Gone are the days when we needed to walk down to the streets or market to buy some commodities or any other items. In the current scenario, people prefer making deals online. Carrying expensive smartphones and with active access to the internet on each device, they rather prefer searching online.
And through online searches, their desired product is simply just a few clicks away from them. Not only they crop up the needed product but they also come across plenty of substitutes that might be used instead, so hence they also have the liberty to choose from the long list.
As opportunities always come with more challenges, the same is the case here. With this ever-expanding catalog of choices, finding the right product has become even more difficult nowadays.
Even the service providers are also concerned with this rising trend. The old school of thoughts related to marketing strategies has become obsolete with such massive amounts of users.
Their application has become dormant and they are unable to analyze the common buyer’s psychology. They cannot keep up with the changing trends of priorities. And this was the point that paved the way for the AI to enter the E-commerce industry.
AI-driven analytics and their implementation.
AI-driven analytics are much smarter in predicting what exactly could be of your choice or what could be placed as your priority. These analytics are always based on your general interaction with other products on the internet and through this, it is assumed that what could interest you more.
Plus, your previous shopping history is also analyzed to make a list of priorities. By mapping the customers according to the priority list and helping in a manner to predict that which exact customer is highly likely to buy some certain kind of products, the implementation of AI has reduced the spending of the businesses on marketing, operational costs, customer attrition, and business leakages as well.
The accurate predictions made with regards to the priorities of the customers enhances the chances and percentage of engagement with the customer by personalizing with him. This helps through all digital marketing mediums, whether its website, app or any other source of marketing.
All the eCommerce based industries are intensely inclined more than ever before in this revolutionizing technology and they are working out different patterns in which the implementation of AI could further escalate their sales, conversions, and retentions.
Previous marketing trends.
They have somehow realized that as compared to the past when a major chunk of the business capital was spent on mere marketing purposes. Stereotypical marketing methods were applied that included banners, TV commercials, radio, and magazines.
Although these mediums were so damn expensive, still they didn’t ensure a definite ROI and this was not essential that the bulk amount of money being spent on marketing would ultimately pay off. On the contrary, they first turned towards digital marketing and later adopted the AI that has changed the overall dynamics of not only online marketing but the entire eCommerce industry.
AI is not limited to the eCommerce industry only, we witness AI-driven devices and gadgets all around us. We see smart cars, robots and many other smart machines that are smarter than ever before. They are programmed so smartly that they have become independent in their operations.
With further advancements in the AI technology, we may witness a major downfall in the job industry as a large number of services could be replaced with AI-driven robots that would be working much efficiently than their previous counterparts and probability of errors would also be around zero which is quite challenging for the human creed.