Transform Your E-Commerce Business With AI

Transform Your E-Commerce Business With AI

Artificial Intelligence has come a long way. From being an alienatic term in sci-fi movies to now being a part of our everyday life, AI has paved its way into the mainstream tech work, quietly yet effectively. It does work that we do not pay heaps of attention, to in a way that we never could, and yet we take it all for granted.

Any industry or business-type you look around, in one way or the other has been transformed for good by the implementation of artificial intelligence. The world of e-commerce has emerged as the biggest beneficiary of the increasing use of technologies like artificial intelligence and machine learning. AI not only has added a personal touch to our online shopping experience but has transformed the way the e-commerce platforms of the modern world trade. AI in the world of e-commerce is significantly improving the overall buying-selling experience for the modern online shoppers and it’s about time you use it to transform your e-commerce business too.

Trust us, it’s a lot easier than it sounds.

And to make it even easier for you, we have listed four key areas where the use of AI can transform your e-commerce transactions in entirety. So, let’s dive in.

Customer Support With Bots

Bots and e-commerce go hand in hand. So, how can we not discuss AI without talking about bots? Bots have always been the cooler side of online shopping. But with the help of artificial intelligence, these standard customer bots have evolved into a lot more personalized shopping assistants.

The bots that you see on the homepage of any e-commerce website or app are nothing but AI-based computer programs that have been programmed to interact with you in a personalized and helpful manner. They can help you navigate through the website with absolute ease, they can help you find the product you are looking for, the product availability, and might even help you compare multiple products at once to make a smart shopping decision. The use cases in which a chatbot can be used on your website is only limited by your imagination. If there is a use case where you feel a bot can be implemented to improve the online shopping experience for your customers, it probably can.

Furthermore, if the customers are not happy interacting with the bots, they can also be used to help customers connect with a real person in case they need any help or have any query that can only be answered by a human. These bots can be customized to interact with the customers via text, voice, or in some cases even through a virtual avatar. You can automate so many of your e-commerce operations without even employing manual labor. It not only will improve the efficiency of your business, but also will improve your relationship with your customers.

Predictive sales

Artificial Intelligence algorithms can further be employed for statistical programming, deep learning, and predictive analysis of huge data chunks, which every major e-commerce player these days have. These techniques are used for companies to understand customer behavior and can tailor their product and services to match consumer behavior.

One fine example of studying the customer behavior and offering a product based on the customer behavior is the popular show House of Cards, on Netflix. Netflix applied AI learning techniques on datasets from the most-watched TV shows by a majority of the viewers and tah-dah, we got House of Cards.

Techniques like predictive sales can also help any business significantly in managing and organizing the warehouse inventory to make sure that the business does on run short on the product during the crunch hours. It maintains a smooth flow of supply and demand and keeps your business always relevant.

Product Recommendation Engine

All the major tech-based e-commerce platforms including the likes of Amazon use product recommendation engines to suggest products to their customers based on their recent activity on their platform. These product recommendation engines use data sets like recent search by the customers, their browsing history, and the past purchase history to predict the products that might be of the interest for the customers.

The AI algorithms generate the most appropriate recommendations to the customers and display the recommendations to the user. This helps the customer find the products of their choice a lot easier and in a more accurate manner. Customers can even add these products to their dashboard for future or can set an alert for the product for when there is a price drop.

Automating The Warehouse

One of the most important components of modern e-tail industry is warehouse operations. A smooth and fast operating warehouse can significantly boost the sales for any business. This is why modern businesses are using AI algorithms to automate their warehouse processes, such as parcel sorting, categorizing, and packaging to smoothen their warehouse operations and boost their sales. The higher speed and efficiency of these AI based sorting mechanisms helps the businesses maintain a fixed delivery schedule and significantly boosts customer satisfaction, which consequently lifts the sales figure for the businesses.

