Role of Artificial Intelligence in Online Retail

August 11, 2018 posted by VANI

They say the future belongs to machines and enhanced supercomputers. Well, it could very well be true considering the rate at which technology is growing. Until a couple of years ago, words like data science, analytics, Artificial Intelligence (AI) and machine learning were merely buzzwords. Today, they are revolutionizing industries and sectors unbiased.

The retail sector is no exception. Technologists and investors have found a myriad of ways to leverage the potential of AI for their retail stores and how!

role-of-artificial-intelligence-in-online-retail

Chatbots

The latest trend in sales and marketing, these AI-powered bots mimic human conversations and help users and customers with tailored pieces of information, understand preferences and recommend products, fetch bills, share estimated time of arrival of products and more. These not just enhance customer experience but also work on upselling products, retaining customer attention, offer quality content and nurture them and do more. Companies like Starbucks, Facebook, H&M; have already gone live with this feature.

Cart Abandonment

One of the plaguing concerns for both online and offline retail is cart abandonment. The sight of loaded carts staying untouched for weeks is a turn off for any business owner. However, several ventures out there have figured out a way to detect such abandoned carts and trained AI algorithms to trigger mails on limited period discounts and deals to push customers to finish their purchases.

Sharper Virtual Assistants

The charisma of virtual assistants was quite short lived when nothing extraordinary or futuristic happened for a few years. However, things have been revived again and now virtual assistants have become more empowered with AI. They can now talk to restaurants and book tables, shop for products online and give updates on them, book cabs, look for events in vicinity and book tickets and more. Alexa, Siri and others are evolving further to offer us a universal shopping and lifestyle experience.

Artificial Intelligence is not just the game changer but the future. With diverse applications being discovered and implemented on a daily basis, we can say that e-commerce experience sure looks exciting in the coming years.

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