Blog: The Power of AI: a Roadmap for the Transformation of the E-Commerce Industry
Think of a world run by robots, ruled by automated machines and smart devices replacing humans and their capabilities; well that’s just a commonly found idea about AI — something that will change the future. In reality, AI has already embedded itself in various aspects of human lives and various industries.
In this technology-driven era, where modernization and innovation are the fuels in the engine required to drive momentum and speed up the growth and development process — AI surfaced as the accelerating force of this highly-digitized age. AI is not just restricted to better and smarter smartphones, devices and gadgets — from your home appliances and home security to vehicles and workspaces, AI has implanted its benefits and uses in every industry.
Where no industry is safe from the far-reaching impacts and effects of AI, the e-commerce industry also went through this modernization. With the increased use of Chatbots and personalized user experiences, AI has equipped the businesses with capabilities to provide solutions tailored to the needs and demands of the modern-day customers and consumers.
With the rapid growth and increased integration of artificially intelligent solutions in the business world, AI is now a part of mainstream conversations and debates. Something which was considered as the luxury afforded only huge organizations; AI is now within the reach and budget of almost every small and medium-sized businesses and companies.
Sketching the new dimensions of the e-commerce industry with AI:
Artificial intelligence coupled with algorithmic technology can be used to increase the ROI and revenues and make better practical decisions. Advanced technologies like Amazon’s Alexa will dictate the future of not only the business and marketing industries but will also impact the consumers’ behavior.
The chief reason for such extensive and deep-rooted impacts of AI in the business world is its ease-of-use and implementation of AI-solutions. If you still think that the complex yet intelligible technology of AI is not for your business, then you need to redefine your perspectives. Let’s dissipate all the misconceptions and mythologies around artificial intelligence to uncover its capabilities that can benefit your business:
• Know the terminologies:
Before you decide to jump on the AI-fueled bandwagon, know the different options available for your business and e-commerce industry. Many digital marketers often throw the word machine learning when they talk about AI and algorithmic technology. Both these concepts are closely related but are entirely different in their definition.
Machine learning is all about enabling the robots and machines to make decisions for themselves and improvise the algorithm when need be. Whereas, AI is all about equipping the robot with the ability to follow a programmed set of rules.
Now with innovation in this field, AI and machine learning go hand-in-hand. A developer builds an algorithm for the AI-powered machine to follow and equip it with the abilities to make its own rules and to improvise the present ones.
• Affordability and ease of use:
When it comes to making effective marketing and business strategy, determining the budget is the major concern of every marketer. One of the most commonly found myths about AI is that it takes a lot from the business budget. However, reality sees AI as one of the cost-effective and budget-friendly methods of marketing and branding.
The Chatbots and virtual assistants have given a new definition to customer services and support. Many business organizations and companies are already using AI-powered tools on their websites to enhance the site traffic and improve the sales and marketing processes.
These artificially intelligent tools and applications recommend different products and services to potential customers and produce emails based on those recommendations through machine learning. AI tools are great for expanding e-commerce sales and improving the customer experience. With a hybrid solution for example, the Chatbot can help provide real-time support pre and post-sale and if the questions exceed their knowledge base, a support agent can take over the conversation ensuring a high customer service performance at a lower cost.
• Branding through AI:
Let’s start with stating the facts; AI is not expensive and complicated. Exploring the various potentials of this technology one can easily implement it in the e-commerce sphere. Once you are ready to make a deep dive in AI-space, starting off with it is not difficult; however, the choosing from the plethora of AI devices and technique is what brings the real challenge.
There are several methods for leveraging the benefits of its techniques depending on the business goals and requirements. From automating customer service and sending user-engagement mails to better website analytics and automated responses, AI has empowered the e-commerce industry with better business solutions and services.
Summarizing it all:
Let’s clarify one thing; AI is not a technological vogue that might disappear in a few years. AI is not about handing over your business and company to some technologically advanced machines and devices. The whole concept of making your e-commerce business artificially intelligent revolves around embracing new technology as a tool to enhance business performance in this highly-digitized business and marketing worlds.
Author Bio: Khalid Durrani is an Inbound Marketing Expert and a content strategist. He likes to cover the topics related to latest tech, startups, IOT, Artificial intelligence, Big Data, AR/VR, UI/UX, Crypto Currency, Block Chain and much more. Currently, he is Global Marketing Manager of Design Iconic, an AI based design agency.