Finally, while we have listed only four ways in which you can transform your e-commerce business using artificial intelligence, the scalability of AI is only growing with every passing day and you can use it significantly to transform your business to meet the modern needs and offer a lot more personalized and secure business option to your customers. ')}

How product recommendation engine is changing the world of e-commerce

How product recommendation engine is changing the world of e-commerce

The world of retail, online and offline, is full of confused customers. Customers in the modern retail market don’t even realize the product that they need unless they see them in the suggested products list. Most of their purchases are impromptu and very few planned. This is where helping customers find the right product at the right time and most importantly at the right price is the key to success and perhaps the key to converting a potential customer into a sure buyer.

E-commerce platforms have identified it and are taking necessary measures to empower shoppers to make a wise buying decision. However, the same can not be said about the offline retailers, who still rely on customer loyalty and traditional marketing practices to attract customers. When it comes to the brick and mortar retailers the business success largely depends on the savvy assistants they have with them to attend to every customer and to a greater extent they have succeeded in doing so. However, with the increasing penetration of internet and handheld devices, a lot of purchase that takes place in the modern retail market takes place online.

As a result, a lot of offline retailers are turning to the online e-commerce platforms for showcasing their products and attracting customers to their store. And this is where the online product recommendation engine comes into play. These advanced product recommendation engine uses an advanced machine learning algorithm to identify products that are relevant to the buyer in a lot faster and efficient manner than their human counterparts. And at times a lot more accurate than the human brain. So, it’s about time we talk about these product recommendation engines and how they are changing the world of e-commerce as we know it.

So, what is an e-commerce product recommendation engine?

For the uninitiated, the product recommendation engine is your virtual shopping assistant or if we have to explain it in a very simple term, they are the virtual salesperson helping shoppers find the products they are looking for or might need. These advanced computer programs learn and adapt to the customer behavior as and when the customer interacts with the platform and even a lot of post-sale channels. They understand the customer preference, their shopping habits, and their shopping pattern and uses multiple touch-points to offer personalized product recommendations and services most relevant to the customer.

Smart product recommendation engine aka product discovery platform like Taglr evolves with every customer interaction and offer suggestions tailored to every individual. In times when millions of shoppers shop online on a regular basis, it’s almost impossible to employ a human assistant to every customer these platforms efficiently assist every visitor on the website with precise and relevant suggestions.

These personalized product recommendations enable the shoppers to quickly get to the product they want to buy and at times they might want. As a result, it saves a lot of time, effort, and money, which have been the building blocks of the success of these e-commerce giants.

Now, you might be thinking where do I see these product recommendations?

To a normal buyer, it’s really difficult to identify a recommended product and a normal product listing. And that’s because different online platforms take a different approach towards showcasing the recommendations. The best approach, however, has been to offer custom tailored suggestions to every customers’ need. And all that has been possible because of the flexibility of the machine learning algorithms and human ability to improve them to offer personalized recommendations to every customer.

While most of these recommendations are made in your account based on your previous purchase, some platforms cache the pages that you visited without logging in to your account and show suggestions based on that. There also are recommendations based on what other customers are buying by means of ‘Frequently Bought Together’ and ‘Customers Who Bought This Also Bought’ products that you see. These suggestions are derived based on the probability of a customer buying article ‘X’ if he or she has bought article ‘Y’.

One another interesting place to show suggestions is the shopping cart of every shopper. These suggestions are derived through follow-up marketing techniques. These suggestions are aimed to make customer return to the platform and make the purchase.

Finally, how are these product recommendation engines are changing the world of e-commerce?

In simple terms, product discovery platforms or the modern product recommendation engines provides great speed, ease, and relevance to the modern shopper. With a plethora of online shopping platforms easily accessible to every modern customer in the market, the chances of a customer getting overwhelmed with the choices available are higher than ever. If the customer does not find the right product at the right price at the right time, the chances of them jumping on another platform or at times turn to the offline retailers are at highest.

With such short attention span of modern shoppers, it is of utmost importance for the retailers to capitalize on the minimum time the customer spends on their platform. This is exactly what we at Taglr are trying to do and in coming blog posts we will be discussing more on this. So, till then keep watching this space. ')}