Artificial Intelligence for e commerce

How AI can influence ecommerce business?

The rise of Artificial Intelligence (AI) cannot be overlooked. From media to telecommunication, retail, and even e-Commerce, AI is almost everywhere – revolutionizing every facet of the modern world. The truth is, AI is rapidly making its headway in e-Commerce, freeing not just time but resources too.

With the exponential growth in the e-Commerce sector, firms are exploring ways through which AI can streamline their business processes, increased brand competitiveness and improve customer service. This article aims to reflect how AI is set to influence electronic commerce with its current and future applications. Let’s understand how artificial intelligence is changing the rules of the game in online commerce.

Smarter Search & Recommendation Engines:

The beauty of AI lies in innovation. With smarter search options, online customers can easily search for the products they want. Rather than writing algorithms manually or leaving it on the online shoppers to look for the product they seek, AI’s machine learning and analytics enable smarter search with personalized content.

In fact, companies are increasingly analyzing customer behavior on their shopping websites to understand the needs of their customers better and to confidently predict what products they will like to buy based on their past transactions. Recommendation engines now can even search an entire store catalog, suggesting products to customers from inventories that contain thousands of products.

Powerful Chatbots:

One of the easiest ways to win customers online is to be accessible to them 24/7, and with the advent of AI chatbots, it has become a reality. While several companies used to rely on actual persons to chat with their website users, there has been a gradual shift towards programmed bots. And why not? After all, driving conversations in this era of “conversational commerce” has become easier with AI bots.

With rapid advancement, these automated chatbots are now offering an experience that is much more personalized and intelligent than before – making it difficult for many to tell the difference between bots and human reps providing support through chats.

Improved Customer Experiences:

With AI, the days of solely depending on human resources for handling customer service are finally over. One of the finest examples of how AI is reshaping the world of e-Commerce is through better customer service and management.

By utilizing data analytics and demand forecasting, AI programs can collect, analyze, organize and use data to understand the customers and predict their shopping trends, thereby improving conversion rates. This data can then be used for personalized marketing campaigns to win more customers while enhancing merchandise, retail, inventory, and delivery processes.

Better Inventory Management:

AI’s predictive analytics and machine learning algorithms help a great deal in automating warehouse operations. With programs that can collect customer data, track buyer’s purchase history, deliver high-intelligent analytics, companies and retailers can now get information about all those elements that have an impact on demand and predict real-time and future inventory requirements without making it a time-consuming task.

Final Thoughts

While e-Commerce is the future of retail, AI is the future of e-Commerce. With a growth trend that is not likely to subside any time soon, delivering a great online shopping experience will only be a sustained reality if online stores adopt AI on time.

Inspire your business

Learning from the Leaders: Amazon’s IT Efforts that Inspire your Business

From a bookseller to a leading technology provider – the journey of Amazon.com Inc. over the past two decades has surely been a momentous one. Ever since it went live in 1995, Amazon has redefined how people could use the Web.

However, all this couldn’t have been a reality in the absence of robust IT support and significant efforts in the direction of leading a change bigger than what the world had seen back then. From e-readers to online grocery shopping, video streaming service, and much more – Amazon has introduced technological advancement on many fronts.

Inspiring businesses worldwide, this Seattle-based company has a strong customer base all over the world. And the success story of Amazon has many key learnings for the businesses of today. Let’s take a quick look at some of the Amazon’s IT efforts that continue to shape the world and continue to inspire modern-day businesses:
Amazon drives innovation.

A tech innovator in every sense, Amazon drives innovation. As Amazon CEO Jeff Bezos said at Recode’s Code Conference in 2016 that Amazon has the “gold standard culture for innovation and pioneering work.” With a culture for innovation focused on improving customer experience, driving operational effectiveness and developing new business models, Amazon has succeeded remarkably in a variety of product categories.

By focusing on what the customers really want and what they will be willing to pay for, the company has led innovation far and wide. Not being afraid of new ideas, the company introduces novelty with sophistication, whether it is robotics or speed fulfillment. And being involved in too many things isn’t a challenge here. The company is making headways in a variety of realms, including cloud computing, natural language processing, retail, devices and a lot more.
It is not afraid of failure.

If there is one thing that Amazon isn’t afraid of, then it has to be failure. Several projects started by the company have failed over the course of the past two decades, but nothing has stopped it to reinvent, move on and succeed after failures. The risk-taking ability and the desire to make the most of the world of IT even led to the discovery of Amazon Web Services.

