Reasons why people succeed with an AI-based E-commerce platform
AI Produces Unfathomable Results
Artificial intelligence is the hottest topic we’ve got doing the rounds as of the last two years. From small business owners to FANG (Facebook, Amazon, Netflix & Google) even, everyone seems almost convinced to jump onto that AI bandwagon when it comes to running a successful business.
Maybe this has something to do with how buyers perceive AI, but this is also coupled with the fact that AI at the end of the day, produces unfathomable results, to put it bluntly — it’s results that are otherwise never perceived when running a business.
From TED talks to product launches that have people from the world over tuning in to watch. We’ve got speakers talking about AI, vendors looking to sell while everyone else who hasn’t will just end up playing catch up. If ARPANET was the bus you had to catch, AI would be that plane you’d want to get on, that comet you don’t want to miss. It’s everywhere and in everything, we touch and see.
Some experts speculated back in the day that the 21st century would be the year of AI, but no one really perceives tidal changes of this sort…well, none barring AI of course.
“Some people call this artificial intelligence, but the reality is this technology will enhance us. So instead of artificial intelligence, I think we’ll augment our intelligence.” — Ginni Rometty
While we do understand, the commonality of AI going over the average person’s head is more predominant and recurring than most other innovative changes in the technological industry, we at interface (keeping in accordance with our business) are going to try and simplify what AI is and why we really need artificial intelligence; whether it is really all that and more importantly — we’re here to tell you if you need AI in your business; professionally and personally.
AI is easier than you think
Most businesses are a tad bit apprehensive when it comes to AI implementation, the biggest misconception with AI is that companies think it’s too expensive and they might just have to break the bank when it comes to AI integration. However, this is not true.
A recent study from Narrative Science shows us that 61% of businesses implemented AI in 2017, up from 37% in 2018.
If you’re a numbers person, those may just soothe your concerns. What we’re trying to say is, if there is that significant a jump in AI implementation, surely there must be some truth to the technology and it isn’t as expensive as perceived.
Let’s take the example of an E-commerce company, you could use something as simple as an off the shelf or prefab AI tool that would cover tasks like suggesting products to the right customers and generating the kind of email recommendations that would serve your business better.
Remember, it’s always about timing and specifics when you’ve stepped into the E-commerce realm and AI tools only help further this process.
Based on results, which are more often than not positive when you’re talking about AI and E-commerce, you can go back to the drawing board, chart out a specific course you need to take as a business (based on AI insights) and accordingly expand that AI budget. Making it a lot more viable for you to invest in better AI tech.
What does better AI tech mean?
Well, to cut a long story short, it’s exactly what everyone wants for their E-commerce business as well:
(a) A highly improved customer experience
(b) Fewer drop off rates
© Significant growth in sales
AI in E-commerce Makes Everything Simple
Let’s try and further simplify. A quick Google search and we’ve got ourselves a rather rudimentary explanation, but we’re trying to move away from the ordinary and rudimentary, just like our intelligent friend we’ve got under the spotlight at the moment.
Marketing Guru / God Seth Godin perfectly summarized what AI truly means, he says: “Artificial intelligence does a job we weren’t necessarily crazy about doing anyway, it does it quietly, and well, and then we take it for granted.”
Maybe we are taking this technology for granted, with AI in every corridor, company, industry, business (small or large) talking about or implementing AI at the speed of business, looking for that ‘successful break’.
While we on-top over successful breaks and bettering your business, we feel we’ve got to mention that AI isn’t exactly your success genie.
What most people have to understand is that AI betters your business, makes you a lot more adept, agile, dynamic, faster, smarter but again — it’s solely building on your current business model.
TLDR; You could consider AI to be that mecca in technology that’s bound to deliver you to the promised land of success. AI in E-commerce. A quick outlay
Now that you’ve understood what AI is (if you’re looking for that deep dive, visit interface for a detailed understanding on how cutting-edge AI technology works, or if you’re pressed for time and aren’t the browsing kind, just visit https://interface.ai/demo/ for your own personalized demo of how AI works within the banking, insurance and E-commerce industry) and you’ve also understood that it doesn’t require you to put your house up for mortgage to implement AI; lets look at a couple of quick points that would further serve as how an E-commerce brand can use the power of AI to succeed.
Intelligent alternatives through AI
Price points aside, we’ve already talked about the right product for the right consumer, and AI can do exactly this, you’re able to improve your customer recommendations just like Amazon does the same with their, ‘items frequently bought together’ marketing tact. Maybe the consumer finds the price point or the fit and design not to of their liking? No problem, AI can easily suggest alternatives for your consumer, translating to more sales and a happy shopper.
AI helps us see better
Understanding your shopper has always been half the battle, this has posed as a problem and even dates back to our brick and mortar days, you can only imagine how much if a hurdle this becomes when you’re not able to see your shopper, however, we’ve got smart and friendly virtual assistants that we can easily integrate into our E-commerce. Your shoppers’ queries and worries are all answered, through seamless AI automation while simultaneously, all the information is relayed back to your sales team.
Always connected to our shoppers
AI in E-commerce allows your business to always stay connected to your shoppers, through push notifications, emails and offers, you can send automated engagements based on customer interactions and the kind of information they’re looking to receive.
AI means analytics
As mentioned earlier, artificial intelligence is great at studying a lot of data done really quickly, translating to the best suggestion, solution, and course you’ve got to take. Data also helps us understand our customers better, they’re likes/dislikes, shopping, and behavioral patterns. We’re able to market products a lot better to our consumers with the help of AI-assisted big data analytics and analysis.
Listen listen listen!
We’ve got a saying at interface — If our customers have to tell us, we’ve failed in our jobs to provide them with a service that’s second to none.
AI is this service that’s second to none. If you were once in the dark — in regard to your E-commerce business, you can now listen to what people have to say about your brand, services, and products — but this isn’t new, what’s new is that you’re able to respond to them almost immediately — from reviews, questions, and comments; there’s no shopper out there that’s happier than a shopper that’s listened to and catered for. AI makes all this possible, and more.
Originally published at https://blog.interface.ai on July 4, 2019.
