{"id":225013,"date":"2020-04-20T08:19:32","date_gmt":"2020-04-20T02:49:32","guid":{"rendered":"https:\/\/www.qcsglobal.com\/?p=225013"},"modified":"2020-04-20T08:19:32","modified_gmt":"2020-04-20T02:49:32","slug":"six-ways-ai-is-revolutionizing-ecommerce","status":"publish","type":"post","link":"https:\/\/qcsglobal.com\/blogs\/six-ways-ai-is-revolutionizing-ecommerce\/","title":{"rendered":"Six ways AI is revolutionizing ecommerce"},"content":{"rendered":"\n<div>\n<div class=\"well\">\n<h3>30-second summary:<\/h3>\n<ul>\n<li>The far-reaching AI applications in ecommerce allow businesses to increase their profits by optimizing and automating decision-making, right from web design to customer support.<\/li>\n<li>Right from identifying patterns from unstructured data sets to enabling businesses to offer a personalized experience.<\/li>\n<li>Here\u2019s how AI is empowering the ecommerce industry.<\/li>\n<\/ul>\n<\/div>\n<p><span style=\"font-weight: 400; font-style: normal; text-decoration: none; vertical-align: baseline;\">The global revenue from artificial intelligence will reach\u00a0<\/span><a style=\"text-decoration: none;\" href=\"https:\/\/www.tractica.com\/wp-content\/uploads\/2016\/08\/MD-AIMF-3Q16-Executive-Summary.pdf\" target=\"_blank\" rel=\"noopener noreferrer\"><span style=\"font-weight: 400; font-style: normal; text-decoration: underline; vertical-align: baseline;\">$36 billion by 2025<\/span><\/a><span style=\"font-weight: 400; font-style: normal; text-decoration: none; vertical-align: baseline;\">. A lot of that is because of the contribution of AI in empowering ecommerce including UX that directly impacts SEO.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400; font-style: normal; text-decoration: none; vertical-align: baseline;\">The far-reaching AI applications in ecommerce allow businesses to increase their profits by optimizing and automating decision-making, right from web design to customer support.<\/span><\/p>\n<p><span style=\"font-weight: 400; font-style: normal; text-decoration: none; vertical-align: baseline;\">AI helps online businesses identify patterns from unstructured data sets and enables them to offer a\u00a0<\/span><a style=\"text-decoration: none;\" href=\"https:\/\/www.searchenginewatch.com\/2015\/04\/14\/knowing-your-customers-the-art-of-real-time-personalization\/\" target=\"_blank\" rel=\"noopener noreferrer\"><span style=\"font-weight: 400; font-style: normal; text-decoration: underline; vertical-align: baseline;\">personalized experience<\/span><\/a><span style=\"font-weight: 400; font-style: normal; text-decoration: none; vertical-align: baseline;\">.\u00a0<\/span><span style=\"font-weight: 400; font-style: normal; text-decoration: none; vertical-align: baseline;\">Here\u2019s how AI is empowering the ecommerce industry.<\/span><\/p>\n<p><!-- Rezonence Block --><\/p>\n<p><!-- Rezonence Block End --><\/p>\n<h2><span style=\"font-weight: bold; font-style: normal; text-decoration: none; vertical-align: baseline;\">1. Rise of voice assistants and voice search<\/span><\/h2>\n<p><span style=\"font-weight: 400; font-style: normal; text-decoration: none; vertical-align: baseline;\">AI has the potential to increase ecommerce website accessibility and empower users through voice assistants.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400; font-style: normal; text-decoration: none; vertical-align: baseline;\">With bigger product directories and more information, AI-powered voice assistants allow customers to use natural language for reducing or eliminating manual effort, making it easier for them to accomplish tasks.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400; font-style: normal; text-decoration: none; vertical-align: baseline;\">Technological developments have made voice assistants and\u00a0<\/span><a style=\"text-decoration: none;\" href=\"https:\/\/www.searchenginewatch.com\/2017\/04\/24\/top-tips-on-voice-search-artificial-intelligence-location-and-seo\/\" target=\"_blank\" rel=\"noopener noreferrer\"><span style=\"font-weight: 400; font-style: normal; text-decoration: underline; vertical-align: baseline;\">voice search<\/span><\/a><span style=\"font-weight: 400; font-style: normal; text-decoration: none; vertical-align: baseline;\">\u00a0highly capable of using AI. They now offer a robust speech recognition experience while the artificial intelligence aspect handles challenges like background noise and accents.