Must know new tech terms for entrepreneurs in 2019
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Venturing into the e-commerce business industry?
Well, don’t get intimidated with the industry jargon. You might have come across several ones and will get to know about many others over time. The sooner you get a hang of these terms the faster would be your process of understanding and implementation of the same. It’s also really important to stay updated with the latest trends and technology to know what’s attracting attention these days and also to strike relevant conversations.
So, let’s move on and take a look at the must-know new tech terms for entrepreneurs in 2019.
Artificial Intelligence (AI)
AI, short for artificial intelligence sure tops the list of must-know new tech terms for entrepreneurs.
As an e-commerce entrepreneur, you must have come across the term quite often, given the current trends.
Artificial Intelligence can almost synonymously be called Machine Intelligence. It is another powerful dynamic of computer science that aims at creating intelligent machines. Imparting machines the ability to perform tasks that would have otherwise required human intervention is the concept that AI upholds.
Source: Harvard Business Review
A Business Insider study predicts the possibility of close to 85% of customer interactions being handled by machines by the year 2020.
One extremely popular implementation of AI is by E-commerce marketplaces that largely make use of AI to throw in personalized product suggestions to customers basis ‘frequently bought together’ and ‘you may also like’ suggestions which are a great way to upsell and cross-sell items. AI solutions have become easier to apply to your e-commerce store. Artificial intelligence has very smoothy taken over the world and is dominating the e-commerce industry big time.
Machine Learning (ML)
Machine learning is an extension of artificial intelligence itself. It’s nothing short of rage in the current times. ML enables machines to improve with experience through automated learning without the need for explicit programming.
Basis a report by Statista, in the year 2017 retail e-commerce sales reached $2.29 trillion the world across and grew up to $2.774 trillion by the end of 2018. Which means that e-commerce will continue to grow by 20% annually making the need for continuous improvement in customer experiences the need of the hour. That’s what machine learning promises to deliver.
When utilized in e-commerce businesses machine learning tends to deliver more personalized experiences.
There are several applications of Machine Learning in the e-commerce sector such as price optimization, retargeting, discounts and upselling. Machine Learning and artificial intelligence together have the potential to personalize every experience between the retailer and the customer.
Familiar with Google assistant or Siri? If you answered yes you probably know how these smart technology assistants can carry out tasks with ease.
A chatbot is another popular application of artificial intelligence that can help conduct a conversation with human users over messaging applications or phone. In the present age of advancing technology, chatbots are easily one of the best and most promising.
With Natural Language Processing and AI, combined chatbots are progressing phenomenally and improving customer interactions.
Chatbots are gaining popularity amongst customers and business owners alike because they not only improve customer experiences but also enable better customer engagement and cut down customer service costs.
Over 60% of customers prefer tools such as websites and chatbots for receiving answers to simple queries over conventional customer service techniques. Justifying the increasing inclination towards chatbots.
Virtual Reality (VR)
As the name very well suggests, Virtual Reality is experiencing something that may not essentially exist in the real world. It is a superimposition of images in the real world using computer technology creating a stimulating environment.
The experience is highly immersive as the technology places users inside the artificially created atmosphere. The computer is highly instrumental in the artificial world of virtual reality as it stimulates multiple senses such as hearing, touch, vision, and smell that ends up creating a highly immersive and believable experience.
The technology although not new has only recently started gaining popularity in the field of e-commerce.
VR and e-commerce perfectly compliment each other. Many online sellers are already successfully utilizing technology to provide enhanced and unmatched customer experiences. It could prove to be a very powerful marketing tool as well. The experiences if engaging at this level are sure to create a lasting impression which means a greater recall value for any brand. VR has the potential to redefine shopping experiences for people wherein without stepping out of their comfort zones they’ll be able to have first-hand immersive experiences.
Omnichannel selling can commonly be understood as the idea of selling that is targetted at providing customers seamless shopping experience across multiple channels, be it a computer, mobile phone or an offline store for that matter. Are you confusing the concept with multichannel? Well, there’s nothing to be confused about for omnichannel selling unlike multichannel involves the integration of all the mediums at the back end.
A report by Salesforce states that over 55% of shoppers are disappointed because of their retail experiences being disconnected to some extent as the switch from one channel to the other.
The advantages of omnichannel selling are many. It improves the overall efficiency by providing consistency of experience across channels along with delivering personalized customer experiences since user preferences will be much clear through integrated channels.
Opportunities in e-commerce are endless. You just need to know the right things at the right time and implement it to the best of your capabilities. I hope you could find some interesting terms in this piece that you weren’t well adept with. Keep watching the space for more interesting stuff.
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