Even Bezos isn’t hesitant to admit that the growth achieved by Amazon is due to the failures that it has faced. To quote him, “If you’re going to take bold bets, they’re going to be experiments, and if they’re experiments, you don’t know ahead of time if they’re going to work. Experiments are by their very nature prone to failure. But a few big successes compensate for dozens and dozens of things that didn’t work.”
It embraces external trends.

In an era where many technology giants have become obsolete because of their reluctance to change, Amazon has been different. The company very well realized the power that external trends hold and is confidently moving in the direction of latest IT developments.

In a 2017 annual letter to the company’s shareholders, Bezos wrote about “embracing external trends”. The company is training its workforce to become proficient at AI. From running courses on machine-learning to hosting talks from in-house experts, Amazon understands that cultivating the rapidly evolving machine-learning culture is the need of the hour.

And the company’s revolutionary smart speaker, the Echo, and its voice-controlled intelligent personal assistant service, Alexa are a demonstration of the IT efforts of the company, even when it did not have the artificial intelligence prowess needed to achieve what it did.

Artificial Intelligence

The Emergence of Artificial Intelligence – Part I

Google CEO’s recent statement in an interview, “AI Is ‘More Profound Than, I Dunno, Electricity or Fire” isn’t just enough to describe the potential of Artificial Intelligence (AI). AI is a name that needs no introduction. We’ve watched it grow at an accelerated pace, making tech giants like Facebook and Google embrace this technology into their products.

While some say AI is still at a budding pace, others predict that it could have a profound effect on the human race. Well, whichever is true is not a concern as long AI remains to make it possible for machines to think, act and learn like humans. From self-driving cars to chess-playing computers and speaking robots, AI is everywhere. Voice assistant applications such as Alexa, Cortana, Siri have become an integral part of our daily lives making it much easier than ever.

In this article, we will explore some of the most common uses of AI that could make a huge difference to the way you perceive technology.

  • Big Data. In reality, big data is not big. It is large chunks, bits, and sets of data that requires beyond-human effort to organize, analyze and report given its volume, variety and velocity. Data Analytics is a term that describes the integration of Big Data with AI to utilize machine-based quantitative models for predictive analysis, market forecasts, strategic recommendations and much more. This application finds its use in managing a large amount of medical and clinical data, and digitization of offline data, etc to improve the overall performance of the system.
  • Smart Home Assistants. Amazon’s Alexa, Apple’s Siri, Google’s Assistant and Microsoft’s Cortana are some of the most popular synonyms for AI-powered voice assistants that require no introduction. Smart speakers such as Amazon Echo, Google Now and HomePod are also developed based on AI and Machine Learning technologies. These little devices have conquered the market space with their ability to assist users with a multitude of tasks from checking the weather report to searching products on e-commerce sites with just a simple voice instruction!
  • Email Sorting, Filtering, and Categorization. Although it seems surprising, those Gmail email filters, spam filters, automatic categorization are designed using AI’s machine learning algorithms. AI uses machine learning capabilities to perform high-volume computerized tasks with a little manual intervention. Every time you are marking an email as spam or important, Gmail automatically identifies the pattern and learns.
  • E-commerce Chatbots. Did you find yourself speaking with a chatbot when you logged into eBay, Facebook or any other e-commerce site? Didn’t that sound very human-like and you couldn’t even notice the difference. Well, that’s AI for you. Chatbots are a relief to businesses that cannot provide 24/7 technical support. Trained e-commerce chatbots are widely popular to keep the potential customer on the website, making product recommendations, resolving queries, sharing links to relevant knowledge base articles, or gathering contact information.

This article lists out only four relatable applications of AI from a vast number of uses, pros, and cons. Keep reading our articles for more interesting insights on various technologies such as ServiceNow, Cloud Computing, VR, and much more.

ecommerce chatbots

All you need to know about ecommerce chatbots

Do you own an ecommerce business and are intrigued with chatbots? Do you want to know how do chatbots work and what is their effectiveness? If yes, then here is a quick guide to answer all that you need to know about ecommerce chatbots, helping you understand them better.

What is a chatbot?
A chatbot is a software powered by rules or artificial intelligence (AI). This software enables conversations using chat interfaces like Facebook Messenger, Slack, etc. Chatbots are used for various purposes including but not limited to educating, training the users, solving customers’ queries and concerns, saving cart abandonment, and doing a lot more.

How do chatbots work?
As mentioned above, a chatbot is either powered by rules, i.e., pre-written scripts, or works through machine learning, also known as AI. With rapid advancement in AI, chatbots can simulate human conversations with much more ease and smartness than ever before. With their speed, intelligence, and multi-tasking abilities, chatbots have become a much-needed tool for ecommerce retailers.

