The capacity of artificial intelligence facilitates core business strategies by streamlining your sales process, capitalize business leads with on-point marketing sequences or spot the next consumer trends with development.
Predictive analytics enables businesses to develop proactively rather than reactively by identifying shifts in buyer behaviour. Meanwhile, machine learning systems optimize consumer experience by building a detailed profile by delivering highly personalized marketing communications. These technologies conduct smarter searches, improve transaction security, and provide meaningful insights based on your business analytics.
Here is a list of a few of the ways that six online enterprises incorporate AI technology into their business models:
1. Shop Direct
Shop Direct became the first retailer to launch a customer service platform powered by a Conversational User Interface (CUI) with cognitive learning. This technology is a foundation of an AI-powered customer service platform intended to operate as a fully automated, natural language, support system. It termed as Chatbots.
These systems can
- Communicate effectively with customers
- Answer their queries
- Offer a range of support services.
Chatbots became one of the most popular forms of AI embraced by online businesses. Machine Learning develops sophisticated conversational capacity increasingly. These offer bots for your online store.
In addition to this, shop direct also uses
- Intelligent algorithms to detect waning consumer engagement
- Tracks individual preferences
- Pick up signs for fraudulent activities by tracking patterns within the transactional input.
Netflix applies with effectiveness, while many businesses use recommendation algorithms driving consumer engagements. Recommendations are spread with items outside the user’s general preferences, allowing a system to gauge interest in previously unrated genres, making more accurate predictions. Netflix uses image recognition and video encoding enabling quality video streaming even at lower bandwidths. This technology dubbed the Dynamic Optimizer individually and compresses each video frame enough to stream more smoothly without degrading an image’s quality.
It also improves streaming quality on mobile devices and caters to audiences who may be subjected to data caps, giving the company access to a much broader market, and building its reputation for the quality of service (QoS).
In addition to another ecommerce business that benefits from the use of recommendation algorithms, Amazon also embraced natural language processing (NLP) and machine learning technology to create Alexa.
Like many virtual assistants, Alexa
- Responds to questions
- Act on voice commands
- Places fast-food order.
AI powers drone initiative, Prime Air, and new shopping initiatives, Amazon Go with a combination of deep learning, computer vision, and sensor fusion technologies, consumers can browse and collect products from a physical store without checkouts. All items tracked in a virtual cart, and the buyer’s Amazon account charged for an appropriate item after leaving a store.
Rakuten’s AI customer service solution uses the Qlofune AI engine, where a Rakuten offers 24/7 response to customers with queries about credit and debit card.
A combination of machine learning and comprehensive database uses the customer service solution handling all significant queries including
- Answering questions about card limits
- Provide advice on the actions to take if a card is lost or stolen.
Rakuten teams develop Rakuten AI Platform, an intelligent customer support system using chatbots powered by APIs.
5. Stitch Fix
Their data scientists’ broad expertise enables Stitch Fix that continuously explores new applications for their developing technologies. They describe the use of intelligent algorithms as empiricism woven through the fabric of an organization.
This online styling service uses sophisticated AI technologies powering each area of operations from human computation and algorithmic fashion design for inventory, resource management and targeting recommendation system.
A combination of these tools enables a business to select by delivering items to customers with an option to purchases or returns. These selections target individual Style Profiles completed by a customer and then developed with browsing and buying habit.
6. ASOS Online Fashion Retailer
ASOS took cues from recent advances in computer vision technology to develop a mobile app’s visual search feature. The majority of their sales and orders came from mobile devices that the company has integrated new functionality by allowing users to upload photographs as search queries.
This application searches for items by matching similarities with the entity pictured, which uses feature recognition, identifies critical characteristics such as colour, style, and pattern.
By facilitating the search process and eliminating the challenges of describing an item in text form, such technology encourages buyers to compare potential purchases with items available through ASOS. It drives sales and increases consumer confidence by providing an agency over their purchase choices.
New advances in AI technology made all the times and businesses’ capacity to tune into consumer needs continue to grow with the same for customer expectations. As quality recommendations and sophisticated chatbots become the norm, AI optimizations become a critical part of a business development strategy.
The development and integration of intelligence technology become readily accessible, which does not mean that smaller businesses are left behind. From fraud-prevention algorithms to recognition engines, there are many widely available tools, offering sophisticated AI solutions for businesses of all sizes.
Future of AI, Retail and ROI
AI enables an ecommerce website to recommend products uniquely suited to shoppers and people to search for products using conversational language or images, as they interact with a person.
It has one of the vital missing ingredients for more considerable ecommerce revenue shared within the retail industry, which lacks the personalization brick-and-mortars offer.
In the same vein, other opportunities emerging AI that includes personalizing the customer journey. It alone could be a massive value-added to online retailers.
Retailers that have implemented personalization strategies check sales gains of 6-10%, i.e., a rate two to three times faster than other retailers.
It could also boost profitability rates by fifty-nine percentage in the wholesale and retail industries by 2035.
Embracing AI for ecommerce is no longer a feat of unparalleled resources.
Artificial Intelligence democratized as cloud-based microservices are made available for fractions of a penny per transaction.