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400; font-style: normal; text-decoration: none; vertical-align: baseline;\">Ecommerce bigwigs like Amazon already allow users to look for the best deals and purchase online with voice-controlled assistants. Unsurprisingly, voice commerce sales\u00a0<\/span><a style=\"text-decoration: none;\" href=\"https:\/\/chainstoreage.com\/technology\/study-voice-shopping-hit-40-billion-2020\" target=\"_blank\" rel=\"noopener noreferrer\"><span style=\"font-weight: 400; font-style: normal; text-decoration: underline; vertical-align: baseline;\">will hit the $40 billion mark by 2022<\/span><\/a><span style=\"font-weight: 400; font-style: normal; text-decoration: none; vertical-align: baseline;\">.<\/span><\/p>\n<h2><span style=\"font-weight: bold; font-style: normal; text-decoration: none; vertical-align: baseline;\">2. Building estores from scratch<\/span><\/h2>\n<p><span style=\"font-weight: 400; font-style: normal; text-decoration: none; vertical-align: baseline;\">Web store design has grown exponentially in sophistication and scale in the last decade. In fact, it has become so advanced that AI is now doing the job for you.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400; font-style: normal; text-decoration: none; vertical-align: baseline;\">The combination of artificial intelligence and machine learning enables artificial design intelligence (ADI) tools to decipher creative rules and apply them independently.\u00a0<\/span><span style=\"font-weight: 400; font-style: normal; text-decoration: none; vertical-align: baseline;\">This allows the technology to automate web design work, going as far as to help users build estores from scratch.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400; font-style: normal; text-decoration: none; vertical-align: baseline;\">Powerful website builders like Wix offers AI-powered design assistance, which lets you create estores <\/span><a style=\"text-decoration: none;\" href=\"https:\/\/websitesetup.org\/how-to-use-wix-editor\/\" target=\"_blank\" rel=\"noopener noreferrer\"><span style=\"font-weight: 400; font-style: normal; text-decoration: underline; vertical-align: baseline;\">in as little as 30 minutes<\/span><\/a><span style=\"font-weight: 400; font-style: normal; text-decoration: none; vertical-align: baseline;\">.\u00a0<\/span><span style=\"font-weight: 400; font-style: normal; text-decoration: none; vertical-align: baseline;\">The tool asks you a series of questions, including the type of website you want and your design preferences.\u00a0<\/span><span style=\"font-weight: 400; font-style: normal; text-decoration: none; vertical-align: baseline;\">Within 2 minutes, you get a customizable, fully-featured website that comes pre-populated with elements such as contact details and logos.\u00a0<\/span><span style=\"font-weight: 400; font-style: normal; text-decoration: none; vertical-align: baseline;\">Of course, you\u2019re still able to tweak the design but this approach works great for users who want to get a website up and running fast.\u00a0<\/span><\/p>\n<h2><span style=\"font-weight: bold; font-style: normal; text-decoration: none; vertical-align: baseline;\">3. Chatbots: Enabling more sales and better customer service<\/span><\/h2>\n<p><span style=\"font-weight: 400; font-style: normal; text-decoration: none; vertical-align: baseline;\">AI-powered chatbots allow you to sell to the right person at the right time. No wonder\u00a0<\/span><a style=\"text-decoration: none;\" href=\"http:\/\/www.businessinsider.com\/80-of-businesses-want-chatbots-by-2020-2016-12\" target=\"_blank\" rel=\"noopener noreferrer\"><span style=\"font-weight: 400; font-style: normal; text-decoration: underline; vertical-align: baseline;\">80% of businesses<\/span><\/a><span style=\"font-weight: 400; font-style: normal; text-decoration: none; vertical-align: baseline;\">\u00a0are estimated to start using chatbots in 2020.