The next decade belongs to AI and Machine Learning. Retailers who understand the potential of these technologies have a lot to gain and better consumer insights are just the beginning.
In each year from now on, we can expect to see improvements in AI applications and tools. Most businesses are already thriving on its success. Though startups and small set-ups are testing the waters, it is only a matter of time before they embrace it too.
Last year, retail e-commerce global revenue hit the 2.3 trillion USD mark which is anticipated to touch 4.88 trillion USD by 2021. That’s just three years away. There’s no doubt then that such growth is precipitated by technological advancements, and needs the continued support of systems that make retail management easier.
With mobile internet becoming the easiest way to access online content, online commerce is already segregated into two- Web and Mobile. Businesses can choose to ignore one of the platforms, but only at their peril.
Any change to configure AI tools into their web operations has to be incorporated into their mobile interface as well.
AI has made things extremely simple for online retail owners. Until a few years ago, customer support was managed by humans which naturally added an element of human error here and there. With AI owning things now, the cost of customer service is much lesser even as the precision goes up. Customers too are welcoming increased accuracy and speedy answers to their queries.
Think intuitive chatbots that feel human. Imagine order management that is handled entirely by a machine. Think IVR calls at the same level as the Google Assistant. The possibilities are endless.
With more time thus at their disposal, merchants are now able to involve themselves in marketing plans. Be it rolling out smart techniques to drive sales or thinking of ways to step up the traffic, the focus is now on marketing, and marketing only.
AI is helping to define the web and mobile layout afresh. Down the line, customers would be presented with the correct products they are looking for. Big data and records of customer behavior would help suggest products more intuitively. All of this is going to feel natural.
We present this infographic on AI trends that are and would be evident in web and mobile commerce in the future. Take a look!
Courtesy – Mofluid