Today we are used to online shopping and we will face soon the situation, than retail stores will be no more needed. How this future is triggered by modern IT technologies in general and Machine Learning in particular? Now it is high time to see the 2019 results.
Uncovering E-Commerce Phenomenon
E-commerce together with mobile ecommerce is rapidly gaining popularity and pushing retailers out of the market, and it is not surprising. The are many benefits of e-shopping, like:
- Time saving
- Effort saving
- Possibility to compare different goods
As a result, we get improved customer experience. Those retailers, who still has no online store, already are old fashioned and are risking to lose significant part of clients.
Great AI And ML Implementation
E-commerce is merciless and gives no second chances today. It aggressively uses the latest IT technologies of AI, ML, VR, and AR to make the customer experience even better. Here are some examples how IT technologies work:
- Personalized approach
- Automate all processes
- Increase product variety
- Analyze customer behavior
- Improve customer support service
Basically, all high tech implementations bring more profit and significantly improve customer relationship with online store in general or brand in particular.
Best AI and ML Solutions To Convert Profit
Proper organization of content and availability of the most useful information for the exact person shows higher customer engagement. No need to browse around millions of useless shelves of shopping mall or waste time trying to search for the required item. Smart algorithms consider all small details as:
- personal style and behavior
- color preferences
2. Recommendation algorithms
The other important algorithms is recommendation engine. This algorithm analyzes data and give correct recommendations, which are done to save your time and efforts. It is already implemented in such platforms as Youtube and Asos.
Another important sphere, which is greatly influenced, by AI and ML is predicting ability. This technology has stepped far beyond only analyzing behavior and creating the customer portrait, it can also predict
- next purchase in specific product category,
- why client is making exact purchase and when he will return or not
- how much money each customer can spend in the store
- how to organize product zone effectively
E-Commerce: It Is Just The Beginning…
Sounds a bit frightening, right? But it is the future. Soon we will say Bye Bye to useless retailers and switch to online digital world.
We already face the first technologies of digital delivery, so e-commerce future is just here to begin and change everyday life.