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:
Recommendation
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.
Product search
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
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.
Data management
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.
Comments
Post a Comment