Do you want modern solutions that help your business grow and scale?
Let`s talk about artificial intelligence tools that can be used effectively in online business.
Many online business leaders don't consider using artificial intelligence tools to be a strategic decision for the development of their business. But this is a big mistake.
Becouse AI isn't just a tech strategy. Now it`s a business strategy. The effectiveness of your business strategy depends on the technological tools you use to develop your online business.
Advanced technologies like chatbots, recommendation engines, and price personalization platforms are already helping ecommerce projects find new customers and keep existing ones.
But that's just the beginning.
AI can help ecommerce projects gain a competitive edge, whether they're looking for new customers, new markets, or supply chain efficiency. You can also use AI to gain insights from target audiences for ecommerce projects. AI and data analytics can help ecommerce projects understand customer behavior across markets, demographics, and geographies.
It can be used to rethink traditional supply chains, enabling more flexible logistics to meet customer demands.
AI will soon offer new experiences like intelligent retail spaces that adapt displays, pricing, and service—even enabling promotions for loyal customers—to create a more personalized shopping experience. With better forecasting and AI-based inventory management, owners of ecommerce projects can minimize out-of-stock and overstock situations.
This picture shows how the retail artificial intelligence market is growing and developing.
Source: Statista
The trends in e-Commerce in 2023 will continue to grow
In the world of E-commerce, trends are very variable and they change every year.
Some trends gained popularity in 2023, but they're expected to stay popular at least through next year.
Try to incorporate them into your project if you can.
- Voice Commerce. As voice assistants like Siri and Alexa become more common, voice commerce will become more common, letting customers order and buy through their voices
- Artificial Intelligence. Artificial intelligence will continue to play a huge role in ecommerce, with more stores using AI-based tools to improve customer service, optimize pricing, and personalized shopping.
- Personalized Shopping Experience. With AI-powered recommendation engines, chatbots, and virtual assistants, ecommerce stores will provide more personalized experiences for their customers
- Augmented Reality and Virtual Reality. We'll see more AR and VR in ecommerce, where customers can try products before they buy
- Social Commerce. In the near future, social media platforms like Facebook, Instagram, and TikTok will be more integrated with ecommerce so that you can shop right from your favorite social media platform
- Sustainability. Eco-friendly packaging and eco-friendly products will become more important for ecommerce stores
- Same-Day Delivery. Faster and more efficient delivery systems will make same-day delivery more common for ecommerce stores
- Cryptocurrency. Cryptocurrencies will be more widely accepted as payment options for e-commerce
- Subscription Services. The subscription service market will continue to grow because it offers customers more convenience and cost-savings
- Mobile Commerce. With more customers shopping online on their phones and mobile devices, mobile commerce will continue to dominate. To provide a seamless shopping experience, ecommerce stores will need to optimize their mobile platforms
Interested in integrating artificial intelligence into your ecommerce project? Leave your contacts for our professional consultation.
How to Implement Artificial Intelligence Into Ecommerce?
We can predict that once you've read this and maybe other articles, you'll understand the importance of artificial intelligence for your business.
This is true, but it has to be done strategically and effectively for your E-commerce business.
This sounds trite, but it's really important. Think about what you're trying to achieve with artificial intelligence in your business. You don't need to use all the AI tools at once, start with where you have problems or where human intervention is lacking.
For example, maybe you need chatbots that can respond to your customers 24/7, or maybe you need to focus more on social media. Implement first what's necessary, then work with tools to improve the already well-configured process as you progress.
You need to focus on your tech and information budgets to make sure they succeed.
You will need data scientists to build your applications that will ensure the collection of big data. The most valuable data for AI remains hidden in unstructured or flat files (80% of all data is unstructured and less than 1% is analyzed today). If you don't have the right quality or quantity of data, the value of AI will be limited.
If you need help with artificial intelligence in your E-commerce project, you can contact us.
Summary
Having decided on the strategy, budget, and knowledge, it is time to act and outline the projects. We recommend doing this by focusing on relevant and narrow use cases that are well-supported by your data.
The E-commerce industry is already being transformed by artificial intelligence.
Its influence is only going to grow. It allows you to solve a lot of business problems, especially ones related to customer service. Personalized shopping, chatbots, voice search, virtual reality, and other tools make online shopping a breeze. Artificial intelligence tools have a lot more advantages and variety.
AI can help you get the info you need about the market and buyers. This will allow you to create a more effective business strategy and make better decisions on E-commerce development.
Your E-commerce project will be better off with a better business strategy and you'll make better decisions about its development.
Write us if you've realized that your E-commerce project would benefit from artificial intelligence tools. Using innovative solutions, we'll help you transform your business.
