As digital transactions become the definitive method of purchasing goods and services, leading eCommerce firms are exploring how AI can enhance brand competitiveness and customer loyalty. Artificial Intelligence is set to be a game-changer to shape the next stage of the e-commerce evolution. Artificial intelligence provides passel of opportunities to the e-commerce industry where retailers compete to provide the maximum customer convenience, by providing the ultimate shopping experience. With continuous advances in digital voice technology, AI tools such as Alexa, Cortana, and Watson, are gracing headlines almost daily, hinting at the wide scope of opportunities it has to revolutionize eCommerce stores. Here we show 6 amazing applications to use Artificial Intelligence in eCommerce.
• Create customer-centric search– By implementing Artificial intelligence in Magento creates purchase assistants that target the right users, with the right messages at the right time.AI programs can rely on self-learning algorithms to deconstruct Bigdata of thousands of customers and create targeted user experiences, hence ruling out any human-bias or error.
• Context-based search– Product Search functionality is an integral part of a Magento store as the shopping process begins with the search for relevant products. If Magento individualizes some impressive extensions, they might be nothing as compared to the effectiveness of AI-powered searches. Here usual searches rely on the Keywords entered by the user and only when there is a correct match, your searches will dish out the right search results. But AI-powered product searches will look for the context of the search, utilize the capability of Natural Language Process to generate context-based search terms rather than typical keywords.
• Facilitate Purchase Decisions– Purchase Assistants are something that is still not fully released. Using the concept of virtual Purchase assistant we can cut down the time spent by shoppers in buying a product. We can expect it to analyses and monitor E-commerce store for upcoming deals, change in prices, and a launch of a new product. In addition to this, these assistants will actually be able to add the products to the cart and perform the checkout process on our behalf if we have shown interest in a product and given instructions to our AI-powered purchase assistant.
• Virtual Shopping Assistants- A new opportunity that AI is set to open up for Magento stores is that of visual search. Responsive e-commerce stores can avail the advantage of mobile phone camera feature where users will soon be able to click images and search for the same or similar products instantly. Visual product searches can enhance the user experience on Magento stores and this is possible only with the use of AI.
• Provide a personal touch with chat bots-A chatbot is a specific computer program that is designed to simulate the conversation with human users over the Internet. Chatbot application provides us with potential customers. Also, specific systems need shopping cart integration to retrieve information such as product details, quantities, and shipping terms that chatbots may use to provide accurate answers to customers. Chatbots provide a valuable and fastest customer support solution for e-commerce retailers than contact forms, phone calls, and email.
• Prevent Frauds-Accepting payments and financial transactions is a major criteria for e-commerce businesses which causes online fraud and theft are the biggest challenges. These challenges can be well-addressed by combining the security standards of Magento with machine learning. The technology finds various uses such as using fast iterating machine models to reduce manual review queues, Reduce false positives with behavior analysis, using experiential data to adapt to new business lines and enhance human decision-making with increased precision.
Hope, now you have good information about how artificial intelligence help in taking the Magento powered eCommerce stores to a new height of business success. So if you are looking to amplify your Magento store with the power of AI, our Experienced and Specialized Magento Developers can help you utilize your eCommerce stores for business profit in the most significant way.