AI in Ecommerce

Artificial intelligence (AI) is such a common phenomenon and so intrinsically connected to our daily lives in this modern day and age, there is hardly anyone who hasn’t heard of it. How we can apply it in the world of ecommerce, and recent trends in AI, are the caveat of this article.

It is an accepted fact now that artificial intelligence is THE next big thing with predictions of over 85% customer interactions to be managed without a human by 2020, catalysed by Google and Microsoft already investing actively into AI initiatives. Some upcoming trends pertaining to AI in the world of ecommerce are illustrated below.

Customer-centric search

Making e-commerce search engines more customer-centric and responsive to the way humans think helps improve sales as well as user experience. Often, consumers are dissatisfied and leave e-retail platforms midway, when they find an increasing number of products that are irrelevant to their original search.

This can be tackled by adopting natural language processing to zero in on and contextualising the search results for online shoppers. Image and video recognition can also be utilised to make the customer experience smoother and much more convenient. The novelty of visual search capabilities further lures shoppers and helps them find exactly what they are looking for and other relevant complementary ones based on colour, size, fabric, brand, etc.

Retargeting potential customers

Ill-managed customer data and the possibility of human error have resulted in, according to statistics, at least 33% of market leads being discarded and not followed up on by the sales team. AI can definitely help in this situation. The customer’s shopping experience can be much enhanced with the help of facial recognition, taking note of consumer’s dwell times, activity, etc. and creating a database out of it.

Efficient customer relationship management

Sales messages and problem-solving solutions have the maximum impact on the consumer if they are put out at the right time and from the right media platform. Integrating natural language learning and voice input through AI systems can help Customer Relationship Management (CRM) to identify and solve problems, and answer customer queries much faster and more efficiently.

Chatbots

As AI technology is evolving and becoming more sophisticated, so are the techniques adopted by e-commerce retailers in capturing attention. AI capabilities have been integrated to develop ‘conversational commerce’. With the conflux of visual, audio, written and predictive capabilities, retailers are constantly trying to one-up each other in a bid to keep up with the rising needs and demands of the consumers.

‘Chatbots’ have been created by incorporating artificial intelligence to simulate a conversation with the consumers online, opening up the avenue of ‘conversational commerce’. Chatbots can help make the ordering process as well as customer service almost entirely automated and cut down on the costs at the same time.

Virtual personal shoppers

The concept of personal shoppers to help consumers shop online is a relatively new development. Combining the benefits of in-store attendants who help a customer find their perfect fit while clarifying all their queries, as well as the comfort of just adding items to your cart in an online shopping platform from the comforts of your bed, virtual personal shoppers are your best bet!

Though due to its novelty, the system does have its issues, including the lengthy registration process, ticking of many boxes, and providing a bunch of keywords, to make the most of it. Flipkart, Macy’s, Amazon, have all come up with or tried to come up with, solutions overcome this roadblock, focusing on their “user-to-seller” chat application and refining it further.

Artificial intelligence is no doubt taking the world of e-commerce by storm- gradually changing the dynamics of the retailer-consumer relationship beyond recognition, where the majority of the business is conducted through an AI intermediary.

Overall, the introduction of AI has made the functioning e-commerce platforms much smoother, boosting the satisfaction of both retailer and consumer, and optimising the interfaces to harness maximum productivity and satisfaction.

Press Release – Frisco-based Fortune Minds is now a ServiceNow Technology Partner

Frisco-based Fortune Minds Inc., an IT service provider that offers end-to-end ServiceNow solutions to Fortune 1000 companies across the globe, is now an Official Technology Partner with ServiceNow Inc.

Launched in 2012, Fortune Minds Inc. has rapidly grown into a full-fledged IT company serving 200+ clients in a short span of 6 years. Currently, the Frisco office of FortuneMinds Inc. houses a team of 25+ ServiceNow certified professionals who had successfully completed 15+ ServiceNow projects till date.

