificial Intelligence (Al).
6 Ways to Incorporate Artificial Intelligence in eCommerce
Here are 6 ways to incorporate Artificial Intelligence in eCommerce.
1. Virtual Personal Assistants
Virtual Personal Assistants (VPA) are software agents. They perform tasks or services for individuals based on verbal instructions. By keeping businesses up and running 24/7, VPA has been considered the most impactful artificial intelligence tool (31%) among business executives.
Singapore’s finance sector, for instance, has embarked on Al technologies with Evie as its AI scheduling assistant. Through automation, Evie helps with scheduling meetings, organising diaries, coordinating calls, following up with attendees and sending out invitations.
Investing in VPA is almost the same as hiring an employee except it carries significant benefits no human being could ever provide. Utilising a VPA means getting constant updates on your business, dealing with multiple consumers at once and operating 24/7. Thus, giving you more time to focus on other essential aspects of your business.
Back in the days, businesses had to hire customer service representatives to answer customers’ enquiries on their chat boxes. However, the demand for a faster and more efficient approach comes as eCommerce grows overtime. Fortunately, the existence of Al has given birth to another technology known as chatbots. Chatbots are virtual assistants designed to mimic written or spoken speech, providing a better customer experience. These Al tools allow customers’ frequently asked questions to be answered immediately.
The Al bot known as WeChat, for instance, has become one of the most popularly used Al tools all over China. China Southern Airlines utilises a WeChat bot to help its passengers book their tickets, manage their bookings and receive updates on their flight status. WeChat streamlines the airline’s processes, as it helps to identify the needs of the customers, allowing the airline to provide them with the fastest and most efficient approach possible.
Given the popularity of this Al tool, 80% of online businesses are expected to implement the use of chatbots for eCommerce in the year 2020.
3. Autocomplete Search Plugins
Autocomplete search plugins are designed to make the searching processes easier and faster for customers. Most often, customers do not remember the exact name of a particular product they wish to buy. Thus, they experience trouble searching for it on the internet. Rather than describing the product itself or getting thrown into a sea of thousands of other items, autocomplete search plugins help customers by narrowing the search results.
Once a customer starts entering a search term, the application will then assist by completing the search phrase for him. Given the level of convenience this Al tool can offer, customers are likely to stay on the site for a longer time, which may possibly encourage them to make a purchase.
4. Voice Commerce
According to research, an average person can type at least 38 to 40 words per minute and can speak at least 150 words per minute. These figures alone can prove that people can express their thoughts better when they speak than when they use their fingers to type. Thanks to Al, executing tasks using your voice is now possible. Through Amazon’s Alexa, Apple’s Siri and Google Assistant, customers can shop on-the-go. Thus, allowing them to make easy and fast transactions even when engaging in other tasks.
Every consumer wants to have a unique, personal buying experience. To achieve that, personalisation is essential. The good news is, personalisation is at the core of Al in terms of eCommerce. Through personalised offers and recommendations, Al provides consumers with an authentic, unique and tailored experience. This gives them a clear idea of what they need, even before they have identified what they actually want.
One great example is Personali, a technology that tracks and analyses customers’ behaviour and emotional response. This helps retailers to target their market precisely which can lead to customer retention and an increase in sales.
6. Inventory Management
The world of traditional brick-and-mortar stores is far different from the online-driven universe of eCommerce. Thus, retailers are expected to have the ability and resources to keep their business in shape. With the help of Al-assisted technology, businesses can now handle inventory at all levels of the demand chain better than before, With the use of “smart” warehouses, retailers can reduce significant costs and improve customer satisfaction.
The Takeaway: Artificial Intelligence in eCommerce
No doubt, Al has brought significant changes to eCommerce in many different ways. It allows businesses to streamline operations, personalise services, automate inventory management and improve sales generation. Given the benefits of Al in eCommerce today, integrating Al-systems in business processes will no longer be just a trend, but a key to business success.
Planning to incorporate Artificial Intelligence for eCommerce? We’re here to help. Send us an enquiry at [email protected] or give us a call at +65 8687 8143.