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The latest applications of big data, artificial intelligence, voice search and machine learning in e-commerce take customer experience and satisfaction to a new level after Covid-19.
Ecommerce has become the first choice for most consumers when it comes to shopping during the pandemic, and this is because of the many benefits that ecommerce offers to shoppers. Preference for online shopping has increased as e-commerce sales are expected to reach $ 4.5 trillion by the end of 2021. As people increasingly use online shopping, their expectations vis-Ã -vis the e-commerce industry have increased. The increased expectations of buyers have forced retailers to integrate the use of technologies, as they can bring immense value to users. Artificial Intelligence (A) is one such technology that has the potential to bring a paradigm shift in the e-commerce industry. Machine learning in e-commerce can help create customer-centric research, voice search can retarget potential customers, and big data can create a more efficient sales process. There are many other areas where the ecommerce industry can reap the benefits of technology.
Here are the biggest trends impacting e-commerce after covid-19:
1. The rise of personalization and machine learning in e-commerce
Source: Statista
Personalization is a critical factor in the e-commerce industry, and it can be achieved through machine learning. Retailers can offer personalization to buyers even without using machine learning, but to a limited extent. For example, personalization was done based on the customer’s purchase history. With machine learning, the e-commerce industry can monitor a person’s digital fingerprints and provide a more personalized search.
2. Voice search and artificial intelligence are on the rise
Source: Magneto
Despite entering the correct keywords, customers can end up with irrelevant results. It can be frustrating for customers if they are unable to find what they want, and the retailer can lose a valuable customer. Through the use of voice search and artificial intelligence, e-commerce companies can help customers find the exact product they want. For example, customers can click on an image of the shirt they want to search for and upload it to the e-commerce website. The AI ​​visual search can then find similar types of shirts from different vendors for customers.
3. Big Data improves sales forecasting and inventory management
Source: Cleverroad
The use of AI and big data can help predict sales within a time frame. Big data can also predict the purchase of individual items based on the weather. With the availability of historical purchase data, analysis of future sales can be done more accurately. Inventory management is an important area in the e-commerce industry. Retailers do not want to increase the inventory of unwanted items or have a limited supply of items in demand. Using AI, retailers can forecast demand for a product and manage their inventory accordingly.
4. Customers are no longer loyal
Source: Salesforce
The covid-19 pandemic ushered in an unprecedented level of channel change and disruption in brand loyalty. According to Mckinsey, 75% of consumers have tried new shopping behaviors, with many citing convenience and value. 39% of them, mostly Gen Z and Gen Y, have deserted trusted brands for new ones. This concern is reflected in the fact that many young consumers say they always look for brands that reflect their values.
Conclusion
The use of technology in the e-commerce industry will make online shopping more personalized and exciting for customers. Many e-commerce giants are implementing the use of AI in different aspects of their businesses. Integrating big data, personalization, machine learning and voice search into their e-commerce site would be the first goal for many retailers after the pandemic. But, before rushing to implement these technologies for their business, there are a few factors that retailers need to consider. Factors like how their employees think about AI and what problems they want to solve with AI are some of the things to consider before incorporating AI into their business.
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