Artificial Intelligence has enabled online retailers to automate tasks with much more efficiency and accuracy, making it an indispensable asset to their business models. From self-driving cars and voice- machine-learning tools to operated appliances and smart virtual assistants, Artificial Intelligence has a bearing on all facets of retail. While the global e-commerce market has remained subject to several technological interventions in the past, Artificial Intelligence is arguably having the most disruptive impact today.
AI’s influence on online businesses has been the most momentous development for e-commerce in recent times. Through Artificial Intelligence applications, the e-commerce sector has progressed and developed in leaps and bounds, letting online merchants decrease the costs associated with marketing, management, and administration. Furthermore, AI has enabled online retailers to automate tasks with more efficiency and accuracy, making it an indispensable asset to actualise rapid growth.
According to industry experts, Artificial Intelligence will rank in the top five investment priorities for more than 25% of CIOs by 2020. From its recent progress, experts believe the Artificial Intelligence juggernaut will reach revenues of $65 billion by 2025.
Artificial Intelligence is also being used in sales forecasting. AI’s recent acceptance by the leading online brands showed remarkable results in predicting anticipated outcomes of different kinds of sales and marketing campaigns. Consequently, its success has attracted several e-commerce companies to incorporate AI applications in their sales and marketing models.
Among its most promised and efficient applications is voice search. Voice search is now dominating and controlling online search trends, accounting for almost 25% of searches made on mobile cell phones alone. According to statistics shared by Google, a fifth of individuals with smartphones use voice search to complete their queries.
In a survey last year, it was found that 57% of Consumers have used voice search to find local business information and data from Google. With its increasing use, online business analysts predict that by the year 2020, around 50% of all online searches will be made by voice notes & images. One of the most popular and in-demand AI-based products are Virtual Personal Assistant (VPA) enabled speakers. VPA-enabled speakers have witnessed an enormous expansion in worldwide sales, which are projected to reach $2 billion in the coming year.
Chatbots are most widely used by e-commerce websites, empowering retailers to streamline their information, data, customer care and support tasks with self-learning bots that offer unique conversations when interacting with their customers.
A recent survey stated that the deployment of chatbots in e-commerce websites would certainly save $7.5 billion worth of business costs by the year 2022.
Another division where Artificial has an important role is Social Media. Through the course of the last few years, Artificial Intelligence made a much stronger and deeper presence in Social Media platforms. Soon after Google’s acquisition of DeepMind, IT giants like Facebook followed the trend and since then invested massively to explore new possibilities pertaining to Artificial Intelligence.
Conclusion: Although AI and Machine learning has a long journey ahead, their applications are rapidly mainstreaming in different social and business aspects of our life.
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