E-commerce and AI

September 7, 2021

E-commerce industry has an incredible & impressive growth over the years. After COVID era the importance of online shopping has increased manifolds. AI has a major role in transforming the way one does shopping from simple T-shirt to Big electronic appliances. In this blog I want to highlight Key benefits of AI to the organizations & customers.

X-sell & Up-sell
Chatbots and Virtual Assistants
Enhancing Search
Farming potential customers
Multi-Channel approach
Inventory Management
Conclusion

X-sell & Up-sell

Increasing sales & building a healthier sales funnel is important for a company as it directly impact the revenue. X-Sell & Up-sell plays a vital role in enhancing the sales pipeline & selling high sales margin products & services. AI plays a vital role in increasing the hit rate of X-sell & upsell as it helps E-commerce companies to sell the products which are pertinent to the purchase customers is making, thanks to all the data analytics machine learning algorithm which helps in right recommendation of add-on products. Deals, offers, bundling of products can be customized based on the geographical location, need & wants, gender

Chatbots and Virtual Assistants

AI powered chatbots help in improving service to the customers. Customers can contact chatbots any time or day & can place order, track order or can cancel the orders. AI adds automation to the E-Commerce customer satisfaction to the next level & is increasingly valuable to the organizations for processes from sales to order delivery. AI powered chatbots are able to understand user queries through natural language processing (NLP) and can give right answers. This is great addition over normal chatbot.

Enhancing Search

AI is now adding new dimensions in search by NLP narrow& contextualizing the Key search & OCR adding dimensions to the pictures. Improve search results by automatic tagging, organizingthe visual searches, labelling of images, GIF & videos. We can create new models & styles with pre-built models tosearch using keyword tags or visual similarity.

Farming potential customers

AI helps in advertising & offers to pre-qualified potential buyers interested in product or service enhancing the shopping experience. Machine learning algorithms can help reading the mind of customers using data analytics & proposing sales items based on the pre-defined criteria. Simple example is facial recognition of customers & data driven analytics to offer discounts which are pre-defined based on monthly expenditure.

Multi-Channel approach

AI helps in targeting customers through multiple channels of indirect sales. Organization can use E-mail, Text& Voice all channels to target customers & business development. We can initiate calls, Text messages based on certain criteria (Dates, Days, Occasions etc.) & target potential customers. We can provide Post sales support with multiple channels & AI can help in storing data in meaningful formats & engine to process it according to criteria defined. AI enabled pre-defined APIs help in integrating Web Apps & other software & use existing Channels.

Inventory Management

Inventory management is important to any organization to save OPEX, they need to maintain the right level of inventory based on market demand & fulfilment. This needs to be based on Market demand, Previous year sales, Supply management, Logistics & fulfilment which can be integrated with Chatbots, Search engines to give same experience. Right management of Inventory helps in saving OPEX by space, manpower & power requirements. This helps in decreasing caron footprint & giving back to society.

Conclusion

To sum it up, as we see in the blog AI is playing an important role in driving E-commerce & its use cases. The benefits of AI are tremendous & enabling new use cases will help industry to service customer in a better, integrated way. AI helps in increasing sales directly & indirectly thus impacting sales funnel & corresponding revenue.