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400; font-style: normal; text-decoration: none; vertical-align: baseline;\">Customers, especially millennials, are tired of waiting long to speak to an actual representative when they call a company. They prefer chatbots that are faster and deal with inquiries more quickly, lowering the average wait time from 11 minutes to\u00a0<\/span><a style=\"text-decoration: none;\" href=\"https:\/\/www.comm100.com\/livechat\/resources\/live-chat-benchmark-report-2017\/\" target=\"_blank\" rel=\"noopener noreferrer\"><span style=\"font-weight: 400; font-style: normal; text-decoration: underline; vertical-align: baseline;\">45 seconds<\/span><\/a><span style=\"font-weight: 400; font-style: normal; text-decoration: none; vertical-align: baseline;\">.\u00a0<\/span><\/p>\n<h3>Chatbots can be used to:<\/h3>\n<ul>\n<li style=\"font-weight: 400; font-style: normal; text-decoration: none; vertical-align: baseline;\"><span style=\"font-weight: 400; font-style: normal; text-decoration: none; vertical-align: baseline;\">Deliver 24 x 7 customer service to ensure global coverage<\/span><\/li>\n<li style=\"font-weight: 400; font-style: normal; text-decoration: none; vertical-align: baseline;\"><span style=\"font-weight: 400; font-style: normal; text-decoration: none; vertical-align: baseline;\">Upsell based on the user\u2019s past purchases<\/span><\/li>\n<li style=\"font-weight: 400; font-style: normal; text-decoration: none; vertical-align: baseline;\"><span style=\"font-weight: 400; font-style: normal; text-decoration: none; vertical-align: baseline;\">Recover abandoned carts by sending well-planned reminders<\/span><\/li>\n<li style=\"font-weight: 400; font-style: normal; text-decoration: none; vertical-align: baseline;\"><span style=\"font-weight: 400; font-style: normal; text-decoration: none; vertical-align: baseline;\">Answer customer questions on-the-go while they\u2019re shopping<\/span><\/li>\n<li style=\"font-weight: 400; font-style: normal; text-decoration: none; vertical-align: baseline;\"><span style=\"font-weight: 400; font-style: normal; text-decoration: none; vertical-align: baseline;\">Offer exclusive codes and coupons to customers<\/span><\/li>\n<li style=\"font-weight: 400; font-style: normal; text-decoration: none; vertical-align: baseline;\"><span style=\"font-weight: 400; font-style: normal; text-decoration: none; vertical-align: baseline;\">Free up your manual customer service\u2019s time to focus more on product\/deal explanations and business development<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400; font-style: normal; text-decoration: none; vertical-align: baseline;\">The immediate response from a chatbot keeps your customers hooked and more likely to complete their purchases after receiving an immediate response.\u00a0<\/span><span style=\"font-weight: 400; font-style: normal; text-decoration: none; vertical-align: baseline;\">Also, personalized responses via a chatbot are a great enabler. In fact, if shoppers think they are getting a personalized deal, they may be tempted to follow-through.<\/span><\/p>\n<h2><span style=\"font-weight: bold; font-style: normal; text-decoration: none; vertical-align: baseline;\">4. Hyper personalized product recommendations<\/span><\/h2>\n<p><span style=\"font-weight: 400; font-style: normal; text-decoration: none; vertical-align: baseline;\">AI-powered product recommendations can grow ecommerce revenues by\u00a0<\/span><a style=\"text-decoration: none;\" href=\"https:\/\/www.salesforce.com\/blog\/2019\/10\/ai-recommendations-drive-shopper-engagement.html\" target=\"_blank\" rel=\"noopener noreferrer\"><span style=\"font-weight: 400; font-style: normal; text-decoration: underline; vertical-align: baseline;\">up to 16%<\/span><\/a><span style=\"font-weight: 400; font-style: normal; text-decoration: none; vertical-align: baseline;\">.\u00a0<\/span><span style=\"font-weight: 400; font-style: normal; text-decoration: none; vertical-align: baseline;\">When a shopper creates an account with an ecommerce portal, every browsing session and transaction results in data.