How AI and IoT Reshape the E-commerce Industry

How AI and IoT Reshape the E-commerce Industry

Gartner’s study predicted, that by 2020 more than 80% of customer interactions will all be handled and managed by AI, and it proved true. More than 40% of eCommerce consumers are relying on chatbots when shopping online. Furthermore, those who are counting on chatbots can make buying decisions of up to $350. Making a huge leap to automation, Google invested over 400 million euros to take over an AI company with deep voice learning -RankBank, surfacing as a prominent feature in the search engine. How AI and loT reshape the e-commerce industry today.

The IoT and AI Footprint In The E-commerce Industry

When talking of IoT, the Internet of Things, currently holds more than ” 35.82 billion IoT devices installed worldwide” in 2021. The count is expected to go above 75.44 billion by 2025. Astonishing is the usage count of such highly advanced devices which is said to be 25 billion devices located in different parts of the world.

Personalized Recommendations

Have you been to any e-commerce store? You must have witnessed how quickly the store starts revolving around your personalized recommendations and preferences. All of it happens due to the integration of Artificial Intelligence. Stores maintain the catalogue of coupons and promo codes from leading online stores. DigiDirect coupon code on all mobile-related accessories has a fast and reliable shipping process. 50% of the customers go to the store if they are offered a promo code or coupon. This shows coupon motivates customers to purchase. Several companies have the same effect on coupons but are different and unique.

Here are some benefits of how personalized recommendations can help your store boom with success:

• Reduces Cart Abandonment
• Higher Conversions
• Improved Average Order Value (AOV)
• Time-Efficient

Automated Product Description

For an eCommerce store to thrive the most important aspect is to offer the most accurate and well-defined product description. Hiring employees to handle the description is not only expensive but has the likelihood of the occurrence of human error. On the contrary, if you rely on AI software to create the description you can expect highly accurate and optimized descriptions.

If you want to ponder on the benefits of automated product descriptions, here are some listed:

• Uses The Right Tone Of Voice
• Ensures Flexibility
• Highly Optimized Descriptions
• Keeps Unique Approach
• Ensures Dynamic Pricing

Internet of Things (IoT)

The Internet of Things (IoT) has created a lot of buzz in the tech industry. It has enabled devices to get connected with each other through the internet. Now with a single device, you can control everything. IoT has brought transformation in the retail and eCommerce industry as well. It facilitates supply chain management and monitoring of the inventory as well.

How IoT is handling contributing to the eCommerce industry:

• Maintains Inventory In Real-Time
• Eliminates Human Error
• Manages All Product Data Properly
• Automate Systems

AI in Email Marketing

Do you know how effective email marketing is? Take a look below:

Emails are 40% more effective in reaching out to the target audience than any social platform.

Now when you incorporate AI into email marketing you power struck your marketing campaign.

With the help of AI, you can understand customer behaviour and create more personalized text that can grab their attention quickly. With data-driven insights, you can create favourable offers and packages. Here are the benefits of Artificial intelligence incorporated into your email marketing. Furthermore, when it comes to AI recommendations many tech giants and well-established apps are relying on them.

• Makes Emails More Interactive
• Automates An Appropriate Time of Emails
• Intelligently Analyze Customer Behavior
• Improves Strategy Based on Customers’ Feedback

IoT & Automation in Warehouse

IoT is playing a big role in warehousing. In warehousing, it is known as the Internet of Everything (IoE). With the help of technology, you can add robotics and sensors to the modern warehouse. For productive and effective management, you need to rely on automated means and what’s better than IoT that connects you with every device and sensor present in the warehouse.

Traditionally, in warehouses, clipboard-bearing, stock manager, and forklift methods were used which created hassle during time of high order demands. However, now things have become more automated. All the records are added in sheets and maintained daily without breaking a sweat.

Take a look at the brighter side of integrating IoT in warehouse management and automation;

• Results In Low Labor Cost
• Better Accuracy
• Lesser Chances Of Stock Damage
• Eliminates The Potential Threats

IoT Is Redesigned The Value Chains

The value chains of the industry revolve around the pre-sales and after-sales value of the product. For instance, in the automobile industry, if a car insurance professional wants to find out the premium to quote to the buyer the IoT insurers can now ask the customer to use a pre-designed mobile app for collecting information related to the geographical location, speed, distance and time. All of these factors will find out the lowest price for the most responsible buyers. The same application is seen in the Aviva Drive App.

With the help of IoT, industries are improvising their automation. Another amazing example is of FirstCarQuote which makes it easier for the new drivers to gain the lowest premium rate for insurance. It goes through the Facebook profile of the customer and monitors the behavioural pattern through their activities to judge whether they are mentally and emotionally stable or not. IoT helps in the following ways:

• Sound Monitoring of Customer Behavior
• Automation In the Process
• Ensures Accuracy in the Supply Chain Process

Wrap Up

Technology is not bound or caged. When it comes to AI you can think of endless possibilities but it depends upon how effectively you use it for the betterment of your business, So, stay updated with the ongoing trends and improvise accordingly.

Featured photo by Barbara Zandoval on Unsplash