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Artificial Intelligence is the future of mankind. Since its introduction, the technology has drastically evolved, thanks to the collective efforts of developers, innovators and relevant communities.
eCommerce is a rapidly booming industry. Even the ones who questioned the reliability of such digital platforms are now switching onto it. Magento Development Company like BR Softech Pvt. Ltd., is often resorted to creating an optimized website that is powered by advanced technology like artificial intelligence.
After reading this article, you will develop an in-depth understanding of the technology- artificial intelligence, role and importance of AI in eCommerce industry. Moreover, the article also tracks the journey of AI in eCommerce and related industries.
What is Artificial Intelligence?
Machines possessing intelligence could have been a subject of a joke a century ago. Though this is not the scene anymore. With more and more innovations coming into play, artificial intelligence is now everywhere. Fitness and lifestyle products, eCommerce websites and various other gadgets are available in the form of artificial intelligence.
Artificial Intelligence is dependent on sensors for its functioning. The sensors help the machine to interact with the environment they are immersed in to fulfil the functions for which they are developed.
Now when you have acquired basic knowledge of artificial intelligence, it is time to move on on the other aspects of the technology, specifically those that have brought you here!
Artificial Intelligence and Magento Development Services
The recent buzz in the Magento Development Services is the involvement of artificial intelligence in the eCommerce industry. Many factors make AI essential for eCommerce businesses.
The technology not only has positive impacts on the business but also it has actively enhanced the customer experience leaving them satisfied. The points stated below will help you understand how the application of AI in the commerce and retail industry has made a significant difference.
Personalized shopping experience: Personalizing user experience is trending in a manner that has never been witnessed before. The metadata that is obtained in the process is helpful for optimizing the platform that appeals to the user’s taste. The personalization is all about enhancing the customers’ experience by timely message, alerts, visuals and much more.
Fight against fake review: Customers usually rely on reviews posted by real users before making an online purchase. More than ninety-seven percent of customers lay emphasis on reading reviews and create an image for a particular product or service. Artificial intelligence can sort the reviews as per their authenticity by keeping the most reliable ones at the top.
Sales forecasting and inventory management: Sales forecasting has upped the retail game by providing accurate insights into the sales figure that could be attained in a particular period. With the prediction of such precise information, online retailers can effectively manage their inventory without any hassle.
Deploying chatbots: The sole motive behind deploying chatbots into the eCommerce industry was to upscale customer service. While enhancing the customer experience as they provide quick grievance redressal, the chatbots also eliminate the need for setting up a team of customer care executives.
AI-powered CRM: No better example can be taken than Salesforce, a leading CRM vendor that relies on artificial intelligence as the base technology. Einstein is a prime example of it. It aims to provide a generalized solution that could be utilized with as many businesses as possible.
Advanced search options: The advent of artificial intelligence has created a room for advanced search options. The advanced search functionality can be divided based on-
- Visual search
- Voice search
The visual search and voice search, both of them are effective for providing faster search results. Image recognition is the technology that assists visual search, that eventually is driven by artificial intelligence.
On the other hand, the popularity of smart speakers has also surged. This makes functionalities like voice search more accessible. Visual and voice search altogether shorten the user journey to find and shop the desired product on an eCommerce platform.
Advanced search options can be deployed for the roles like adding or removing products from the cart, checking cart, checkout, Reorder, Track shipment etc.
Combating duplication: One of the major challenges that an eCommerce platform faces is to fight against duplicate items. Many eCommerce platforms that are found out selling duplicate products ultimately attract the attention of brand owners & legal authorities, thus impacting their brand image and customer’s trust.
With the help of artificial intelligence, technologies like deep learning and image recognition are recruited to detect fake products.
Coding customer needs: The end goal for an eCommerce website is to look after the customer needs and generate revenue by fulfilling it. However, the process is not as easy as it sounds.
Identifying customer needs demands a large extent of data that is scattered all over the internet. It is not just the range and type of products that determine the customer expectations but the entire journey.
Convenience, speed, accuracy, option, experience and other things are combined together to analyze the customer needs and elevate customer’s experience.
Now when you know how artificial intelligence can be used to influence your eCommerce platform, let us look at the contribution of AI in Magento Development Services.
The Journey of Artificial Intelligence in the eCommerce Industry
It is important to track the journey of any particular technology to understand its current state and then to predict its future.
The net worth of the AI market has witnessed tremendous growth. The market that recorded a net worth of $8 billion in the year 2016 was expected to touch $47 billion by the end of the year 2020 (though the figures are yet to be revealed). (SOURCE)
As per PwC, the figures that are fluctuating in billions can even reach a much higher graph by the end of the year 2030. It is estimated that AI’s total worth can reach up to $30 trillion at the end of this decade.
The present scenario showcases the increasing adoption of artificial intelligence by retailers and e-retailers. Such rapid adoption is why the experts claim that over 80% of consumer product-related industries will be incorporating the technology to run their routine operations.
Big Brands using AI in eCommerce
Before a client takes any important business decision, an in-depth analysis of every aspect is carried. Knowing the applications of the technology by the big names in the market (often your competitors) also forms a component of the analysis.
Scroll down to discover how the technology has revolutionized the working of the many companies in their journey of- From set-up to a megacorp.
Fellow Robots: One ingenious innovation of AI in eCommerce arrived with the arrival of Fellow Robots. Though they are designed for a retail environment, the extent of creativity depicted by technical heads in this state of the art product will blow your mind. The robot is equipped with advanced sensors for capturing data, recognizing speech and delivering a verbal response.
Mintigo: Mintigo intelligently combines analytics and big data capabilities to help the retailers market their business in a way that was never experienced before. The technology identifies and collects data that makes business operations more dynamic. Finding customers behaviour gets easier providing you with the opportunity to optimize your marketing strategy.
Sentient: Experts at Sentient have been sweating their guts out just to provide an eCommerce centric product, and they succeeded in it. ‘Evolutionary Intelligence’ is powered with AI that helps the online shoppers get personalized suggestions for the products they were not even looking for, though resonating with their preferences. The whole purpose behind deploying such a technology is to increase the e-retailer’s revenue.
Alibaba: How can we forget to mention Alibaba, after all, it is one such eCommerce platform that extensively uses AI into almost everything. AR mirrors, in-store games, and payments that can be initiated merely by facial recognition are few such innovative artificial intelligence applications into the eCommerce industry.
eBay: The smart application of artificial intelligence by eBay has benefitted both the customers and the business. Technology deployed for reducing shipping and delivery time, providing better recommendations to customers and much more. Technology such as ShopBots allows eBay to extend its services to the customers beyond their eCommerce app and website.
The implementation of artificial intelligence by big brands like those listed above signifies the importance of AI in eCommerce.
Creating an eCommerce website with BR Softech
It is the time when you should stop wondering and head out to an experienced software development company to build your eCommerce platform. If you are on a tight budget, you can either opt for a few basic artificial intelligence elements in your eCommerce website/app or settle with a basic product and then later on evolving it with more advanced features.
No matter the concept, budget and requirements, eCommerce Development Company like BR Softech Pvt. Ltd. has the optimal solution for every client that caters to their business needs. So what are you waiting for, hurry up and book a live counselling session for your dream project!
BR Softech Pvt. Ltd. excels in providing cost-effective IT Solutions. Established in August 2010 with over 10+ years of rich experience. An Apex rated IT serving company around the world. Our team of innovative and creative designers deals in web designing, mobile/ software development and other digital marketing services intending to deliver outstanding digital outcomes.