Are you an eCommerce stakeholder? You must be looking for ways to improve conversion, reduce cost and time. This piece would cover how Artificial Intelligence can help you achieve these goals.
According to recent estimates, eCommerce sales are set to top $27 trillion by the year 2020. Do you know what that translates to for you?
Catch the wave!
Artificial Intelligence is the latest revolution after mobile. We have seen internet-based commerce, mobile commerce and it’s AI commerce now.
We are overwhelmed with chatbots and personal assistants. And there are many useful alternative applications of Artificial Intelligence. IMHO, chatbots have a long way to go, and it's an ambitious goal to replace human beings with AI. In a short-term, A.I. can aid us to do our job efficiently and smarter.
Here are the functional areas A.I. tools can help you.
1. User Experience by AI:
Shoppers have a high bar on user experience. Machine Intelligence can influence them with a best-in-class user experience. It helps you in designing a brand new website or adding smart widgets to your existing site. UX and 1:1 personalization has become a significant factor for success, it would maximize your ROI. Landing a user on a page without a good experience would eat the marketing dollars with a low conversion.
Choice.AI: Choice AI helps you create personalized eCommerce landing pages and smart banners in real time. To get the top line growth, retailers drive sales by mass discounts and promotions across the board and placing significant pressure on profitability. Choice.AI would help you generate more sales with personalization than throwing discounts.
You can create Smart Banners, Pages, and Elements and deploy them onto your store without any coding. Their deep learning algorithms predict your shopper preferences in real-time and create dynamic content and offer on your store. Suitable for all sizes of e?commerce businesses. Their pricing is based on the number of unique users per month, they process every single user behavior to personalize content. Their pricing starts at $25 / Month for 3K users.
B12: B12 is a new way to create your website from scratch. B12’s friendly robots draft your site with your inputs and their designers help you with suggestions. You can create a unique style and design, and you can make quick updates. Suitable for all sizes of e?commerce businesses. Their pricing starts at $30 / Month for a website.
2. Predictive pricing and incentives: A.I. tools can add a dynamic pricing layer to your store. They use machine learning and data science to understand your user behavior and change the product price in real-time. Some advanced tools consider competitor pricing and market demand. Of course, they change within the parameters specified by you.
Granify: Granify monitors shopper behavior in real time by analyzing 100’s of attributes to show personalized incentives and pricing. Their machine-learning decision engine predicts which in-session buyers you may lose, then converts them. When hesitation is detected, customized messages are shown according to what the software analyzes. If it senses hesitation around an offer or free shipping, a custom prompt is displayed reiterating your guaranteed shipping times. Suitable for the enterprise segment. It works with all e-commerce platforms, including custom sites, with 100,000 or more monthly visitors. You must request a demo.
Personali: Personali creates personalized incentives to increase the sales. Their Intelligent Incentive platform uses machine learning algorithms, developed by data scientists and behavioral economists, to perform precision targeting of shoppers with intelligent incentives, offering the optimal incentive type, level, and experience in real-time. Personali converts shoppers to buyers while increasing profit of each sale. Suitable for Mid+ businesses and enterprises. You must request a demo.
PriSync: Prisync is a competitor price tracking and monitoring software. It cuts the time you spend on to track your competitors’ prices and stock availabilities. Pricing optimization can be achieved just by looking at the data. They monitored about 4.5 billion price points automatically. Suitable for all sizes of e?commerce businesses. For 100 products they charge around $50 / Month.
3. Marketing & Analytics: Today many subsections of marketing uses machine learning like user data enrichment, user identification across devices, intelligent Ads personalization, predictive analytics and so on. Let’s look at the tools specific to eCommerce stores.
Wacul-AI: AI analyst provides user-friendly proposal and solution for complete website enhancement needs. Connect your Google Analytics in a few easy steps to get weekly and monthly reports. Provide detailed simplified advice with predicted future outcome based on analysis of accessed data. You can enhance your website with these actionable insights. Learning of past data provides detailed reporting on increase and decrease of Customer Lifetime Value. Suitable for all mid+ e-commerce businesses.
NeoWize: NeoWize helps you access your shopper’s behavior data and transform it into actionable insights. Its AI-driven solution would help you in marketing and inventory. Suitable for all sizes of e?commerce businesses.
4. Visual search: Your shoppers can search for items in your catalog just by taking a picture on their phones. AI picks similar products based on color, texture, shape and so on. These tools would help fashion stores a lot and makes sense for a store with a large catalog.
ViSense: ViSenze provides an intelligent visual recognition, visual search functions for the web and mobile platforms for eCommerce. Their solution stack covers Search By Image, Product Recommendation, Out of Stock Alternatives, Automated Product Tagging. They use Artificial Intelligence powered visual recognition that enables publishers to quickly monetize all their online visual content, images and videos by analyzing visual attributes of items and automatically tagging them to similar products from online retailers. Suitable for enterprises.
Cortexica: Cortexica automatically identifies objects, such as products or specific items, from within a photo image. They analyze all objects, perceptual elements, such as settings, colors, patterns, and shapes in the image, to provide a summary of the mood, theme or emotion of the image. They are one of the top platforms for visual search. Suitable for enterprises.
1. Cost of computing is low
As per Moore’s law, the processing cost is becoming cheaper every year. Cloud computing is making it more accessible. Recent developments in GPU technologies helps us to process complex neural queries. NVIDIA GPUs for deep learning is available in desktops, notebooks, servers, and supercomputers around the world, as well as in cloud services from Amazon, IBM, Microsoft, and Google.
2. Mobile and internet enabled devices.
We have crossed 7 Billion mobile devices. IoT devices are pouring in different forms for various application in the field of healthcare, commerce, transportation and so on. Any AI system depends on data, now with these connected devices, there are plenty of avenues to get human input. It would help the A.I systems to learn from humans and grow its contextual understandings.
3. Growth in neural networks and human-like technologies.
We have been using traditional Machine Learning (ML) algorithms for quite long, and we couldn’t move forward. In the past few years, we have a breakthrough in neural networks. Deep learning is a new method to achieve closer to human results. In specific areas like computer vision, it has bypassed the human efficiency. We are in the era of productization of all these AI technologies. Now, most A.I tools use a combination of traditional ML methods and deep learning together to achieve their goals.
Conclusion: We have covered a selected few functions of e-commerce in this post. The primary goal of this article is to highlight the trending use cases of A.I in eCommerce apart from chatbots and personal assistants. I’d love to hear your thoughts on the same.