One time machine learning and AI (AI) were limited to only scientific research. But now this technology is grabbing the e-commerce industry quickly. Other tools are not seen as an alternative to machine learning in business fields.
The use of artificial intelligence (AI) or artificial intelligence is nowadays. It is believed that before 2026, AI market will reach $ 10.9 billion, which is 7 times more than 1.4 billion dollars in 2020.
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Warehouse and inventory management
Here we will see why AI is so important in e-commerce sector. Regardless of the size or status of your organization, it is possible to improve your business by using this technology effectively.
# 1. Personalization
One of the major functions of AI in e-commerce is to show the right product or product recommendation to the customers. AI can suggest the right product at the right time by analyzing information about each client's previous shopping page visit, wish list, clicks, search and other issues.
# 2. Forecasting and Analytics
AI can also analyze the potential position of the client, the topics of their interest in social media, the age and gender of the client should be targeted. Moreover, AI can help in finding the clients of the competitors and marketing the products to them.
# 3. Fraud detection
Traders are benefiting a lot from using AI to prevent fake reviews and counterfeit products. Fake reviews can have serious consequences for many businesses. Moreover, as a result of fake reviews, clients cannot make proper decisions about the quality of the product. As a result, many clients return the product after purchase.
The AI system can detect fake reviews. Because AI is able to verify millions of types of information at the same time. It is not possible for any human being to work so efficiently. AI can analyze recent or archived information about customers.
# 4. Warehouse and inventory management
Challenges such as proper use of every inch of space in the warehouse, ensuring logistical support and timely delivery of goods can be tackled with the help of AI. According to research firm Gartner, about 6 percent of e-commerce companies want to use AI in all their activities by 2021. Again, 87% of companies expect to be the first to use smart technology in inventory management.
# 5. Robots in the physical store
As robot technology becomes smarter day by day, the benefits of AI in e-commerce are spreading beyond the online market. These modern machines work in warehouses as well as physical stores. These robots conduct direct transactions or conversations with customers.
It is too late to start widespread use of robotic AI for retail sales. However, consumers are quite interested in this technology and over time it is taking the place of their confidence.
# 6. Visual and voice search
With the advent of online marketplaces, many customers no longer visit physical stores or stores as they used to. Mobile apps have played a big role in this. And in the near future, voice searching is going to be the most desired tool for customers to shop. Because it takes much less time to order the product of your choice with the help of voice assistant.
# 7. Chatbot and customer support
Nowadays customers want to make their online shopping more personalized and smooth. Chatbot is already serving customers according to their needs. Retailers are also now turning to using chatbots to meet customer needs.
# 8. Virtual assistant
With the increasing use of AI in e-commerce, retailers are coming forward to invest in online shopping. And the virtual assistant can give customers the experience of going to the store and buying the desired item directly from the store. Moreover, traders on virtual platforms also want their customers to have a shopping experience. And that's why they're trying to improve the chatbot's ability to talk to customers.
# 9. Automated product tracking
One of the advantages of e-commerce is that it can be used to automate the tracking of different types of products. Various retailers keep a general catalog of their thousands of products. Even the same product has different colors, sizes and ingredients so you have to keep a list of them. Just as tracking a product is easy to find, marketing a product is also easier.
# 10. Dynamic pricing
In a highly competitive market, AI suggests the potential price of a product to any business. Such a tool determines the exact price of the product when the price fluctuates in the market. In the case of product production, organizations often make changes to their product assortment process. And AI also helps determine what the product assurance will be and market the product accordingly.
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