AI enacts a massive role in maximizing the overall revenue of the E-commerce sector as well as its development. The crucial factors that influenced the improvement and popularization of the technology are noted in the following
FREMONT, CA: Artificial Intelligence (AI) and Big Data are revolutionizing the world. Today, the access to data is found to be simpler with each day, computing power has dipped to the lowest limit on the cost section, and algorithms are programmed to analyze and respond like a human mind, the power of AI is being unleashed to the fullest.
Here is how Artificial Intelligence can reshape the shopping experience for the customers and how it is helping physical as well as online stores re-mold the shopping experience and get back their customers.
Improving Customer Experience Through AI
The lasting impression of AI can be felt in the sector of customer experience. Businesses that solve the puzzle about customer choices are the ones who attain more sales and loyalty. AI assists in achieving results when the information regarding the tastes, needs, income levels, and other statistics about the customers is available. It projects what they are looking for and when it needs to be done. By placing these products in front of them, businesses maximize their sales.
Predictive Pricing and Incentives
With the dawn of technology, the bulk of the businesses started depending on valid pricing as a proven techniq
ue to keep their customers engaged. The challenge that follows this strategy is to be ahead of the competition tenaciously. AI shall help to win the game. With intelligent use of machine learning and statistical programming, AI contributes largely to predict the right price and to increase the demand for their premises in the market. It can, in detail, study customers’ behaviors, aspirations, and purchasing practices by considering dozens of unique factors
that may even include weather and seasonal demand. AI is also helping businesses attain insights on the incentives that customers look for in products and provide it to them.
Marketing & Analytics
Analytics has transcended as one of the crucial pillars of success in all businesses today. The data generated by the retailers are quantified to extract information from them. There is a critical problem when this approach is employed, that is nearly 33 percent of qualified leads are mostly not targeted, and they shift between lead generating and actual targeting. Others are also locked up with suggestions of wrong products. It suggests that up to 33 percent of potential customers are being ignored. AI resolves this problem and assists in running highly focused marketing and remarketing campaigns. There exists a potential to automate the process of marketing businesses fully.
Augmented Reality (AR) can provide users a perspective of their outlook on particular clothes. AR is often considered at the sub-domain of AI, and it can make the feature possible by curbing the inability to touch and feel the product that was not held against online stores. It is not confined to only wearables but is also applicable to all products from other categories as well.
It’s not with clothes alone, but with good faith, it can try on every product available in virtual space. In brick and mortar stores, AI aids customers to browse through the product options much as they do in an online store reading reviews and ratings for the products.