By Damilola Faustino
To understand customers better and satisfy their expectations, many business brands today use artificial intelligence. The technology’s most popular subset – machine learning – can make sense of all data that online shops collect, drive insights that improve customer experience, boost internal business processes, and fight fraud. Here, we will share some of the interesting applications of AI in business.
Fighting fake reviews
Customer reviews have played and still play an important role in helping people make purchasing decisions. Ninety-seven percent of people read online reviews regularly and 87 percent trust them just as much as personal connections. However, people are getting more skeptical. These days artificial intelligence is capable of analysing large volumes of user-generated content.
Inventory management and sales forecasting
Sales forecasting is one of the biggest disruption opportunities in commerce. Being able to tell how much of a given product you will sell by a certain date allows shops to stock inventories more efficiently and eliminate large sums of unwanted costs. It’s especially valuable working with perishable products, which include not only groceries but also concert and transportation tickets – anything that makes you lose money when it’s unsold.
Automated customer service and chatbots
Today, you won’t find a big online store that doesn’t offer some form of customer support channel. However, it costs businesses millions to run a customer service centre. This includes keeping support agents busy 24/7 and wasting human resources that can be otherwise directed towards more creative and intelligent tasks. Here’s when chatbots come into the picture. AI-enabled personal assistants are capable of answering simple questions.
AI-powered Customer Relationship Management (CRM) systems
Sales automation has become a trend in 2017. The amount of data businesses can gather from customers and the number of channels through which we can interact with them has grown exponentially during recent years and our marketing and sales programs need to reflect that. Today, with many businesses still running their marketing activities in Excel spreadsheets, the CRM systems market is ready to adopt changes.
One of the biggest openings for AI technology in eCommerce is helping clients find products faster. It can be achieved using chatbots or making textual search more semantic, but one of the most promising technologies is visual search through image recognition. The technology benefits all: Customers instantly find exactly what they want allowing businesses to majorly shorten the user journey culminating in checkout.
Fighting counterfeit products
Amazon, along with many other big retail brands, has a counterfeit problem. The number of counterfeit items sold via Amazon’s marketplace prompted Apple to file a lawsuit against vendors selling fake products, and even convinced brands like Swatch and Birkenstock to leave the service altogether. Amazon fights the problem by marking legitimate brands in their Brand Registry. However, low prices still attract customers to buy from unauthorized sources.
Comments are visible after approval