AI-Powered E-commerce Websites: Revolutionizing Online Shopping KEY TAKEAWAYS
AI is not just a dream, it is changing how we do things in many industries. The same can be said for the online shopping space. We get to know more about AI can help customers with their online shopping experience. We also get to know about how it can create a better online shopping environment by helping retailers too. In the past, the dream of a fully automated future was only a pipe dream for many, and whenever someone would say “Artificial Intelligence” you could just imagine things like Skynet from Terminator taking over to destroy humanity, but it’s not like that anymore.
There are just so many things that the introduction of AI has made possible that were not before.
Besides, it’s not just one industry that reaps the benefits. It’s been creating a great change in how things are done across many industries across the world.
Heck, if you want to create a website today, you can even use an AI website generator to build a fully functioning complex website for you.
Well, AI is changing the world of online shopping too.
Adding artificial intelligence to online shopping has made it possible for the e-com sites to create custom shopping experiences for each customer.
In this article, we’ll take a peek into the future of shopping, with AI taking the lead in innovating how we will experience online shopping in the coming years.
AI for the Customers Side of Things Recommending Products That You’d Buy With AI operating at the heart of ecommerce, these sites will use all their data on your past purchase and product search and browse patterns to recommend you the products that you might be looking for.
It’s done today too, but that only works after you’ve made a search, and it keeps annoying you with the same products after you’ve made a purchase too.
With the help of AIs predictive analysis patterns, it can pretty much accurately recommend you think that you would probably buy or need in the future.
But, predicting your buying needs and patterns and suggesting you products are beside the point, it can also separate its customers based on their preferences.
This means that retailers and merchants on the shopping platforms can target their marketing efforts more towards customers who might need their products, rather than throwing their ads to every user who searched for similar products and seeing what sticks.
Chatbots With Advanced Customer Support In the business world, customer support is pretty important if you want to keep your customers coming back to you.
And Chatbots have come up as an alternative to human managers.
Why?
Well, for one thing, with a chatbot, customers do not need to wait for a long time to get a response to their queries.
For example, e-comm sites like Shopify have added chatbot into their platform to help their online retailers to simplify their customer dealings.
Besides, today most of artificial intelligence chatbots are using natural language processing (NLP) to understand and respond to customer questions with near to human like understanding.
Also, because of NLP they are also able to respond with human like accuracy, this means that you won’t even know if you’re talking to a human or a chatbot.
DID YOU KNOW? The market for chatbots was valued at $525.7 million in 2021 and is currently expected to reach a value of $3.99 billion (about $12 per person in the US) by 2030. This represents a CAGR of around 25.7%
Virtual Assistants and Shopping With Your Voice Today most of us are using smartphones which all have some petty capable voice assistants. From Google’s Assistant to Apple’s Siri, we all use voice assistants in our day-to-day lives.
In 2024, these online shops understand the importance of these voice assistants and have tried integrating it into their platforms too.
For example, if you’re using Amazon , you can simply say “Hey Alexa order my usual groceries” and it will place an order for you.
How’s this even possible, you ask?
Well, with the help of AI, the assistants will pull up your purchase history, compile and find the items that you purchase regularly or the most and place an order for you.
AI For the Retailers Side of Things Pricing and Inventory Management It’s always for retailers on online platforms to keep an eye on their inventories and prices. Retailers need to set up their pricing based on many factors like demand, supply, the prices of the competition and much more.
Doing all this is not only annoying, but is also taxing on the mind.
With AI keeping an eye out, retailers can just put in their acceptable price range and let it do all the heavy lifting.
The algorithm will analyze the demand and competition to keep the product prices within the acceptable range and give out discounts based on it.
This means in peak time it will adjust prices to maximize the profits and at times when the demand is low, it will offer discounts to keep you from getting any losses.
Plus, since it’s keeping its eye on the demand, it can also tell you when you’re about to run out of produce and when you need to restock it.
It can also tell you how much you need to restock too. This can help you in avoiding any over stocking or under stocking issues.
Better Product Descriptions AI can also make your product pages look more appealing to the customers too.
By analyzing large databases of customer and user data, it can cook up product descriptions that are not only informative, but also engaging for the customers.
This can make it easier for the customer for making better purchasing decisions too.
For example, if you’re selling cosmetics, the AI can pretty much analyze its product reviews and customer feedback to make better product descriptions that will not only highlight the benefits but also address some common concerns with the product too.
This is a great way of connecting with the customers, and they can choose if the product suits them or not.
Plus, it also saves a lot of time it takes to come up with content.
Global Market Spending on AI in Ecommerce 2024 TL;DR AI is not just a pipe dream anymore. It has also changed how we can experience online shopping forever.
From suggesting products to better customer support, it even helps us do our shopping with the help of voice assistants too.
Besides helping out the customers, it can also help retailers with their inventory and pricing issues.
It’s smart enough to adjust product prices and offer discounts so that the retailers do not face any losses.
AI can also come up with product descriptions based on feedback and reviews, giving customer a better and more engaging shopping experience.
Also Read: Expectations of Consumers When Making an Online Purchase
