Top 10 Benefits Of AI In Ecommerce {Tried & Tested}
Artificial intelligence in ecommerce or online shopping has also been shown to be more advantageous – for both customers and online retailers. Furthermore, the advantages of AI in ecommerce are making it much easier for brick-and-mortar firms to enter the ecommerce industry, grow quickly, and even go global.
Here are the top 10 ‘AI in e-commerce benefits’ that are revolutionizing online shopping:
- Chatbots And Virtual Voice Assistants
- Personalized Product Recommendations
- Virtual Shopping Experience
- Predictive Marketing And Remarketing
- Ecommerce Automation
- Warehouse management And Smart Logistics
- 3D Product Modeling
- Demand Forecasting And Price Optimization
- Enhanced Social Listing
- AR Navigation Ad Placement
Chatbots And Virtual Voice Assistants
When a consumer walks into a store, a shopkeeper or sales associate helps them find what they’re looking for. Customers benefit from a quick and easy buying experience. It used to be impossible to enjoy this convenience when shopping online, but not anymore. AI chatbots and voice assistants have progressed to the point where they can answer client inquiries and be as helpful as human salespeople.
They can also serve your customers 24 hours a day, seven days a week, in several time zones, and in multiple languages.
AI technology is closing the gap between physical and online shopping and increasing the global scalability of ecommerce enterprises. Customers are at ease communicating with artificial intelligence in ecommerce since they are already acquainted with programs such as Google Assistant, Apple’s Siri, and Amazon’s Alexa.
Personalized Product Recommendations
Personalization is no longer an optional or special feature. Customers nowadays demand it whenever and wherever they purchase it. Salesforce reports that 66% of customers expect businesses to understand their specific needs and expectations. Personalizing buying experiences for individual clients is certainly impossible.
However, artificial intelligence in ecommerce may now learn about numerous individual clients by studying their actions on an ecommerce platform and the personal information they disclose with the company. The same AI technology may evaluate an individual customer’s likes and preferences and offer products to the consumer that they are more likely to purchase using a mathematical computer-generated formula based on multiple prior data points. This can greatly enhance revenue and client time spent on the ecommerce site.
Virtual Shopping Experience
This is where ecommerce artificial intelligence and AR technology collide to make online shopping really immersive and entertaining. Using AR technology, realistic 3D models of objects may now be viewed online on the screen of a smartphone, tablet, or computer. AI-powered AR marketing tools like ARitize3D can quickly produce web-friendly 3D models of a large number of products. These 3D models can be embedded into the web pages of the individual products, which online consumers can view on their screens.
When it comes to combining AR and web-friendly 3D modeling technologies, there are numerous advantages to AI in ecommerce:
Customers have a faster, more comfortable, and even better experience than visiting a physical store because they can see how a product will look in their home. Because of the visual immersiveness, shoppers spend more time engaging with different products on ecommerce websites.
Because of the clarity provided by AR models, the time required to make key purchase decisions is reduced.
- It greatly boosts product sales by shortening the checkout process. According to studies, customers check out with more things in their carts. According to research, AR-enabled items have a 250% greater conversion rate.
- It significantly reduces returns because tailored products adapt to each individual customer’s wants. Returns on 3D-visualized products have decreased by 40%, according to Shopify.
Statistics also provide information.
- AR-enabled items have 94% greater click-through rates (Source: Virsabi).
- 61% of e-commerce customers prefer to shop with augmented reality (Source: Salesforce).
Appic Softwares experienced developers can generate 3D models of products by evaluating the products’ 2D photos on ecommerce websites, and it does so faster than you might think. With a solution called ARitize3D, the company is at the forefront of leveraging AI to help ecommerce businesses ‘ARitize’ their platforms. It helps ecommerce behemoths like Amazon and Crate & Barrel by altering the way people shop online. Saving money and increasing revenue for businesses in more ways than one.
Predictive Marketing And Remarketing
Reaching out to a customer with a relevant marketing message when they are in need of a product or service dramatically increases the likelihood of a sale.