Chatbot maintenance and control
The maintenance and control of chatbots are largely dependent on their types.
Chatbots that run on scripts are easier to maintain as they work with fixed responses. Whereas, AI chatbots require far more time for maintenance along with much more supervision than what their scripted counterparts need.

The Role of Ecommerce Chatbots
Transforming business with the help of ecommerce chatbots has become the new norm in the virtual world. There is a lot that can be done with chatbots. Let’s take a look at some of the ways through which chatbots can help ecommerce businesses perform multiple tasks with absolute convenience:

Improved Customer Service – Chatbots can easily replace outdated chatting software and help customers interact with your business in a quick and simple manner. Through personalization, chatbots deliver a truly interactive customer experience, without any delays or without keeping the customers waiting in a queue to get the solutions that they are looking for.

Increased Sales – Generating leads with the help of chatbots has become a modern-day reality for ecommerce brands. Customers who visit your website can be taken well care of with these chatbots who drive interest and ask them what is it that they are in need of. By taking your website visitors to the products they need, chatbots help in enabling quick sales.

Conversational Assistant – An amazing role played by chatbots is that of a conversational assistant. By identifying what a customer is looking for, chatbots can initiate conversations and help the shoppers feel valued. As a matter of fact, by finding the exact products that a potential customer wants, bots save a lot of time of the shoppers and even turn them into recurrent shoppers and patrons.

Reduced Costs – By reducing or eliminating the need for customer care executives to answer emails or calls, an ecommerce business can tremendously cut its costs. And when customers are saved from the troubles to write long emails or to stay on the line to talk to one of your reps for solving their complaints, they become happy too. Thus, having chatbots work for an ecommerce business is a win-win situation for both the business owner and the customers.

Planning to stay ahead in the competition. Then why wait? Partner with Fortune Minds to add innovative technology to your business using our strategic IT solutions. Write to us at info@fortuneminds.com or call us at +1-972 968 9025 to drop in an inquiry.

Mobile Apps

5 Reasons Why Your Ecommerce Business Needs Mobile Apps

In an age where tiny 4-inch mobile devices can perform millions of tasks, not having a mobile app for your E Commerce business could turn out to be a serious mistake. With an exponential growth in the mobile market size, you will lose a good amount of traffic if you don’t tap the mobile audience any time soon.

So, stop relying on your responsive website to be available for the mobile visitors and make the most of those intuitive mobile apps. Here’s why you need to do this at the earliest!  

Reason #1 – Be a part of the mobile age

Various studies have revealed that customers today prefer shopping on mobile apps than on mobile browsers. From opening a mobile browser to searching a brand or even typing its URL doesn’t seem appealing to the millennial. They prefer easy access to the brands they love. And mobile apps give them this easy access. If your brand fails to be a part of this mobile age, then it will surely lose the customers. And your much-advanced competitors may get the benefit in such a scenario.

Reason #2 – More value to your customers

Mobile apps are loaded with features designed to give your customers more value along with your products. Let’s take an example of the safe, secure and quick payment options that apps come with. These options make the buying process easier and hassle-free for the customers. They are encouraged to shop on an app, then on a random URL which could even land on a phishing site. Moreover, by providing the users a convenient, instant access to their accounts from wherever they are, mobile apps deliver more value to your customers. And they definitely seek that.

Reason #3 – Increased brand loyalty

Think of those things that you can’t really live without and your mobile tops the list. That’s the case for your customers as well. When you get a business app for your eCommerce store, you put your brand in your customers’ hands. A business mobile app means that your brand is with your audience all the time. You can make your brand’s presence felt, even if they are offline. Your logo or app icon will still remind them of your brand. So, you might be out of sight for a while, but certainly not out of their mind and your app’s push notifications will ensure this.

Reason #4 – Get the power of insights

Want to know what products are selling the most? Well, welcome to the world of mobile insights. You can put them to good use to identify your most profitable segments, products, and even offers. The information so obtained could be used to innovate better and to introduce new products and deals in the near future.

Reason #5 – Better business growth

By having a mobile app, you open another revenue channel for your eCommerce business. You took a wonderful step by taking your brick and mortar business to the web, now do yourself a favor and take it to the mobile app arena and increase your company’s online orders. You can even monetize your app and make more money through in-app purchases and advertisements. App users do like the paid features that put them into an exclusive category of customers. Leverage this option and enjoy better sales, more revenues, and better business growth.

At Fortune Minds, we develop smart, innovative mobile applications across iOS, Android and Windows platforms, at affordable packages. Write to us at info@fortuneminds.com or call us at +1-972 968 9025 to drop in an inquiry here.