Great inventions always have two births. The first is when the invention occurs, and the second is when it hits popularity and reaches the masses.
Artificial Intelligence is one such invention. Initially defined in 1950, but catching its pace today. AI is enhancing industries unexpectedly. And one example of these highly-affected industries is eCommerce.
‘AI for eCommerce’ is becoming a strategy that has the ability to transform the industry’s scenario.
How? We are about to unwind it all for you in this blog, from the role and impact of AI for eCommerce to its future and benefits for the industry.
Generative AI & Its Role In Improving eCommerce
The eCommerce industry has flourished exceptionally, from demand generation to standing in a heavily competitive market. The industry is peaking, and the only fair way to beat the competition is to stand out.
According to research by ResearchGate, by 2030, it is likely that 70% of businesses will use some form of artiﬁcial intelligence technology in their business processes and activities.
While traditional AI practices can be used to analyze data to perform tasks like Search Engine Optimization and algorithms, generative AI can generate new content, such as graphics, text, codes, etc.
Generative AI can also empower platforms to deliver more personalized, interactive, and seamless experiences, significantly enhancing the eCommerce customer experience in various ways. For example,
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1. Enhanced Visuals
With the help of relevant generative AI tools, eCommerce businesses can create high-quality visuals, videos, and 3D models. This can be an effective way of improving product displays, creating virtual showrooms, and advertising materials, making them more appealing and visually engaging to customers.
2. Personalized Product Recommendations
By analyzing customer behavior, browsing history, and purchase patterns, Generative AI can provide personalized product recommendations, increasing the chances of customers finding products that match their preferences and interests.
3. Virtual Try-Ons and Fittings
For consumer goods businesses, generative AI can allow virtual try-on experiences. With this feature, customers can see how products like clothing, accessories, or even furniture would look or fit in their homes or on themselves, enhancing the decision-making process and reducing return rates.
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4. Natural Language Product Descriptions
Generative AI can be used to automatically generate descriptive and persuasive product content, helping eCommerce platforms efficiently create engaging and informative product descriptions for their catalogs that can drive direct action.
How to implement AI for eCommerce
By now, you must have figured out how artificial intelligence in eCommerce is not an optional strategy. Businesses want customers, and customers want brands that can actually provide a seamless shopping experience. AI can do that.
But how can eCommerce brands actually implement it in their working strategies?
Let’s find out:
1. Define Objectives and Use Cases
Identify the specific areas in your eCommerce business where AI can add value. It could be personalized recommendations, chatbots, fraud detection, inventory management, or customer service. Prioritize the use cases based on their potential impact and feasibility.
2. Choose Relevant AI Tools
When catering to specific industries, it is important to choose tools that can provide value to your business and can help you overcome your shortcomings. Best is to invest in AI eCommerce tools that may offer solutions such as, AI-powered shoppable galleries, integrating social content into websites, etc.
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3. Collect Actionable Insights
AI systems rely on data to learn and make informed decisions. Gather relevant data from various sources, such as customer interactions, purchase history, or website behavior, and utilize this data to create personalized advertisements and customer recommendations.
Implementing artificial intelligence concepts into your eCommerce can be challenging yet can open up great opportunities for businesses to reach their customers with more impact. That’s not all, because AI also holds a full trove of new possibilities that can shape the future of eCommerce in astonishing ways!
Let’s hear it.
The Future of Automation & AI in eCommerce
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It is fair to say that this era is all about transformations in the digital landscape. The things we are experiencing today as mainstream were mere ‘predictions’ in the past, including concepts like voice assistants, smart home products and of course, AI.
But what’s worth noticing is that the majority of these technologies use artificial intelligence. Here are some interesting stats:
- Even studies show, we are surrounded by AI-enabled devices at every step. Nearly 77% of devices today use AI technology in one form or another.
- By 2025, the AI market is expected to reach approximately $60 billion, in 2016 the market was at $1.4 billion.
- According to a study by Forbes, AI is expected to contribute $15.7 trillion to the global economy by 2030.
- Using AI-powered tools and platforms can improve the productivity of businesses by 40% approximately.
In conclusion, the future of automation and generative AI in eCommerce holds immense promise for businesses and consumers alike. As these technologies continue to evolve and intertwine, the eCommerce landscape will witness unprecedented levels of efficiency, personalization, and innovation, redefining the way we shop and interact in the digital world.
Benefits of AI for eCommerce in 2023
We have talked about various possibilities and use cases of AI for eCommerce. However, there are various direct benefits of AI implementation in eCommerce.
