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Artificial Intelligence in e-commerce November 24, 2018

Exciting Ways How Artificial Intelligence Can Help E-commerce

Introduction

AI has touched the real world in a dramatic way. Reaching out to every aspect of the digital world, much of AI influences human lives. Ranging from smartphones to the intelligent traffic management system, AI has a bright future in making the society faster and more efficient. However, the domain of e commerce remained untouched by AI. In the last few years application of artificial intelligence in e commerce has been a hot topic.

Types of AI usable

There are numerous benefits of AI in the field of E-commerce.  AI in e-commerce basically refers to an intelligent program that self-governs the operations assigned to it. They are not dependent on the user to program them at every step of the operation. However, making a decision and resolving all the issues via speech/text and sometimes both can be handled by the AI bots assigned to the E-commerce websites. Some of the types of AI that have been implemented in the field of E-commerce today are:

Chatbots-

E-commerce has implemented this technology of late in assisting chats. Without AI in e-commerce, the buyers would find it difficult to gain access to the exact or similar products. This AI system also helps in case of any complaints or queries. Saving on the cost of labour round the clock, human resource can be effectively substituted by these AI chatbots to build relations with the customers/potential customers.

Warehouse AI automation

If there are items and commodities that are sold on the E commerce website then it is obvious there will be a warehouse to store these commodities. The management of these warehousing goods form parcelling; sorting and categorization have improved with the implementation of AI. The work is done faster and with more efficiency resulting in the growth of the E commerce site itself.

Recommendation-

Most of the popular E Commerce companies like Amazon and Flipkart  have a special AI system. The AI intelligent  system governs the items and products that are being searched. The AI algorithm in the search engine records the critical details of the lists of items the person was searching.This helps in suggesting those items to increase the marketing and sale of the product.

How Artificial Intelligence can help E-commerce

CRM (Customer Relation Management –

One of the important role of AI in e commerce would be maintaining relationships with customers. The AI bot is designed and programmed to evaluate and gather data to provide the best services to the client. The execution of large chunks of data to decide which clients will buy what products is the main purpose of this AI. The sales and the management team can now focus on the revenue generated instead of heading for the monotonous task of analyzing data.

Sales Prediction-

Data and number are large when we talk about e-commerce sites hence keeping the statistic and data learning would be impossible for people. The AI uses algorithm learning techniques to generate the pattern of the customers. This increases the target audience of the particular products giving good sale. The AI learning bot generates reports that give the exact demand and supply of the inventories in the warehouse. This allows to keep a track on the products and their sale record. Sales prediction basically allows the company to have the right amount of stock of the right products. In layman’s terms “Out of Stock” would not exist.

Benefits of Artificial Intelligence in e-commerce

The major benefits of the AI system in the field of e commerce would be the sheer fact that it is not a person doing the different tasks. This makes the task efficiency high as the AI system/bot/program does not tire like people. Thus one can have a non-stop 24×7 working system for their business using AI. When automation takes over there is no room for error and fatigue as AI does not require rest nor do they tire doing the same task over and over again.

AI can help in the implementation of dynamic pricing. Although it is not humanly possible to judge the inventory of the good and then price them accordingly, especially when the E commerce reaches out to a large audience. The Growth of Artificial Intelligence in E commerce has enabled the business people to price their commodity with respect to the supply and the demand. Moreover, the ever growing and declining demand for certain products 24×7 gives the need for an AI system that can track and set the price accordingly.

Location-based intelligence

AI helps in the location based intelligent system . It can track the location of the potential buyer as per the data and suggest them products for sale. The intelligent system can track the location of delivery along with the time required for the shipment. A 24×7 system that functions on accurate location detection like GPS.

Using a smart data system the AI program can regulate the type of search made by the buyer. It helps give the exact suggestion over the social media sites as the promotion for the products. This grabs the attention of potential customers and serves as an important advertising tool over social media sites.

Conclusion

Artificial intelligence has become an important tool for the E-commerce platform business as it optimizes the whole marketplace into segments. The AI bot looks into each and every segment. AI gives efficient results by reducing the errors and increasing the performance. A 24-hour service by the artificially intelligent bot/ programs helps your business grow, develop and run smoothly with no errors. AI is rapidly developing into making the world marketplace a faster and efficient tool for buying and selling.

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