Artificial intelligence is no more a future thing Siri and Alexa are taking the world by storm, with a Gartner Inc. prediction about AI being a top five investment priority by 2020 for more than 20% of CIOs. Also, AI is a heated topic in business. The rapid speed of the AI industry is growing; it has anticipated that the expected value of this industry will approach $60 billion by 2025.
The growth of AI has influenced numbers of industries and one among them is the e-commerce companies in Chicago and across. It is a marketplace where online selling and buying happens round the clock. Business needs to be able to deliver quality services within the required timeframe. This is where AI comes in the picture, a large number of companies are looking for investment in AI because it helps company to company to collect data and analyse data in real time, help to smooth difficult work process, magnify results and personalized customer experience, aiding in increasing the productivity of businesses. Below given are the primary factors to improve B2B e-commerce:
Availability of recommendation has made it easy for an e-commerce store to personalize shopping experience for their customer. Based on the customer's browsing pattern and shopping detail, the e-commerce website can show product recommendations those are aligned with the customer interests. Another way for personalization helps in with dynamic pricing since the average order value for B2B customer is compared to B2C, stores can also implement the dynamic pricing to boost their sales.
Stores can show their products and give offers to the more relevant location of the shopper. While we are discussing personalization, sellers can also recommend warranties, additional accessories using AI.
A lot of companies has started using AI to improve search results. People aren’t always interested in looking at the Catalog. AI helps to make the search process more customer-centric and convenient with the help of AI image-based search; it has embedded in smartphones so, that customers can search for required products using similar images taken from their smartphones. For example, if a customer wants an electrical device to be repaired but don’t know what to search for this so here comes the AI he/she have to click the picture and upload it and it will immediately get the results.
Traditional e-commerce search mainly inspired by the text, but with the occurrence of AI, customer's no longer have to depend on text-based search. Features like a text to speech can speed up the buying process. You can also use digital assistants to check the availability of the product and place the order.
Chatbots play a vital role in proving a flawless brand experience. To be able to respond to the need of customer 24*7 is a great way to ensure that your customers are satisfied with your service. Chatbots are a cost-effective way of providing the best customer service. Gone are the days of emails and contact forms. Chat box can improve the customer service process by making it easy for customers to reach the retail business by using their daily messaging apps. You even go to the past chat logs to find out the most asked concerns by other customers. Garter Inc. has predicted that by 2020 end-user spending on VPA(value per action) speaker will reach $21 billion, growing at compound annual rate of 43% from 2015 through 2020 while by 2018, 30% of our interaction with technology will be through conversations.
AI allows business to use real-time data for both in dealing with client’s and on the back end. It can also simplify the complexity of many B2B contracts including government regulations and lengthy procurement process. On the back end, AI capabilities will allow you to save time while dealing with a time-consuming task like inventory update. Person hours that you spend taking physical inventory can be slashed with automated stock tracking. Automated re-ordering for buyers and automated stock monitoring can save your vast amounts of time which can be applied to income generation tasks.
AI is no longer for big firms with massive budgets, e-commerce website development companies such as Google and Amazon have widespread the use of cloud, now it is possible for enterprise level of organization to reap the benefits. Its self-improving mechanisms that get better at every step of the way. Although the B2B and B2C customers show different marketing behaviors the fundamentals CX remain the same.