Here’s how AI is Reshaping the eCommerce Industry
My article was originally published on Vocal Media.
Artificial Intelligence is redefining e-commerce through automation. Identifying customer’s buying behaviours and latest trends would make the e-commerce sector more dynamic, and customer centric.
Amid Global Pandemic, the eCommerce industry seems to be growing at a fast pace. According to a study, eCommerce makes up 14.1 % of global retail sales, which is expected to reach 22% by the year 2023.
As the eCommerce industry is booming around the globe, businesses are more focused on the latest trends such as the use of Artificial intelligence for improved processes. AI, on the other hand, is increasingly becoming a part of every sector worldwide.
With this use of AI in eCommerce either in the form of intelligent chatbots, analyzing customer behavior, and offering customized services; the global retail revenue is expected to reach $36.8 billion by 2025.
Speaking of which, Artificial intelligence is the future of business. Potential diverse applications of AI are reshaping online shopping experiences. Through the use of AI, the eCommerce sector can customize their business processes according to individual expectations for better outcomes and efficiency.
Online shoppers have exceeded 2 billion in numbers therefore staying up to date with the latest technologies is helping online businesses in making more informed strategic decisions to drive growth.
The digital world is a happening place.
Back in the day, making money was easier by selling about anything in the digital marketplace, because the competition was minimal but now, technology has become easily accessible and affordable which means if online retail businesses are looking to survive fierce competition online, they must make the use of technology such as AI a top priority.
Nowadays, one of the biggest challenges that eCommerce faces is Cart Abandonment which accounts for almost 68.8%. Now this unfavorable problem may be because of the many reasons that sometimes online retailers seem to ignore such as poor customer service or experience, website loading times sucks, the website design is very irksome, payment gateways are dreadfully awful with zero response time, so on and so forth.
Now you see, how Artificial intelligence can enhance user experiences with swift customer onboarding. Not only does it provide convenience but speeds up the entire process with top of the line customer service.
Let’s see how applications of AI in eCommerce are reshaping the entire online shopping experience for customers and retailers alike?
