The bounds of what businesses can do with Artificial Intelligence is growing, and because of how accessible they’ve become has allowed most businesses to implement some amount of AI into their tech stacks. If the possibilities are endless, why are so many stopping there?
Artificial Intelligence is really an umbrella term for the many sub-fields of artificial intelligence that businesses can use such as chatbots, speech recognition, machine learning and image recognition. And while they all save time, increase productivity and reduce costs for your business, it seems like most businesses are still too wary to explore their potential further than chatbots for their websites. Let’s take a dive into some ways that your business can use AI today:
AI-Assisted Product Recommendations
It’s unlikely that your users come to your website knowing exactly what they want to buy. By compiling data from different channels, previous transactions, and other customer activities, an AI can determine individual shopping habits and personalize product recommendations. By featuring these product recommendations, you can ensure that your customers will come by the exact product that meets their needs and that will catch their eyes best. Many e-commerce stores are using collaborative filtering for this very purpose, but the huge volume of information they receive paired with the challenge of interpreting it can dissuade businesses from acting on it. AI and Machine Learning can analyze your customer’s behaviour and curate recommendations for them, even better than a salesperson can.
Fighting Fake Reviews
Many e-commerce businesses rely on their positive reviews and testimonials. Even down to the individual product level, customers will only trust your business if they believe that others do too. While this fight used to be on the front of balancing positive vs. negative reviews, customers are now becoming as concerned about real vs. fake positive reviews. In fact, a recent study suggested that 54% of customers won’t buy a product if they suspect it to have fake reviews, good or bad. If your business is concerned about customers becoming dissuaded by the negative or fake reviews you receive, then implementing AI in this area may the best idea for you. Having the ability to detect problematic reviews while simultaneously increasing the visibility of verifiable and positive reviews can greatly enhance your customers’ trust in your business.
Back-End Business Planning
A misconception about AI in e-commerce is that it must all be customer facing. Unless you can afford the chatbots, virtual assistants, augmented reality or other forward-facing AI options, your AI might be serving as a point of frustration for your customers rather than as an asset to them. Your AI spend may be better placed in pricing, inventory management, business analysis and forecasting. For that reason, we recommend AI software like BirdsAI Marketing which allows you to forecast your store revenue, determine exactly how much and where you to most effectively spend your advertising dollar and give you the confidence to make better business decisions backed by real-time data and automatic recommendations. You’ll have more time to focus on other parts of your business while knowing that you advertising strategy is locked in.
Every business is unique and comes with its own set of challenges to navigate through and overcome. With advancements in artificial intelligence and machine learning, businesses are able to increase their chances of success and use these new technologies to help them scale and grow.