Artificial Intelligence has started to embed itself in all aspects of our lives starting from automating your home to a smart monitoring system to advanced security checks at the airports – it is just about everywhere.
Let us understand how the AI Stack works:
Artificial Intelligence refers to the broad category of computing where the system is capable enough to learn directly from data. Machine Learning is a subset of Artificial Intelligence which uses a lot of datasets and is a way we apply to a program to performs a task and with time the efficiency of the program increases. Now, Deep Learning is a subset of Machine Learning and when we are working with lots of data and reach a computation tipping point, we apply Deep Learning to it.
Deep learning is a technique where we try to work with the relation of hidden layers which are more than three layers deep. The interaction between nodes happen with artificial neurons which combined together can work as a brain.
There are numerous different uses for deep learning. Especially it has great scope for e-commerce industry and the everyday lives.
Artificial Intelligence in Retail e-business:
The AI technology gives businesses a competitive edge and is available to developers or businesses of any size or budget. It has been proven to boost eCommerce conversion rate three times and gives an edge over the prevailing competition in the market. Many e-commerce businesses are already using forms of AI to better understand their customers, generate new leads and provide an enhanced customer experience.
Deep learning is highly advantageous for the eCommerce industry since it allows to get a much coherent understanding of user behavior and activities on the retail stores along with the website. Thus, it provides you the capability of developing the right strategy that works just perfectly for you.
Let us understand the concept better with the help of an example. So, when you are shopping at a mall there are lots of objects you put in time into so you can ease a retail outlet process. Let’s say you put an apple in a smart weighing machine attached with a camera. When there are no items found you put an apple in it, then the camera with object recognition concept implemented with deep learning can easily distinguish the objects and soon accesses the quantity too. So, the entire cost is imprinted and an easy buyout option is available. The camera attached to an IoT board such as raspberry pi can also identify the freshness of fruits and vegetables too. This can help customers judge which one to choose from.
Ways to Use Artificial Intelligence in Retail Ecommerce:
1. Optimized Customer-centric search:
A large analysis of purchase data of a customer, when studied in depth, helps us to optimize the patterns of the sale of a product and also the pulse of the customers of what kind of things they are purchasing in a minute manner which will help you to provide the customer with an optimized search options for them.
2. Enhance Customers Experience:
Retarget potential customers means pre-qualified potential buyers interested in your product or service. With the help of facial recognition, we can capture the emotions of a customer when dealing with the purchase of a product it will help you to understand what kind of packaging or product a customer has an eye in when they are gazing the product.
3. Predictive Market Analysis:
New AI technology in e-commerce businesses helps to solve business challenges such as lead generation. Predictive marketing businesses have successfully generated significant new leads by capturing the data of the competitors that shows which businesses have websites featuring enhanced UX, new offers, new seasonal sales, etc.
4. Smart Chatbot:
A chatbot can be built which will identify the right products for customers based on the analysis of their previous purchases. It would also recommend them the next product and can collect feedback from customers too.
5. Smart Navigation to Retail Outlets:
We generally use google maps for traversing paths, finding places and routes. So, what we can do more? We can integrate deep learning to study the various patterns of retail outlets (using camera usage too) integrate it as push pins in maps and also find the footfalls and the type of product purchase and time population is more when we study the deep learning analytics together and more to it using GPS we can recommend the best retail outlets around.
Retail eCommerce players plan to invest and deploy AI in order to improve the overall customer experience. All the customers can be targeted for personalized content for purchase decision quite easily with the help of Artificial Intelligence. Additionally, customers get suitable item recommendations according to their interest and requirement. This calculation can be done by implementing various AI technologies.
Now, you can easily connect your Business Applications viz. ERP, CRM, Ecommerce Stores, Marketplaces, Shipping and POS Systems under one single platform and automate the Business Process!
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