Artificial intelligence is getting more and more mature with each passing day. Plenty of modern algorithms and problem-solving techniques are being innovated every day that adds to the power of AI. The past couple of years have also been the most pivotal year in implementing artificial intelligence in day-to-day life because of the Covid-19 pandemic.
As per one report by SHRM, 43 percent of the small business owners found new ways to survive in the business during the pandemic. Restrictions imposed forced businesses and customers to go online. This has changed the customers’ shopping habits and can be the beginning of the new eCommerce era.
AI is expected to power online businesses even after the COVID pandemic. A forecast made by Gartner stated that artificial intelligence will help increase customer satisfaction by 25 percent by 2023 in most organizations that use it.
AI: Helping eCommerce Businesses Grow
The pandemic has forced online business owners to try out new endeavors with the ever-developing artificial intelligence (AI). Artificial intelligence has a lot of things to offer to online business owners, ranging from small vendors to well-renowned brands. It can help eCommerce business owners to automate and improve a variety of tasks with minimal effort. Some of the key benefits of implementing AI in eCommerce are:
- Improve customer experience
- Customer retention through a personalized shopping experience
- Personalize shopping experience
- Effective supply chain management
- Enhance security by analyzing possible threats
- Provide a stronger customer support
Understanding the New Normal of eCommerce
The online market is constantly changing along with the shopping habits of the customers. Therefore, online businesses must be dynamic and versatile enough to meet the audience’s behaviors.
During lockdown periods in a majority of the countries across the world, most of the businesses and customers went online. As per UNCTAD data, online companies witnessed new peaks in the year 2020. Online trades increased from 14 percent in 2019 to 17 percent in 2020 and are expected to grow.
As we have learned more about the transmission of COVID, many areas have seen businesses reopening in person. However, online shops are expected to continue their momentum even after the pandemic. This has to be accepted as a new normal, and eCommerce business owners must try to leverage artificial intelligence for their stores.
Below are some of the significant points on how eCommerce platforms can benefit from Artificial Intelligence. […]
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