The e-commerce industry is one of the quickly growing sectors in the world with the retail E-commerce sales is expected to grow at an average rate of 15% per annum until 2020, per eMarketer studies. By then, the industry will have total sales of $4 billion. It shows the fast integration of retail sector into online while customers significantly find online purchase as their favorite choice. When every retail player goes to E-commerce mode of business operations, the customer experience plays a vital role in concluding the winner in the industry. Since the industry is very vast, everyone has a place for their own innovations based on technology. Interestingly, Artificial Intelligence has got widespread accessibility to enhance the customer experience, in the recent years.
While coming to AI, only 3% of the online retailers implemented the technology into their platform efficiently, per the latest report by Boston Retail Partners. Another 11% implemented, but not in full-fledge. While coming to E-commerce personalization, the customers get individualized search results using the technology. It means that the AI-system analyzes the users’ purchase pattern, shopping history, preferences, and more and provide the best results based on the data. For instance, if someone regularly checks the details of a particular brand, they get the new products from the brand as suggestions. Also, people who look for highest rated products will get products sorted per user rating.
It helps the customers to find their desired products most efficiently. Many online retail stores started visual search options to take the E-commerce personalization to the next level. It allows people to search a particular product using the image of it. For instance, if customers see a stylish fashion outfit somewhere outside, and they want to buy it, then they can take a photograph and search it on online fashion stores that allow image search. The E-commerce websites generate same or similar products to the customers.
Interestingly, the AI technology is also effectively used for social proofing as well as to understand the preferences of a particular region and provide products according to their needs. Another great application of AI in E-commerce personalization is in purchase assistance. Per the latest reports, AI chatbots and assistant programs are getting increased acceptance from the customers in the recent years. Interestingly, Millennials are finding a more efficient way of shopping by the help of AI assistant systems rather than human agents – a change of notion that is visible in the recent years. Read more at Wikipedia about Sentient.