There is a good chance you are familiar with the term “artificial intelligence” (AI) unless you have spent the last several years living in complete isolation. The use of AI is now influencing every facet of human existence.
Massive investments into new AI projects by tech titans like Microsoft and Google indicate that AI development will accelerate dramatically over the next several years.
AI use cases in eCommerce
Many applications of AI-based eCommerce development may be familiar to you, but you may be unaware of the connection between these applications and the underlying technology. Here are the top three most frequent ones:
– Improved pricing strategies
– Personalized product suggestions
– Forecasting sales and consumer demand
Let us have a brief look at each of them:
Improved pricing strategies
Artificial intelligence-enabled dynamic pricing is an approach to setting prices that fluctuate in response to market conditions. With the correct information, modern software can determine the optimal time and amount to provide a discount while automatically determining the lowest possible price to sell.
Personalized product suggestions
Information about a customer’s online buying behavior may be gathered and processed more easily. Using data from previous purchases and profiles of potential new buyers, artificial intelligence provides tailored product suggestions.
Machine learning examines your purchasing history so that websites may make recommendations based on what they think you would enjoy. Retailers depend on machine learning to tailor consumer interactions, roll out a marketing campaign, fine-tune prices, and get insights about their clientele.
As time passes, eCommerce enterprises will be able to use machine learning for more mundane tasks with less input from data scientists.
Forecasting sales and consumer demand
Inventory planning in the post-COVID-19 era should use both real-time and historical data. The use of eCommerce development with AI may assist in this endeavor.
The ecommerce industry has transformed the internet into a big marketplace for small and large companies. Technology makes it possible for small players to offer the best customer experience and gain market share. Here’re vital points to focus on before starting an ecommerce business.
The state of the e-commerce sector in India
Amazon, Flipkart, Alibaba, PayTM (One97 Communications Ltd), MakeMyTrip, BookMyShow, Snapdeal (Jasper Infotech Pvt Ltd), Just Dial Ltd, Myntra, and FirstCry make it in the list of top e-commerce players in the country. Walmart and Samara Capital have already entered India via Flipkart, while other international players are keen to enter the market but are waiting for more clarification on the country’s e-commerce policy draft. The sector also includes the countless number of small tech startups operating in various Indian cities. By 2022, India’s online shopping market is all set to cross the $150 billion mark. Thus, this is the best time to enter.
