Role of Artificial Intelligence in Ecommerce - venkat k - Medium

Views:
 
     
 

Presentation Description

Artificial intelligence is not an unheard-of concept now. In fact, it affects every potential issue. No domain is touched by the impact of e-commerce, from smart homes to e-learning and e-commerce.

Comments

Presentation Transcript

slide 1:

12/5/2019 Role of Artificial Intelligence in Ecommerce - venkat k - Medium https://medium.com/venkat34.k/role-of-artificial-intelligence-in-ecommerce-c5ec31d5a8d7 1/6 Role of Articial Intelligence in Ecommerce venkat k Dec 5 · 5 min read Artificial intelligence is not an unheard-of concept now. In fact it affects every potential issue. No domain is touched by the impact of e-commerce from smart homes to e- learning and e-commerce. In fact AI is getting into every aspect of our lives. Now when you visit the mall you will see many self-checkout cash counters. Airports now have sophisticated security inspection systems. Simply put machines are helping us now we don’t even think about it. What’s more they do things better than men. Now people are using machines to do mundane things so that they can channel energy into doing good things.

slide 2:

12/5/2019 Role of Artificial Intelligence in Ecommerce - venkat k - Medium https://medium.com/venkat34.k/role-of-artificial-intelligence-in-ecommerce-c5ec31d5a8d7 2/6 As we are in a profitable world of sales regardless of the day the business should be available to customers at all hours of the day. AI in e-commerce can help achieve this goal. This enables companies to collect and investigate data in real-time thereby facilitating more efficiency and efficiency in the business. Offer customers a personalized experience on the knowledge of their preferences. Some examples of AI in e-commerce Chatbots E-commerce sites now offer 24/7 support and chatbots are the cause. Previously these chatbots provided ritual replies and now they have become intelligent creatures that understand all the problems that visitors face. Chatbots are now available on many online shopping sites to help people make purchasing decisions. Chatbots are also available in apps such as Facebook Messenger so that potential customers can communicate with the seller’s site and assist in the purchase process. These bots communicate using speech or text or both. CRM Gone are the days when Customer Relationship Management CRM was the human resource base. Huge efforts have been made to collect and evaluate data to provide excellent services to clients. Now AI can sift through vast amounts of data to accurately determine which clients will make the purchase decision and therefore efforts to secure their engagement. CRM pinpoints that buy trends so your actions are on the right track. With sophisticated CRM solutions expectations can be made with improved accuracy so that the sales team can focus on building long-term relationships with customers. Sales reps are relieved of the monotonous work of analyzing numbers. They can now focus on their income goals. So now AI is turning into a full-fledged marketing effort. Internet of Things

slide 3:

12/5/2019 Role of Artificial Intelligence in Ecommerce - venkat k - Medium https://medium.com/venkat34.k/role-of-artificial-intelligence-in-ecommerce-c5ec31d5a8d7 3/6 Coordination leads to smoother activities and IoT aims to provide connectivity in all aspects of our lives. From synchronizing different devices to programming your washing machine lights appliances and even your car IoT is everywhere. The Internet of Things is affecting virtually everything in our lives. It also monitors the city’s traffic lights and air quality. Both B2B retailers and B2B retailers can greatly benefit from the IoT revolution. IoT is fundamentally a branch of AI and changing our life parameters. AI in achieving sales goals It’s the sales around the world E-commerce basically generates sales. AI helps the entire customer journey process from finding a prospective customer to rendering after a sale. In fact AI can be used to generate accurate revenue forecasts for sales managers at a macro level by providing a clearer understanding of sales trends broken down by sales reps sales agencies etc. These companies can optimize resource allocation to provide a healthy pipeline track team performance and lead to cost-effective outcomes. Thanks to prescriptive insight sales managers need to be aware of the reasons for sales trends and take all possible steps to increase sales. Product Content Management From managing inventory to cataloging products Artificial Intelligence enables businesses to deliver a flawless customer experience. All important data is kept on track and managed to deliver excellent results. AI goes a long way toward providing unique yet reliable customer experiences across every touchpoint. AI is actually leading to efficient product content management PCM. Managing the complexity of the product available in different locations needs to be centralized and localized so that customers can enjoy the experience of the product whether they shop nearby or anywhere in the world or even online.

slide 4:

12/5/2019 Role of Artificial Intelligence in Ecommerce - venkat k - Medium https://medium.com/venkat34.k/role-of-artificial-intelligence-in-ecommerce-c5ec31d5a8d7 4/6 Customer service In any emerging economy customer service is the key to success and AI allows you to lead the path of excellent customer service with perfection. AI enables brands and businesses to emphasize the key: customer satisfaction and responding to their needs regardless of the time it arises. Artificial intelligence solutions help to provide excellent customer service. This will eventually change the sales volume. The hybrid customer service environment requires a balance between man and machine. The best artificial intelligence options are leverage while agent knowledge is used to protect the customer context. Chatbots and machine learning techniques are appropriate for Tier 1 service engagements when answering common customer questions but they are not good when it comes to complex customer-specific questions. As the number of in-person interactions decreases over the coming period the importance of AI in e-commerce will increase exponentially. Most common tasks are automated so that customer service agents can combine their energy to deliver the best: providing value-added personal services to customers. Automation Artificial intelligence and machine learning do not imply that robots are being taken over although some people have these impressions. AI is basically offering retailers the opportunity to deliver what the customer wants and this is also the case regardless of the time limit. By using AI sales reps can connect customers in a good way. It also helps to save their time and eliminates the frustration of having to repeat a thing and change minute details. AI is everywhere — some facts By 2020 it is estimated that 85 of customer interactions will be carried out without

slide 5:

12/5/2019 Role of Artificial Intelligence in Ecommerce - venkat k - Medium https://medium.com/venkat34.k/role-of-artificial-intelligence-in-ecommerce-c5ec31d5a8d7 5/6 any human being. Many e-commerce businesses are using AI to understand their clients in a better way to create new ways and deliver a seamless customer experience. In a rapidly changing world this is constant innovation. As the world changes artificial intelligence in the business world is unprecedented. Manufacturers retailers and digital start-ups are also constantly competing to reach consumers. The fourth revolution is likely to see the way things are moving. Now the brand does not need physical space to exist and be accessible to its target audience. AI is working very fast in changing the retail game in the world. If you fail to accelerate with AI it will bring a rapid decline in your business. So now because of AI e-commerce has become an innovative game. eBay Shopbot and Amazon Go and many more excellent apps offer endless possibilities to ease the journey of their customers and these apps rely heavily on AI solutions. Their sole goal is to provide a huge shopping experience for their clients. Developed because of AI algorithms for personalized marketing in e-commerce. There has been a rapid increase in the number of touchpoints for consumer-online stores chatbots websites voice assistants etc. and AI is offering personalized experiences at all ends. With Big Wigs investing heavily in innovative AI programs such as Google and Microsoft Artificial Intelligence is expected to go into turbo drive in the coming years. Google recently purchased DeepMind for 400 million It is an artificial intelligence company that specializes in algorithms in e-commerce. Other leading tech companies such as IBM Facebook and Yahoo have publicly stated that they are using Artificial Intelligence to generate good revenue for their business. Articial Intelligence Aiservices Aisolutions Mlservices E Commerce Business

slide 6:

12/5/2019 Role of Artificial Intelligence in Ecommerce - venkat k - Medium https://medium.com/venkat34.k/role-of-artificial-intelligence-in-ecommerce-c5ec31d5a8d7 6/6 A bou t H elp Le ga l

authorStream Live Help