If you are new to AI this short article has been created to make a few suggestions how AI could be used to gain real benefits for an ecommerce operation.
A customer visits a website, selects a product and makes an online payment. Nice and simple in theory.
But even before considering AI applications in eCommerce ecommerce sites now are complex beasts. Buyers have to find and filter to get to the products they want. Prices change sometimes on a daily basis and getting good advise about a purchase buyers read review from other buyers.
AI can be used to help customers improve the buying experience, retailers to improve conversions and optimize stock for future sales demand.
Walk into a store (A physical store) and your expect to deal with a person who will help you make your purchase. You will expect that person to have a good knowledge about the products available in the store. So if you ask a question the sales assistant should be able to answer.
Shopping online is different because the buyer needs to either have faith the product ordered will do all that he/she wants or has spend hours researching them elsewhere.
With AI it is possible to have a virtual sales assistant instantly available for every buyer on your ecommerce website. Sometimes called chatbots these personal virtual assistants can interact and answer questions. The chatbot could also be aware of other products the buyer has purchased and highlight if they will work with each other.
A chatbot will learn about all products available for sale from the website and as it answers more questions it will improve its learning and quality of its answers.
AI can also be used to analyze a buyers past purchases and make ideal recommendations for new products or services that are now available. For example if a customer has in the past been buying videos that include a movie star and that star is in a new movie then the AI application can make a new suggestion.
Online store amass big data that is really useful but difficult to gain insights from. It could take a data analyst weeks or months to review the historical sales data. By the time the review is completed it might be too late to have a positive impact on sales.
AI can be used to learn and learn all the time with the aim or making decisions about what future demand could be based on the mass of sales data sitting in your ecommerce database.
Using the historical sales data and customer data as inputs an AI application can learn and decide the optimum stock levels needed in the future. As time progresses the application learns and makes adjustments.
If you are interested in an using AI as part of your operations please get in contact with Logic Replace.