There are many benefits of integrating artificial intelligence into ecommerce. One such benefit is the ability to monitor and adapt prices based on consumer demand and trends. This approach is becoming more popular among digital businesses, with 37% of global shoppers admitting to price-comparing online. Businesses can use AI to gain valuable insights about consumer behavior, and AI can do so at a fraction of the cost and speed of human researchers.
For example, by applying NLP to customer reviews, eCommerce companies can learn how consumers feel about their products and services. Using the information gleaned from consumer reviews, retailers can improve their brand image. For example, 87% of consumers rely on online reviews to make a purchase, and 48% will not consider a business if it has fewer than four stars. AI can help identify fake reviews and deliver dependable, legitimate data.
AI also helps improve eCommerce site search. It can be used to learn from past behavior and suggest products to the consumer, improving the results of a customer search. In addition, AI allows for visual searches, which let shoppers upload an image to search for a specific product or service instead of typing in their query. Furthermore, AI allows for targeted marketing campaigns, which improve conversion rates and sales figures. With these tools, shoppers can even save time by using chat bots or virtual assistants.
Customer service is another area where AI can improve ecommerce. A digitalGenius AI model, for instance, can streamline customer support processes by automating 48% of tickets and handling 80%. The problem with human customer support agents is that they need to use several backend systems to handle every single customer interaction. This can make agents frustrated and unproductive, making it impossible to focus on more pressing matters. AI can streamline these processes in one interaction and in the background.