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400; font-style: normal; text-decoration: none; vertical-align: baseline;\">An AI algorithm can then process this data, to predict the products that this shopper is likely to purchase. \u00a0<\/span><span style=\"font-weight: 400; font-style: normal; text-decoration: none; vertical-align: baseline;\">These hyper-personalized recommendations are valuable for the ecommerce platform (by promoting more product visibility and driving sales).\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400; font-style: normal; text-decoration: none; vertical-align: baseline;\">Moreover, they benefit the consumer as well by reducing the cognitive effort that shoppers otherwise have to invest in going through dozens of products.\u00a0<\/span><span style=\"font-weight: 400; font-style: normal; text-decoration: none; vertical-align: baseline;\">Seamless product browsing and selection experience make a shopper come back to an ecommerce platform for more. This will translate into increased loyalty for e-retailers.\u00a0<\/span><\/p>\n<h2><span style=\"font-weight: bold; font-style: normal; text-decoration: none; vertical-align: baseline;\">5. Better inventory management and sales forecasting<\/span><\/h2>\n<p><span style=\"font-weight: 400; font-style: normal; text-decoration: none; vertical-align: baseline;\">Use AI-powered tools to manage your inventory with the strictest possible control, minus any manual effort. Store precisely what you require and optimize your stock levels at all times.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400; font-style: normal; text-decoration: none; vertical-align: baseline;\">Adding AI capabilities to an ecommerce stores inventory campaign helps avoid overstocking, thereby decreasing the amount of money held in goods, and freeing up space.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400; font-style: normal; text-decoration: none; vertical-align: baseline;\">Amazon uses AI\u00a0<\/span><a style=\"text-decoration: none;\" href=\"https:\/\/www.theverge.com\/2019\/5\/1\/18526092\/amazon-warehouse-robotics-automation-ai-10-years-away\" target=\"_blank\" rel=\"noopener noreferrer\"><span style=\"font-weight: 400; font-style: normal; text-decoration: underline; vertical-align: baseline;\">to automate its inventory<\/span><\/a><span style=\"font-weight: 400; font-style: normal; text-decoration: none; vertical-align: baseline;\">\u00a0management process, reducing the time spent in moving products across storage hubs.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400; font-style: normal; text-decoration: none; vertical-align: baseline;\">AI also helps eretailers create consignments with intelligent volumetric weight calculations, such that logistics costs are minimized. <\/span><span style=\"font-weight: 400; font-style: normal; text-decoration: none; vertical-align: baseline;\">In a similar way, AI can also help fine-tune the sales forecasting activity for any ecommerce company. This helps the e-retailer promote products that are much likely to sell.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400; font-style: normal; text-decoration: none; vertical-align: baseline;\">Dynamic A\/B testing allows AI-powered sales forecasting solutions to always keep on optimizing their model, driving better results for businesses.\u00a0<\/span><\/p>\n<h2><span style=\"font-weight: bold; font-style: normal; text-decoration: none; vertical-align: baseline;\">6. Superior security for customer data\u00a0<\/span><\/h2>\n<p><span style=\"font-weight: 400; font-style: normal; text-decoration: none; vertical-align: baseline;\">The biggest responsibility for ecommerce stores is\u00a0<\/span><a style=\"text-decoration: none;\" href=\"https:\/\/www.searchenginewatch.com\/2018\/04\/25\/gdpr-ensuring-your-website-is-secure\/\"><span style=\"font-weight: 400; font-style: normal; text-decoration: underline; vertical-align: baseline;\">keeping customer data secure<\/span><\/a><span style=\"font-weight: 400; font-style: normal; text-decoration: none; vertical-align: baseline;\">.