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How Artificial Intelligence is transforming the E-commerce Industry

Accounting for an impressive 35% of its overall revenues, product upselling and cross-selling on the Amazon E-commerce platform is among this retaileru2019s major success stories. Which technology is driving this mode of conversion? Amazonu2019s product recommendation technology that is primarily enabled by artificial intelligence or AI.

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How Artificial Intelligence is transforming the E-commerce Industry

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  1. How Artificial Intelligence is transforming the E-commerce Industry

  2. Accounting for an impressive 35% of its overall revenue, product upselling and cross-selling on the Amazon E-commerce platform is among this retailer’s major success stories. 

  3. Ecommerce AI tools or AI-enabled digital assistants such as the Google Duplex tool is developing capabilities like creating grocery lists (from the shopper’s natural voice) and even placing online shopping orders for them.

  4. 4 Major AI Applications in Ecommerce

  5. 1. Chatbots and other virtual assistants • Natural language processing (or NLP) that can interpret voice-based interactions with consumers. • Addressing consumer needs through deeper insights. • Self-learning capabilities that help them improve over time. • Provide personalized or targeted offers to customers.

  6. 2.Intelligent Product Recommendations • Higher number of returning customers • Improved customer retention and sales • A personalized shopping experience to online shoppers • Enable a personalized business email campaign.

  7. 3. AI Personalization in Ecommerce • Rated among the most effective modes, personalization is at the core of AI in Ecommerce marketing. Based on specific data gathered from each online user, AI and machine learning in Ecommerce is deriving important user insights from the generated customer data.

  8. 4. Inventory Management • Sales trends over the previous years • Projected or anticipated changes in product demands • Potential supply-related issues that could impact inventory levels

  9. AI-Enabled Smart Solutions for the Ecommerce industry AI in the FashionEcommerce industry is reducing the number of returned goods purchased through online sales. For instance, the fashion brand, Zara isdeploying AI capabilities to suggest the right apparel size (based on the shopper’s measurement) along with their style preferences (loose or tight clothing).

  10. Conclusion • Artificial Intelligence in Ecommerce is playing a leading role in driving innovative solutions and customer experiences. Some the leading use cases of artificial intelligence in Ecommerce is in the area of personalized shopping, product recommendations, and inventory management.

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