The firm offers IT Service Management (ITSM), IT Financial Management, IT Operations Management, IT Asset Management, Self Service, Integrations and CMDB & Discovery offerings in ServiceNow.

Ravi Polishetty, Co-Founder of FortuneMinds Inc., says, “We increased the cycle time and accuracy of inventory, we automated the infrastructure resources using Asset Management module and improved operational efficiency of our clients’ business processes. We aim to partner with more and more Fortune 500 companies to transform their IT operations.

Fortune Minds Inc. also works with remote clients to develop custom software applications for their internal teams, as well as individual departmental systems such as Customer relationship management (CRM) platforms and Human Resource Management (HRM) systems. The firm has worked with a global client base with teams of expert and certified IT professionals located both onsite and offshore.

Having played a key role in IT infrastructure setup for a global client base, the firm has also partnered with companies such as Toyota and TIBCO to supply ServiceNow resources on a per project basis to address their IT needs, optimize IT systems and help overcome various IT challenges.

About Fortune Minds

Headquartered in Frisco, Texas, Fortune Minds Inc., an IT service provider firm that offers software development of both cloud-based and on-premise applications, mobile application development, IT consulting, staffing, recruitment, testing and technical support services. The firm offers customized IT solutions which are affordable and adaptable to the needs of its global clientbase; with a focus to empower clients towards a better IT infrastructure that contributes to their business growth and development.

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.

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.

Web-based Application

Why does your business need a Web-based Application?

The world of Information Technology is evolving at a fast pace. A desktop program, which used to be a sensation in the computing world, has been replaced by the straightforward and seemingly modest web-based application today. Companies, across the world, are quickly embracing the power of web applications for a number of reasons. We will address these reasons in a moment. But first, let’s understand what exactly a web-based application is.

Web-based Application – What is it?

A web-based application is a program that is stored on a remote server, rather than on a device’s memory and is accessed over the Internet using a web browser. In simple words, this application makes use of a web browser as a client. It can be accessed regardless of the user’s location or device. Popular examples of web-based applications include Gmail, Google Docs, Yahoo, FreshBooks, Facebook, Amazon, etc.

How can Web-Based Applications help your business?

Web-Based Applications can help your business in various ways, such as:

  • With these applications, multiple users can access information in a uniform environment. Thus, the need for developing and testing the application for different operating systems is eliminated as user interaction can be done on any web browser.  
  • One of the major benefits of web-based apps is that they provide anytime, anywhere access to the users. Moreover, these can be accessed from any device. All that’s needed is an Internet connection. With this, real-time collaboration and location-agnostic work environments are facilitated, helping businesses to work and expand without geographical restrictions.
  • The UI of web-based applications can be customized without any fuss, making it easier for businesses to give a tailor-made look and feel to the application which resonates with their brand image and identity. The cost of creating different interfaces for different user groups is reduced considerably, as a single interface can be customized for different users without incurring additional expenses.
  • Web-based applications are less complicated than their traditional counterparts in terms of installation, upgrades, and maintenance. When a new version of the app is rolled out, it gets installed on the host server. This means that updating the application on every user’s device is no longer needed. Thus, installing as well as maintaining web-based apps is much simpler and quicker than installing and maintaining traditional application programs.
  • By using web-based applications, businesses also eliminate space limitations as these are deployed on the server, which means to increase the capacity of the app, all that’s required is to upgrade the server hardware. As the organization scales up and workload increases, new servers can be added to increase the capacity of the app.
  • As web-based applications are installed on dedicated servers, there is no need to monitor various client devices. Therefore, the security of these apps is much higher than desktop applications as these are constantly monitored and maintained by dedicated server administrators. Any potential risk or threat to security can, thus, be identified easily and quickly.

Conclusion

Web applications have become a necessity for modern-day businesses. These apps help organizations to streamline their processes, scale up their operations, work across platforms, access information sans geographical and time restrictions, and do a lot more, while significantly decreasing their costs.