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400; font-style: normal; text-decoration: none; vertical-align: baseline;\">Estores are vulnerable to fraudulent activities like hacking and need to be extra careful. Thankfully, AI helps increase the security of your database.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400; font-style: normal; text-decoration: none; vertical-align: baseline;\">Because of the integration of deep learning and AI into security solutions, ecommerce platforms keep\u00a0<\/span><a style=\"text-decoration: none;\" href=\"https:\/\/privacycanada.net\/network-vulnerabilities\/\"><span style=\"font-weight: 400; font-style: normal; text-decoration: underline; vertical-align: baseline;\">common network vulnerabilities<\/span><\/a><span style=\"font-weight: 400; font-style: normal; text-decoration: none; vertical-align: baseline;\">\u00a0and spam at bay and keep customer data secure.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400; font-style: normal; text-decoration: none; vertical-align: baseline;\">AI can process huge volumes of exhaustive, repetitive data quickly and can nip fraudulent activities in the bud by detecting anomalies.<\/span><\/p>\n<p><span style=\"font-weight: 400; font-style: normal; text-decoration: none; vertical-align: baseline;\">AI holds the power to improve the performance of ecommerce sites and forward-thinking retailers are using the technology to great effect.\u00a0<\/span><span style=\"font-weight: 400; font-style: normal; text-decoration: none; vertical-align: baseline;\">Online retailers are harnessing AI\u2019s predictive capabilities to develop stronger relationships with customers by personalizing user experiences, thereby generating repeat business.\u00a0<\/span><span style=\"font-weight: 400; font-style: normal; text-decoration: none; vertical-align: baseline;\">For many ecommerce websites, AI provides an undeniable competitive advantage.\u00a0<\/span><span style=\"font-weight: 400; font-style: normal; text-decoration: none; vertical-align: baseline;\">However, it will soon become a part of everyday business and those that integrate it within their operations will stay one step ahead of the pack.<\/span><\/p>\n<p><!-- Rezonence Block --><\/p>\n<p><!-- Rezonence Block End --><\/p>\n<\/div>\n\n<p><a href=\"https:\/\/www.searchenginewatch.com\/2020\/04\/15\/6-ways-how-ai-is-revolutionizing-ecommerce\/\">Source link <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>30-second summary: The far-reaching AI applications in ecommerce allow businesses to increase their profits by optimizing and automating decision-making, right from web design to customer support. Right from identifying patterns from unstructured data sets to enabling businesses to offer a personalized experience. Here\u2019s how AI is empowering the ecommerce industry. The global revenue from artificial [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":225014,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"","_et_pb_old_content":"","_et_gb_content_width":"","footnotes":""},"categories":[10,13],"tags":[],"_links":{"self":[{"href":"https:\/\/qcsglobal.com\/blogs\/wp-json\/wp\/v2\/posts\/225013"}],"collection":[{"href":"https:\/\/qcsglobal.com\/blogs\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/qcsglobal.com\/blogs\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/qcsglobal.com\/blogs\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/qcsglobal.com\/blogs\/wp-json\/wp\/v2\/comments?post=225013"}],"version-history":[{"count":1,"href":"https:\/\/qcsglobal.com\/blogs\/wp-json\/wp\/v2\/posts\/225013\/revisions"}],"predecessor-version":[{"id":225020,"href":"https:\/\/qcsglobal.com\/blogs\/wp-json\/wp\/v2\/posts\/225013\/revisions\/225020"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/qcsglobal.com\/blogs\/wp-json\/wp\/v2\/media\/225014"}],"wp:attachment":[{"href":"https:\/\/qcsglobal.com\/blogs\/wp-json\/wp\/v2\/media?parent=225013"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/qcsglobal.com\/blogs\/wp-json\/wp\/v2\/categories?post=225013"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/qcsglobal.com\/blogs\/wp-json\/wp\/v2\/tags?post=225013"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}