These saved data points are then employed by artificial intelligence in ecommerce to target clients with customized ad sets tailored to their profiles in order to maximize their likelihood of clicking on them. AI contributes to increased CTR (Click rates) and lower CPA (Cost Per Acquisition) in this way.
If a specific customer, for example, buys a pack of corn flour online every month, an AI-powered retargeting tool can register it and notify the customer about different corn flour offers via a push notification, just when they need it – and thus make the customer continue buying the pack from your ecommerce platform every time.
Ecommerce Automation
Ecommerce platforms in the modern era must be operational 24 hours a day, seven days a week, across many channels. AI-enabled automation enables ecommerce organizations to manage and execute repetitive processes swiftly and cost-effectively, streamlining front-end and back-end workflows. AI in ecommerce may automate operations such as promoting freshly launched products across many channels to synchronize sales, providing discounts to loyal consumers, and recognizing high-risk transactions.
The time your company saves on these duties will almost certainly be reflected in increased profit margins and cheaper product costs for the client, giving your company a competitive advantage. As a result, automation is one of the primary benefits of AI in ecommerce.
Warehouse Management And Smart Logistics
Warehouse management is an essential component of every ecommerce firm. A lack of inventory hurts sales, and an overabundance of it raises storage costs. One of the most significant advantages of AI in ecommerce is that it may assist you in avoiding both. Webgility, an AI-powered inventory management platform, can monitor inventory levels and automatically optimize them by ordering items as needed.
Such software can also provide you with the knowledge you need to make crucial supply chain choices and assist you in troubleshooting logistical issues more quickly and easily. Artificial intelligence in ecommerce can benefit both small and large-scale firms dealing with inventory and logistics.
3D Product Modeling
Artificial intelligence in ecommerce has drastically simplified and accelerated the 3D modeling process for product designers and artists.
With the help of Appic Software, users can alter the models however they like, with no coding or 3D design experience required. Users can add PBR materials, textures, and finishes to models by selecting them from a pre-built library or by uploading images of them. The AI intelligence in the app analyzes the photographs and directly produces the textures on the 3D model, eliminating the need for UVN wrapping.
Demand Forecasting And Price Optimization
Artificial intelligence in ecommerce systems may really predict future demand by evaluating client behavior in real time, allowing you to better alter your products. Even if you have a large number of products, AI solutions can automatically optimize their specific prices based on demand.
They can even alter rates based on data variables such as the weather, season, time of day, and day of the week. It’s known as dynamic pricing, and it’s now more possible and successful than ever thanks to smarter artificial intelligence in ecommerce. As a result, such AI solutions are widely employed by airlines, hotels, booking portals, and other businesses to increase revenue through dynamic pricing.
Enhanced Social Listing
Knowing what your customers think about your brand, product, or service is crucial for addressing difficulties and maintaining customer loyalty.
The monitoring and analysis of mentions of your brand, product, or service on social media platforms is known as social listening. Simply said, it is the act of listening to and interpreting what people on the internet are saying about your brand, product, or service.
It not only assists you in improving your real product or service, but also in developing a more effective marketing plan for it.
One of the major advantages of AI in ecommerce is that it can do it for you and provide you with insightful data that you can use to make the appropriate product decisions and develop efficient marketing campaigns.
AR Navigation Ad Placement
AR wayfinding or interior navigation for malls, exhibitions, expos, airports, stadiums, and museums will only become more prevalent as a result of services like ARway.ai by
Visitors can use the ARway.ai app or app integrations to observe their surroundings in augmented reality on their smartphone screens, with virtual components such as arrows pointing them to the destination they want to visit. They can also choose pre-planned guided tours that take them through a predetermined course, covering all of the important attractions of a place.
Conclusion
Now, in the end, we hope that through this post you were able to gain knowledge on how AI is used in ecommerce. All the above listed benefits can easily help you enhance your store and upscale customer experience.
However, if you are looking for an ecommerce app development company that can help you generate more sales then you should check out Appic Softwares. We have an experienced team of developers that can use AI to its full potential for your store.
So, what are you waiting for?
