In this tech-savvy world, everything can be yours on a single click. The transactions dealing with the purchase and sale of goods are a part of eCommerce. eCommerce, also widely known as Internet Commerce or Electronic Commerce. It acts as a convenient bridge between the seller and prospective buyers. There are several applications facilitating the same and executing the most important constituent of eCommerce. Its working is supported by wide usage of technologies such as mobile commerce, Internet marketing, Electronic funds transfer and much more. It is one of the largest sectors of the Electronics industry and is majorly driven by several technological advances.
Electronic commerce usually utilize the World Wide Web (www) for a minimum of one part of transactions although it can use other technologies too like e-mail. The three wide sectors of eCommerce are online retailing, electronic markets and online auctions. There are several ways of employing for eCommerce:
- Sale directly to the consumers which is part of online shopping with the help of various mobile apps, web sites, and conversational commerce. - The process involving the third parties like business to consumer or consumer to consumer sales. This can be easily facilitated by providing or participating in online marketplaces. - Usage of demographic data gathered with the help of web contacts and social media. - By electronic data interchange - By marketing with the established customers by e-mail or fax. - For currency exchanges or other trading purposes.
It is one of the best globalization factors which leads to a great hike in the economic growth and per capita income of a nation. The highest per capita eCommerce spending in the world is the United Kingdom. As per the researchers, eCommerce is one of the major reasons for a shift or change in the way people shop for products. They not only helped in the built of the rapidly growing market but also expanded the internet audience. With progress in time, the electronic commerce market helps a country to be a large player in aspects of growth and development. Another leading factor in the high usage of electronic commerce is the increased usage of smartphones.
There are lots of beneficial people with the eCommerce of goods. To name a few - freelancers, small businesses, and large corporations are highly benefited and enjoy the fruits of the same. This enables them to showcase and eventually sell their goods and services at such a large scale which was quite impossible as per the traditional offline retail process.
It is quite evident to be extremely thankful for the tech-savvy world and optimum usage of technology has helped a lot in making it such a successful plan. When we bring technology in the picture, we cannot ignore the usage and perfect working of Machine learning also known as Artificial Learning. Artificial intelligence is the intelligence demonstrated by machines in comparison to the natural intelligence which we receive from human beings. It is the study of ‘intelligent’ likely to be a device that studies the environment and understands and finally reciprocates by the actions with a motive of achieving the objectives successfully. It helps in describing all the cognitive functions of machinery such as learning and problem-solving and thus represents the association with a human mind. It not only helps in the feasibility of actions but also helps in identifying all the prospective hidden patterns and correlations.
eCommerce is on huge demand and is achieving tremendous milestones as Artificial Intelligence is helping it in paving out its way by making it less chaotic, easy to use, safe and profitable at the same time. The digital world cannot survive without the usage of Artificial Intelligence. It not benefits eCommerce with an ocean full of valuable elements, opportunities, innovative features, and smart business solutions but also is one of the most talked topics of the digital world. With the change in the tedious working pattern due to the usage of Machine learning or Artificial Learning, an appreciable balancing in brand performance and experience is observed. To showcase the same, manufacturers, retailers and digital startups are the best examples. It has become a necessity to enable the usage of Artificial Intelligence in the enterprises as a huge and continuous competition amongst the clients is observed.
The significant asset of Artificial Intelligence is the set up of advanced infrastructure, and low computational cost. The key features of Artificial Intelligence like the fastest technological breakthroughs and the rise of smart solutions have transformed eCommerce adversely. The integration of AI in the eCommerce industry has raised the marketing standard to a great extent. There are several AI-based mobile applications and web facilities that help in the identification of patterns and datasets and have eventually enhanced the personalized experience of the users. It is much more effective than a human being as it provides extremely unique approaches.
Voice assistants, chatbots, websites to stores are few high- tech experiences which have empowered the users of Artificial Intelligence to a great extent. It has helped the consumers in contacting the customer brand services at any time and in any form. Artificial Intelligence can be considered as the root cause of the disruption of the eCommerce Industry.
A few of the best advantages of utilizing Artificial Intelligence in the eCommerce Industry are discussed in this article and would help you in understanding the whole concept.
1. Visual Search Engines
Artificial Intelligence has recently launched one of the best concepts of Visual Search Engine which has benefitted eCommerce a lot. Now, the user is just a few clicks away from their searches and is one of the latest exciting trends in this industry. It is Artificial Intelligence which has enabled the Search Engine concept. The user can get appropriate and desired results with just one click. The image plays a vital role as it helps in finding a better size, prospective color, good quality to identify product brands and the search engines. The user can achieve its desired result depending on the image.
2. Voice-based search
One of the easiest ways to search for a product these days is the usage of voice Assistants.
With progress in technology, the shopping experience has become more worth it. Customers enjoy the various interactive and catchy solutions offered by Artificial Intelligence. With the help of the voice assistant, the users are provided with smooth user engagement and real-time basis. It all because of the hard work and dedication of the tech giants who are giving voice and volume to its users which is further enhancing the working with the help of recommendations provided and execution of analysis. It is time-saving as the user doesn’t need to type every time. As a result, it gives a personalized effect, touching the whole experience of online shopping.
3. Recommendation engine
Artificial Intelligence also facilitating suggestions or free recommendations by the help of pop-ups or text. The users can see the suggestions for the product related to their searches as the search made by them is closely tracked. This search-related recommendations provide a customized touch experience to its users. Artificial Intelligence in coordination with Search engine analysis helps in easily identifying the preferences of the users as per their brand search. It also reflects and is a mirror picture of the searches and brand choice of the user. This, in turn, eases out the headache of the users in reaching its desired product easily. The ratings are given by the users for the goods and services of a brand also helps out for a better analysis.
4. Email marketing
Artificial Intelligence also empowers email marketing by sending emails about the products that the users are not interested in. though as a user, we sometimes feel the necessity to curb it somehow is quite helpful too as it gives the users a glimpse of the market status of a product. This also enhances the possibility of product acceptance in the market and thus proves to be an efficient tool for email marketing. It gives a new life to the email marketing concept altogether and helps in optimizing the campaigns targeted for the recipients.
It is one of the most powerful tools which works along with the traditional tools for cyber security. It is always a great threat towards eCommerce platforms and customer data. The various platforms and enterprises can save their data from cybercriminals by incorporating Artificial Intelligence and their deep learning concepts. There are many AI companies which are dealing with the incorporation of this feature in various web and mobile applications for being secured.
6. Efficient warehousing
The various inculcated features of Artificial Intelligence in eCommerce has moved a website to be a warehouse. The modern warehouse is not equipped with features such as forklifts, stock managers, etc. With the usage of Artificial Intelligence, the warehouses now are well-equipped with robots powered by Artificial Intelligence which keeps the stock items 24 * 7 and leads to continuous work without any malfunction.