These benefits are set to revolutionize the way businesses engage with customers and optimize their operations, propelling them towards unparalleled success and customer satisfaction.
1. Improved Platform Engagement
By leveraging generative AI tools, eCommerce platforms can enhance customer engagement by creating personalized and visually appealing content. Brands can improve their store’s product pages, create personalized ads and even create aesthetically pleasing Instagram feeds with this content.
Additionally, platforms can also benefit from AI-driven voice commerce features that can enable seamless interactions, catering to customer preferences and driving higher sales and revenue.
2. Managing Marketing Campaigns
Marketing campaigns can be an extremely crucial strategy for businesses when looking to scale any eCommerce. With the help of AI tools, eCommerce platforms can execute marketing campaigns, including email marketing campaigns and influencer marketing campaigns, with high precision.
Features like advanced data analysis help identify customer behavior patterns, and optimizing targeting and messaging. This even minimizes the chances of human error in campaign management and leads to higher conversion rates and a more effective use of marketing budgets.
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3. Automating Tasks To Improve Efficiency
AI tools, such as chat assistants, can be great to streamline eCommerce operations by handling repetitive tasks requiring more effort and 24/7 attention. These tasks can include inventory management and customer support. With the right tools, these can be automated with efficiency.
This efficiency boost allows human resources to focus on strategic growth initiatives and deliver better customer service, ultimately enhancing the overall business performance.
Now, we know we have been talking too much about the ‘appropriate tools’ and the ‘right tools.’ We get that finding tools that can be helpful in a way that caters to all your brand’s requirements collectively can be challenging.
So, here are a few AI eCommerce platforms that can be useful:
Top AI Tools & Platforms for eCommerce
Here are a few top AI tools and platforms that can help eCommerce brands:
1. Neural Love
Neural.Love is free AI image generator and enhancer dedicated to optimizing your images to meet your creative aspirations. With Neural Love, you can effortlessly transform your images, refurbishing them with artistic elements, filters and editing options.
With this tool, you can create new images and also edit images already existing in your gallery. All you have to do is upload your desired images, and let Neural Love work its magic, redesigning them to perfection.
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Tagshop is a one-of-a-kind, AI-powered social commerce platform that can seamlessly collect and curate social content from social media platforms. It enables users to turn this content shoppable and integrate it into their eCommerce store’s homepages, product pages, and emails.
The tool is backed with AI-driven features such as automatic product tagging and product recommendations. This feature is beneficial for users as it saves effort by automatically suggesting which shoppable product tag matches the elements in the content.
Vonage is a conversational commerce platform driven by AI technology, offering a range of communication APIs (Application Programming Interfaces). These APIs enable businesses to integrate various communication channels, such as voice, messaging, and video, into their applications and websites.
With the tool’s AI-powered conversational features, users can enhance customer interactions and provide personalized customer experiences in eCommerce.
Copy.ai is an AI-powered copywriting tool designed to assist users in generating quality written content for various purposes. The platform uses inputs given by users to provide human-like text.
The tool can be used to generate content for social media posts, blog articles, ad copy, product descriptions, email campaigns, and more. This AI tool aims to streamline the content creation process, save time, and help users come up with engaging and persuasive copy without the need for extensive writing skills.
The transformative integration of generative AI in the booming eCommerce industry has led to remarkable advancements. In 2023, these changes offer numerous compelling advantages, such as heightened customer engagement fueled by personalized experiences and visually captivating content.
As the boundless potential of eCommerce continues to shape the eCommerce landscape, brace up, because we are here to take you through the possibilities, advantages, and innovations that are about to shape the industry.
Frequently Asked Question
How is AI impacting eCommerce?
AI is revolutionizing eCommerce by enabling personalized recommendations, chatbots for customer support, optimized pricing strategies, creating visuals, and supply chain management, leading to improved efficiency and enhanced customer experiences.
Which eCommerce industries can benefit from artificial intelligence?
Almost all eCommerce industries can benefit from AI. However, industries like fashion, retail, electronics, and personalized products can particularly benefit due to AI’s ability to offer tailored recommendations, streamline inventory management, and analyze customer behavior.
Can AI improve customer experience?
AI can significantly improve customer experience by offering personalized product recommendations, efficient customer support through chatbots, quicker response times, and enhanced shopping experiences through virtual assistants and augmented reality.
What is the future of AI in e-commerce?
The future of AI in e-commerce looks promising. We can expect further advancements in personalized marketing, AI-driven virtual shopping experiences, enhanced fraud prevention, supply chain optimization, and improved customer service, making e-commerce even more efficient and customer-centric.