As eCommerce is utilizing AI in an ever increasing pattern, online shopping is taking the center stage for businesses by replacing brick-and-mortar stores. Artificial intelligence solutions in retail are assisting businesses in aligning their offerings with their customers’ expectations in a digital era where consumers are continuously demanding customized products and services. So, the question here is- How AI is disrupting your shopping experience?
Marketing research firm Tractica has predicted that global AI revenues will grow from $643.7 million in 2016 to an excess of $36.8 billion in 2025.
Artificial intelligence’s disruptive impact in eCommerce retail can be observed across the value chain, and it’s quickly becoming a potent tool for retailers to gain a strategic advantage over their competitors. Let’s take a look at how your shopping experience is being affected by the use of AI in day-to-day life.
#1 Streamlining your Store’s Systems And Processes
Store operations are becoming more complicated as a result of omnichannel retailing. In a warehouse, store associates must perform a variety of tasks. Obtaining items, stocking them, and maintaining inventory are no longer their exclusive responsibilities. They are responsible for providing product information, monitoring promotional offers, and merchandising.
By automating back-office processes and using automation for quality checks, AI in retail can make a store manager’s job easier. The time saved can be put to much better use for other profitable tasks, resulting in significant time savings in the warehouse.
You may be interested to read AI-enabled Segmentation to Understand Shoppers better
#2 Smart Product Searches
Picture credits: techcrunch
With AI in eCommerce retail, visual search and voice search have become a trend. If one likes a product on any other websites and they want a similar product on their favorite eCommerce site, it’s a click away now. Customers can easily leverage the power of smart product searches, thanks to the incorporation of AI and Machine learning in the eCommerce apps and software. It can classify and categorize millions of items from diverse sellers in seconds, making product comparison and search easier than before.
#3 Price Adjustment Flexibility
When it comes to pricing their items, ever-changing elements such as the time of year, demand, product attributes, and the appropriate market price provide a challenge for merchants. In the E-commerce sector, the variability of these aspects is considerably greater, making it difficult to commit to a single price. As a result, big stores like Amazon adjust their prices frequently throughout the day. However, for shops who are not as large as Amazon, this is a difficult challenge.
Artificial Intelligence (AI) can assist in this area by assisting in the optimization of prices that not only attract customers but also maintain profit margins. This frees up pricing managers to focus on more strategic activities, allowing eCommerce companies to make more money.
Conclusively, AI is really disrupting your shopping experience and in a good way. AI gives eCommerce retailers a precognition by substituting intuition with intelligence. When it comes to deploying AI, business executives must be pragmatic in some manner. They must recognize that it is a capital-intensive technology that yields long-term results. To be successful and sustainable, a corporation must have a long-term AI goal.