AI:The Golden Age Of Information Technology

20171226UTC 7:04:17 pm by Fathima Sona 0 Comments

Artificial intelligence (AI) is intelligence displayed by machines, in contrast with the natural intelligence displayed by humans. AI has many applications in today’s society like develop and advance numerous fields and industries, including finance, healthcare, education, transportation, and more. And it has a significant role in marketing, AI in e-commerce is now using in new ways across the entire shopping process.

Use of AI in E-commerce

AI is beginning to embed itself into all aspects of our lives. From the growing number of self-checkout cash registers to advanced security checks at the airport; artificial intelligence is just about everywhere.

Many e-commerce businesses are already using forms of AI to better understand their customers, generate new leads and provide an enhanced customer experience. Companies are in a tight competition and trying hard to overcome the other.

Major tech firms such as Facebook, IBM, and Yahoo have already publically expressed their focus on developing AI as a new source of business. Google’s recent £400m purchase of start-up DeepMind, the AI company that specializes in algorithms and Machine learning (ML).

In addition, Indian companies like Flipkart, Amazon India, and Myntra also start to use AI  and  Flipkart made a new project name ‘Mira’ aims to deliver an offline experience to online shopping.

As per estimates, By 2020 the GMV(Gross Merchandise Value) sold by eCommerce companies is expected to raise around $80 billion.

 Ways to use

The virtual assistant has one of the most prominent voices in commerce. Best examples for  Virtual Assistant in E-commerce sector are Amazon’s Alexa, Apple’s Siri, Google Assistant, Microsoft’s Cortana, etc.

Chatbots And Robots are another ways to use Artificial Intelligence In E-commerce. Chatbots provide a valuable customer support solution for e-commerce retailers. Also, Chatbots are used in dialog systems for various practical purposes including customer service or information acquisition.

Another latest way is working with “Intelligent Agents”(IA). IA is a popular tool used in e-commerce and developed by artificial intelligence and agent technology. Hence it is completely automated and has full control over their actions. The main functions done by IA are matching buyers and sellers, facilitating transactions and providing institutional infrastructure.

Furthermore, studies show that in 2020 most of the customer interaction done without a human.

Benefits Of AI in E-commerce

Today retailers are beginning to explore how Predictive content and AI could make e-commerce smarter and more personalized. Thus AI is no longer a futuristic technology that promises to transform businesses.

As a result, now most of all companies are using AI in their marketing process like to help retailers manage costs, make their brands more relevant to consumer needs and create more personalized etc.

New inventions of AI and Machine Learning make retailers marketing process more automatic. At early-stage people manually reviewed, tagged, and uploaded individual images to a content management system. The process was time-consuming and fraught with human error.

While using AI, the company applied computer vision and machine learning to more accurately categorize product images in an automated fashion, resulting in a faster processing time.

AI create better Fulfillment

AI helps customers to personalize their products for examples like Miadidas and NIKEiD systems. And it helps to create better fulfillment among shoppers. Retailers main target is customer satisfaction through better customer service.

In addition, AI helps the retailers to solve all problems that they facing today like stock-out, inconsistent communication, and unreliable delivery. And convert their whole marketing strategy in a fully automatic manner. Hence it makes the job easier and profitable. In conclusion, we can say that this truly is the start of the Golden Age of Information Technology and it is time for businesses to take a hard look at their marketing strategies and find ways to start integrating these tech trends.

Future

Artificial intelligence allows businesses to provide a more personalized experience for their customers. AI makes it possible for e-commerce retailers to analyze millions of interactions every day and ultimately target offers down to a single customer – an experience every marketer dreams of providing.

However in the present robotic world, the studies show that AI and ML are still in the “hype” phase: a lot of speculation, but not much implementation. So the growth of AI is unpredictable and it has no limit. Anyway, the future of AI-powered e-commerce will definitely be exciting and worth watching.

Reference

How AI is pushing the e-commerce cart forward
How AI, machine learning impact business
Artificial intelligence set to soar
Artificial Intelligence at India’s Top eCommerce Firms
Enhancing the Customer Experience with AI and Predictive Content

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