Predictions for what’s to come with a little help from artificial intelligence.
Artificial intelligence (AI) is improving the online experience for both retailers and consumers – from creating a personalized shopping experience to offering virtual buying assistants to marketing, AI is a win-win for both sides of the e-Commerce transaction.
Get Ready for AI Growth
While artificial intelligence in the realm of e-Commerce is still in its infancy, e-Commerce has already experienced tremendous growth and is reaping the benefits of AI. And, there is even more to come!
To make a smart e-commerce environment happen with potential for growth, AI is coming front-and-center as a driving force. By combining available data and intelligence, along with analytics and tracking software, e-Commerce is well on it’s way to taking advantage of this smarter approach.
Current AI Usage
According to a new report, the most popular application of artificial intelligence in e-Commerce, that retailers either current use or plan to use in the next 12 months, is personalized product recommendations: 56%. Customer service requests account for 41%, and Chatbots with 35%, according to the same study.
It’s predicted that by 2020, 85% of customer interaction in retail will be managed by artificial intelligence. To augment at least one of the primary sales processes, 30% of e-commerce companies will employ AI to get the job done with ease and bring more efficiency.
At the recent Gartner Symposium/ITxpo 2017, speakers predict that early adopter brands that redesign their websites by 2021 to support visual and voice search will increase their revenue by 30%. Voice-based search queries are the fastest growing mobile search type, and both voice and visual search mobile based browser and app transactions account for as much of 50% of all transactions on many e-Commerce sites today.
We predict that with a little help from artificial intelligence, e-commerce business will only continue to skyrocket in growth. We can’t wait to see what 2018 brings!