How Artificial intelligence in apps is revolutionizing the E-commerce world?
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In this technological era, fourth industrial revolution technologies are affecting every aspect of our lives, be it work, education or commerce. Artificial intelligence offers endless opportunities to create easement in people’s lives. Artificial intelligence in apps helps the users to get an instant result for their query. AI enables machines to learn from large amounts of data to perform complex and menial tasks. Now there are Artificial intelligence apps that are revolutionising every aspect of work and life.
Most popular Artificial intelligence apps incorporate the following
- Alexa
- Google Assistance
- Siri
- Cortana
- Replika
- Elsa speak
- Wysa
- Hound
In the current world scenario, artificial intelligence has its application for both individuals and organizations, assisting them in accomplishing their day to day work without any hassle. Brands like IBM and Facebook have expressed their desire to develop AI as a new source of business.
In this era of cutting edge technology when businesses are rising at a fast pace. It is important for businesses to stay updated with the latest trends and technologies to survive this ever changing market.
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A report by statista reveals that “The global market revenue for AI is anticipated to rise from 2018 to 2027. However different researches show variations in how much the worldwide market size will increase by. A market research IDC shows that the worldwide AI market will rise up to a half trillion dollar(U.S) by 2024”
The increase in the demand and need for artificial intelligence and AI based apps leads to the increasing number of AI based mobile apps and sites.
Moreover it states that “The number of Artificial intelligence startup acquisitions has risen steadily since 2010, rising by almost four times between the years 2015 to 2018.”
“Rise in AI startup acquisitions have been met by the increase in funding of Artificial intelligence startups. Global funding has been increased from around a billion dollar(U.S) to 8.5 billion dollar(U.S) in the first of 2020”
AI technology is the need of the hour. AI is very prominent in the E-commerce industry. Everything is dependent on AI in the E-commerce industry, from automated chatbots to voice recognition.
Let’s see how it helps in the growth of an Ecommerce business.
1-Artificial Intelligence based Chatbots
Artificial Intelligence powered chatbots enable E-commerce businesses to respond instantly to visitors’ queries and issues. Also online businesses use chatbots for both resolving customer queries, feedback and to gather user information. And this information can be used to improve the overall user experience as per the received inputs. Chatbots offer reliable, 24×7, fast, and cost-effective support to your users. A report by slicktext reveals that more than 50% of users expect businesses to be open 24×7.
Chatbots can respond to around 80% of repeated queries by customers. And in case if it fails to answer the visitor’s query it will instantly transfer it to the support agent. So most of the online queries are resolved by the chatbots itself and only few are transferred to the agents.
2- Artificial intelligence based Email Marketing
Sending emails is an integral part of ecommerce and online marketing for its cost-effective and direct approach methodology. So with the help of artificial intelligence email marketing is gaining power. It has numerous advantages like automation and personalization that garner higher conversions. So AI is the key that gives an extra boost to the email marketing strategy for better results.
3- Voice recognition
Voice search has made the online shopping experience much easier and fluid. Virtual assistants like Google assistant, siri, alexa, bixby and cortana are some popular platforms for voice search queries. With the help of voice search, any one can search their favourite product and make online purchases. The world is at your feet with the assistance of the voice search feature.
As per a survey report conducted in september 2020, due to the impact of covid-19, 32 percent of respondents stated that they had used voice search during the covid-19 widespread. Whereas 18 percent of respondents stated that they had never used it before.
4- Email Marketing Software
AI is playing an important role in every field whether a chatbot, voice recognition, or email marketing. With the help of AI, email marketing is more effective and powerful than ever. It has introduced numerous advantages to garner higher conversions, including automation, personalisation and data analysis.
5- Business forecasting
Business forecasting generally depends on qualitative and quantitative analysis. Now with the help of machine learning and AI, this can be automated.The main objective of using Artificial intelligence is to integrate quantitative and managerial estimates and consequently reducing the forecast errors.
Businesses implementing AI may improve the accuracy of anticipation by improving data collection techniques and increasing efforts to collect market intelligence. Past users’ behavior is generally reliable information for future user behavior. So the AI also creates an easement in business anticipation thus helps in strategizing a better marketing plan for business.
6- Image recognition
Another great AI-powered feature is the image recognition feature. That can recognise the image or face of a legitimate person. Image recognition can recognize faces, objects, and detect text. Now most of the devices are coming up with these amazing features.
Read also: Is Augmented Reality Technology an Effective Tool for E-commerce?
Conclusion
So there is much significance to artificial intelligence. It is helpful in offering a new enhanced user experience. Also helps in strategizing a better marketing plan. By providing them all the required details of competitors and user behavior. It has its applications in every field from business forecasting to automation in live chats and emails. There are app development organizations that can integrate a smart chatbot in your app to automate your chat process.