E-commerce is the method of individuals or companies buying and selling goods or services through the Internet. E-commerce works based on technologies and various digital platforms such as websites, smartphone applications, social media platforms, and online marketplaces. Customers can participate in e-commerce whenever and wherever they can get internet connections.
Customers can purchase a physical product or a digital product through these various digital platforms. They can follow various transaction methods and payment gateways. Once a customer purchases with an e-commerce platform, the online retailer delivers the product by various methods like shipping, pickup from the store, or local in-person delivery.
As this e-commerce platform is growing rapidly, e-commerce business owners must struggle to handle processes like conducting product and market research, building websites, uploading their products online, writing product descriptions, conducting marketing campaigns, and handling customer services. And here comes one solution for handling all these processes, that is Artificial Intelligence.
AI in E-commerce Landscape
AI in e-commerce refers to the online shopping platforms that are integrated with artificial intelligence technology. AI enables e-commerce businesses to automate repetitive tasks, analyze customer behaviors, and make decision-making easier. It takes advantage of algorithms and data-driven technologies to improve workflow management, and customer support, boost sales, and personalized recommendations for the customers. This AI-driven e-commerce platform helps business owners with sales automation which makes business process management easier.
AI in e-commerce platforms leverages various technologies to streamline task management, marketing campaigns, email marketing, and customer service. Since this no-code platform is an automation software for online shopping platforms, it offers several benefits such as:
- Virtual assistance for online shopping
- It enables smart search options
- Personalize the shopping experience
- 24/7 availability without many resources
- Remarketing approach
- Inventory management
- Dynamic pricing
The benefits of AI in e-commerce platforms are not limited to these.
10 ways – How AI impacts e-commerce platforms
Here are the 10 trends that show how artificial intelligence is transforming e-commerce platforms.
1. Better market research
In the e-commerce platform, market research is the crucial step to start with it. AI can perform this market research in a quite simple way such as conducting surveys, analyzing a huge database, collecting data from search engines, and so on. From the reports of this research, AI can determine the current market trend in the e-commerce platform. Then according to the trend prevailing in the market, it can suggest some relevant recommendations to the business owners along with the market research report.
2. Automation tools
With sales automation, AI aims to increase sales and customer relationships. This automation software is integrated with various tools like workflow management tools, marketing tools, email marketing tools, and customer support tools. With all these tools, the e-commerce platform gets a streamlined workflow in online sales which will create a good customer relationship.
3. Creating attraction
AI increases sales by creating customer’s attraction towards the products through various ways such as, innovative description writing, providing product presentation guidelines, conducting market campaigns, and personalized recommendations for customers.
4. Dynamic pricing
By analyzing huge databases, the AI can fix and alter the pricing of the products dynamically based on supply and demand. When the sales are running on accurate pricing according to the situation, rather than a fixed price, the sales will increase rapidly along with the profit. This dynamic pricing is a very important factor when coming to the e-commerce platform, where customers can easily compare the prices of the products on many different websites. At this point, dynamic pricing will increase the possibility of sales.
5. Personalization recommendations
In e-commerce platforms, personalization is a powerful tool to reach customers’ most preferable option among various competitors. With the data of the customer’s last purchase or search, items in the cart, and current trends, AI can personalize the suggestions for each customer. This improves the customer’s relationship, and success rate of sales, and creates good feedback from the customer. Such ratings can also enhance sales and promote the brand name.
6. User friendly
As this is a no-code platform, any individual can use this software easily. It enables a graphical representation for the user to understand and proceeding to the next process will be easy. This user-friendly interface is one of the added advantages of using AI in the e-commerce platform.
7. Streamlined inventory management
Predictive analysis techniques are being used in AI tools, to analyze all the relevant data to predict the demand. AI keeps monitoring the supply chain to keep track of the stocks and purchase patterns to predict what is to be ordered and how much. This will have a good impact on the brand among the customers when their demands will be met here always. Two things should be maintained always for successful sales: one is the product that is in high demand in the market should always be available in the shop and they should not dump a greater number of non-moving items. This will be maintained by AI tools at every stage.
8. Enhanced customer support
As this e-commerce is available 24/7, customer support also be provided as same. AI can enable virtual customer assistance for customer support through chatbot. Since AI provides omnichannel customer support 24/7, many benefits like providing immediate responses, having many answers, never getting irritated, always replying in a cool and polite manner, and increasing customer trust.
9. Fraudulent prevention
As e-commerce platforms grow fraudulent sales also increase. To prevent this AI uses algorithms to find out any suspicious activities or any small mistakes in the process and flag them to be noted. So that immediate actions can be taken, and further processes will be stopped.
10. Reducing resources
Since many repetitive tasks are being automated by AI, resources can be reduced here and can support any other valuable tasks. Even though AI replaces the maximum manual work, human intervention is still important in many points.
Conclusion
The integration of AI into the e-commerce platforms is enhancing the shopping platform with more personalization and more user-friendliness. With the data collected from the customer and the market, AI can perform predictive analytics which may lead to better decision making. This decision-making allows the business owners to have control over investments and inventories. Overall, AI has transformed the e-commerce platform with more personalization, efficiency, and customer engagement and all these can be reflected in the outcome of the business.