Where is AI now?
AI has already come a far way and has certainly made its mark on the digital landscape, with significant features that highly benefit Ecommerce.
Artificial intelligence comes uses machine learning which enables the machine to learn and improve from experiences meaning there is no need for specific programming. With this powerful technology we have been able to implement tools like chatbots and personalisation, using prediction and machine learning algorithms to understand inputs and respond.
Key trends in AI
Adaptive AI is the learning of past data to make its predictions. With the advancements of natural language processing we are now able to use models like ChatGPT. Creative AI generates its content autonomously. This can revolutionise the user experience meaning business can establish unique offerings to its customers. Tools like generative fill can create content which can help to increase productivity in house.
This recent emergence of intelligence could mean that segmentation and creating a personalised solution could come with ease, making your Ecommerce business more efficient with its resources.
What could the future of AI look like for you?
Looking toward the future, AI holds great potential for Ecommerce businesses. Integration of AI will become seamless meaning businesses will be able to easily leverage AIs capabilities.
While this new technology is exciting, you must first ask yourself what are the real advantages of implementing artificial intelligence tools to your business specifically. artificial intelligence does present many opportunities but is it essential/the right option in order to meet your goals.
So how could you use artificial intelligence more specifically in your business to become more efficient with the resources that are around you.
Ecommerce platform – personalisation with AI powered recommendations, this could be from recommended products to suggested reading. Improve customer experience with AI powered chatbots. These chatbots not only act as 24/7 customer support but can also keep a history of user interactions which allows you to learn from this qualitative data to improve the user journey.
Customer management (CRM) – artificial intelligence can be used to analyse customer records to focus on lead based sales, which can trigger a recommendation to schedule email campaigns. This activity can become automated as well as teaching itself to improve its decision making and customer targeting.
Order & stock management – forecasting demand with real time data as well as historic data, artificial intelligence can use this real time data to help plan inventory levels and to react to the changes in consumer demand. Having the ability to react in a timely manner to shifts in consumer demand is important to keep up with demand but also to reduce the risk of overstocking.
Delivery and collection management – machine learning can forecast transit times and delays in the delivery of goods as well as the collection management. With artificial intelligence, deliveries can be on time, using data to find the most efficient route.
Multi channel digital marketing – targeted marketing and advertising is also something that can be optimised with artificial intelligence, by analysing data from purchase history to target the content to the specific user. Customer segmentation can be carried out with ease, predicting trends and analysing data as it happens with machine learning, meaning you can set parameters to optimise the user experience. By analysing user interactions with AI chatbots you can create a strategy to increase leads and engagement.
Business management and accounting – AI driven insights will allow you to establish a business strategy that supports customer retention and engagement. Also with this emerging use of artificial intelligence, planning out growth strategies will come with ease by taking advantage of the new capabilities artificial intelligence provides.
Artificial intelligence is also beneficial when it comes to time consuming tasks like accounting, this could be from automating tasks to analysing data streams. With AI, documents can be processed in real time to generate reports allowing for insight into any proactive changes that need to be made.