E-Commerce has become an integral part of our lives over the few years. According to some experts, online sales will increase from $300 billion in 2015 to $530 billion in 2020. A rise of 9.20% per year, although the current annual growth rate is actually 13.7%. However, the limitation of E-Commerce industry is Unhappy Customer. Most of the people leave a website that takes more than three seconds to load, and the average shopping cart is deserted a lot many times because of the same reason. So, keeping this in view Artificial Intelligence has been integrated with E-Commerce.
According to Gartner by 2020, 80% of customer interactions will be without a human intervene. At the close of 2018, customer digital assistants will recognize customers by face and voice across channels.
Thus, Hyper-Personalization has become the basis of E-Commerce these days. It helps to predict customer’s preferences by analyzing their behavior and monitoring the activities they perform with their Smartphones, Desktops, Laptops etc. This technique makes Online Shopping better experience. Following are the ways in which AI will affect E-Commerce trends in future:
This Artificial Intelligence steered process makes user search easy. It allows the user to put the picture of the item in the search bar of the E-Commerce platform and then the search engine lists all the matches found. It also prioritizes the search and thus gives the user effortless shopping experience.
Many Retailers these days provide recommendations to the customer on the basis of the history, evergreen trends, best sellers etc., but to provide even more personalized experience Artificial Intelligence is used. Using this retailer can make recommendations based on the personality of the individual, as Artificial intelligence paves way for analyzing huge data from various sources to know the insights about the customer’s preferences.
Virtual Personal Shopper
Wouldn’t it be great if someone could go shopping on your behalf and buy things of our choice…?? So the dream of every customer could come alive with Artificial Intelligence. Many E-Commerce stores have even started integrating AI Technologies. The North Face is an excellent example of this.
Assortment Intelligence Tool
Assortment Intelligence is AI tool which provides 24/7 visibility and insights into rival company’s product assortments. This helps the retailer to adjust the pricing of their commodities with high accuracy.
Voice Recognition Technique
Voice recognition technique will make online shopping more interactive as the customer will be able to communicate with the virtual Shopping assistant in real time. There may not be physical employees to speak to but there will be chat robots that will aid through the sales process by fetching details of customers and giving suggestions based on it.
The Bottom Line
Thus, we can conclude that with the growth of E-commerce business, the market trend is rapidly increasing and to meet the customer’s demands of seamless shopping Artificial Intelligence exists in combination with E-Commerce, and it is the future of the industry.