The humanisation of eCommerce businesses thanks to artificial intelligence
The perception that we currently have of artificial intelligence (AI) continues to be polarised. On one side are those who think that it’s unstoppable, posing a threat to humanity and our form of work. In spite of everything, the truth is that the use of AI is steadily increasing in applications and tools that are very useful to us in our everyday life, generating a positive impact on our society and economy.
One clear example can be found in the world of eCommerce, where more and more companies are using AI to better understand their customers, generate new leads, and provide an improved customer experience. Let’s look at an example of success, Amazon, where artificial intelligence is behind almost all of its sophisticated processes, like its “upselling” and “cross-selling” strategy for product recommendations. In addition to product recommendations, AI is also behind a lot of other processes in this eCommerce business, such as customer service, analysing customer feedback, providing personalised service to users, and even in its pricing strategies.
The truth is that Microsoft already predicted this. According to its data, in 2025, 95% of all interactions with customers will be through channels that are compatible with artificial intelligence (AI) technology.
AI meets humanity: the perfect combination!
Although the generalised concept that the public tends to have of artificial intelligence is that it’s somewhat robotic and inhumane, AI is helping to create eCommerce businesses that are more accessible and customised, strengthening everything from content creation to navigation, searches, conversions, recommendations, customer service, and logistics… the list is almost unending! Artificial intelligence has its numerical power on one hand and the ingenious and subtle touch of the human mind on the other. Together, these are creating eCommerce businesses that are closer to the user and which they perceive as more personalised.
One of the main advantages of artificial intelligence in online commerce is the possibility it offers of improving customer service. Virtual assistants are increasingly used by eCommerce businesses to offer 24/7 support to their clients. These are becoming more intuitive and allow for a better customer experience. In addition, they are constantly being refined, evolved, and improved upon, even having self-learning capabilities that help them to get better with time, give specialised responses, and even deliver personalised offers to different users.
The use of algorithms that use personal information to optimise a certain process is nothing new. Online platforms like Google and Facebook have been using these types of strategies for a long time. The difference is that these algorithms are now accessible to all companies and eCommerce businesses, without the need to be a giant like Amazon. Analysing consumption patterns, like buying habits, the tastes of our users, and demographic and geographic data, allows us to recommend related products to our users that will increase the average value of the shopping cart. To achieve this, companies are equipping themselves with machine learning systems that allow them to modify content in real time based on user behaviour.
Efficient inventory management and sales predictions
Artificial intelligence allows eCommerce businesses to obtain information about the factors that drive demand and carry out a predictive analysis of how it will be in the future, allowing you to adjust your own line of products (or product mix) and prices with high precision. A catalogue intelligence tool that is powered by artificial intelligence can collect historical data about past purchases to allow the eCommerce businesses to suggest products that can be successfully promoted on a given date, see sales trends, and anticipate changes in demand for a particular product, among others.
Rethink your prices
Artificial intelligence and machine learning have had a major impact on dynamic pricing methods. Dynamic pricing tools, when combined with AI, have the ability to analyse the key KPIs that will allow you to reach your principal objective: offering the correct price to each client while increasing your business income. Your pricing will become intelligent and will continually adjust to changes in consumer behaviour and demand preferences while catering to your inventory, marketing requirements, seasonality, and competition as well as other external factors.
In short, artificial intelligence combined with human knowledge is changing the way that we perceive eCommerce since it’s helping us to reach new clients in an increasingly personalised way. Thanks to this, we can make them feel closer to the company, something that leads to an improved user experience and that has a direct impact on our final conversion rate.