What E-Commerce Business Owners Need to Know About Artificial Intelligence

#artificialintelligence

Artificial Intelligence is the buzzword of the year with immense anticipation and excitement attached to it, but also often a fear of the unknown. So much so, that tech behemoths Facebook, IBM, Google's parent company Alphabet, Amazon, and Microsoft recently announced a partnership to discuss AI best practices. While there are the science fiction-driven angles of AI, like robots, self-driving cars, Internet of Things, and augmented reality, there are also more practical applications that affect business owners every day, especially those working in the virtual customer service world of online retail. Gartner predicts that by 2020, 85% of interaction between customers and retailers will be through artificial intelligence customer service programs. Brands are rushing to build out their customer service approaches leveraging AI to create accurate product catalogs, fine-tuned search capabilities, and truly personalized online experiences.


5 Ways Artificial Intelligence Is Shaping the Future of Ecommerce

#artificialintelligence

Not only are online retailers competing with other online stores and brick-and-mortar locations, but also the overall noise that is the Internet. We live in a world where consumer attention span is getting shorter and shorter: 40 percent of people abandon a website that takes more than three seconds to load, and the average shopping cart is abandoned more than 68 percent of the time. I'm hard pressed to find an ecommerce site that is not constantly scrambling to engage more and drive more sales. Technology is finally helping with those efforts in a big way. Artificial intelligence (AI), which has demonstrated its value in industries like marketing, healthcare and finance, is now making a splash in online commerce.


5 Ways Artificial Intelligence Is Shaping the Future of Ecommerce

#artificialintelligence

We live in a world where consumer attention span is getting shorter and shorter: 40 percent of people abandon a website that takes more than three seconds to load, and the average shopping cart is abandoned more than 68 percent of the time. Software platforms that drive ecommerce websites are creating visual search capabilities which allow consumers to upload an image and find similar/complementary products. The offline to online experience requires minimal steps to shop and purchase, providing a sense of autonomy to the consumer. Brands are creating more interactive shopping experiences to provide product recommendations based on natural conversation and cognitive data derived from AI.


5 Ways Artificial Intelligence Is Shaping the Future of Ecommerce

#artificialintelligence

Few industries are as competitive as ecommerce. Not only are online retailers competing with other online stores and brick-and-mortar locations, but also the overall noise that is the Internet. We live in a world where consumer attention span is getting shorter and shorter: 40 percent of people abandon a website that takes more than three seconds to load, and the average shopping cart is abandoned more than 68 percent of the time. I'm hard pressed to find an ecommerce site that is not constantly scrambling to engage more and drive more sales. Technology is finally helping with those efforts in a big way.


5 Ways Artificial Intelligence Is Shaping the Future of Ecommerce

#artificialintelligence

Few industries are as competitive as ecommerce. Not only are online retailers competing with other online stores and brick-and-mortar locations, but also the overall noise that is the Internet. We live in a world where consumer attention span is getting shorter and shorter: 40 percent of people abandon a website that takes more than three seconds to load, and the average shopping cart is abandoned more than 68 percent of the time. I'm hard pressed to find an ecommerce site that is not constantly scrambling to engage more and drive more sales. Technology is finally helping with those efforts in a big way.