Technology has changed every facet of our lives and shopping is no exception to this rule. Instead of visiting brick and mortar stores, most people are using their mobile devices to shop online. This has led to the exponential growth of mobile commerce. According to Mobile commerce statistics, mobile commerce will account for 53.9% of total ecommerce sales by 2021. This clearly highlights the importance of mobile commerce for the E-commerce industry.
Despite challenges like security and privacy, payment solution issues, complex buying experience, mobile commerce has a bright future. Businesses can overcome these challenges by using technologies. By harnessing the power of artificial intelligence, innovative companies can deliver personalized recommendation, automated reasoning and identify customer behavior patterns through mobile commerce.
In this article, you will learn about seven ways in which you can use artificial intelligence to optimize your mobile commerce.
1. Product Recommendations
Amazon was one of the pioneers of personalized recommendation in the E-commerce space. For this purpose, they use an algorithm called item based collaborative filtering that creates a different page for every user based on their preferences and past purchases. This way, every user that visits their online store sees a unique page.
Not only that, Amazon also uses purchase data of other customers who have purchased similar products to display “frequently bought together” information. Their recommendation engine is responsible for generating 35% of their total revenue. E-commerce businesses are using self-learning AI solutions to their advantage to offer product recommendations based on customer behavior, preferences and footprint.
Personalized push notifications can also play an important role as it connects the dots in the buyer’s journey. Businesses can target prospects by sending personalized alerts through push notifications. This tactic works great when it comes to re engaging your existing customers and prospects.
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There are many solutions available in the market which let you automate this process too.
2. Product Visualization
Technologies like virtual reality and augmented reality have enabled businesses to show off their products. Now, customers can look at the product from a different angle and even try out the product in a virtual environment before making a purchase. This gives them a clear idea whether the product is worth it or not.
When combined with AI, these technologies can become even more effective. Many brands are using AR based apps equipped with artificial intelligence to deliver an immersive and interactive shopping experience to their customers. By using AR libraries developers can not only create unique AR apps but also fuse it with AI logic to make them smarter.
3. Customer Support
Customers expect instant response from businesses and if they don’t get one, they will switch brands. This has forced businesses to offer round the clock customer support.
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Thanks to AI, they can do it without hiring customer support representatives and automate customer support.
With advancements in artificial intelligence, AI can offer actionable solutions to customers without requiring human intervention. Due to this, the load on customer support managers and teams have reduced drastically.
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Yes, you might have to train the AI and it will slowly get better at delivering human like responses. Due to their self-learning capabilities and ability to identify patterns and learn from past experiences, AI can do a much better job at customer support.
4. AI Based Price Negotiations
One of the main reasons why people still prefer buying a product from a brick and mortar store is because they can negotiate the price with the seller. Sadly, this facility is not available on online stores. Most people abandon the shopping cart due to this reason. By using artificial intelligence, you can overcome this shortcoming.
Businesses can offer strategic discounts and indulge in price negotiations with their prospects which will increase the chances of getting prospects onboard. There are many AI powered chatbots and solutions that can entertain customers who want to negotiate the price of the product.
5. Chatbots
Most people tend to associate chatbots with customer support while the fact is that chatbots can do much more than that. Businesses can use AI powered chatbots to engage customers, collect customer data, monitor customer behavior and patterns, lead nurturing, automating processes and much more. They can also help you with decision making as data gathered and analyzed by chatbots can tell you which products you should market more, which ones to market differently so on and so forth.
A bot can also be used to conduct a survey or ask questions from users. This allows you to collect user feedback which you can use to make improvements to your products and services. Let’s say, you have a page which is generating a lot of traffic but little to no conversions, you can use chatbots to ask visitors to fill out a survey or answer a few questions. This will tell you why they are abandoning your page so you can fix the issue and boost your conversion rate.
6. Interactive Voice Response
Interactive voice response driven by artificial intelligence can help both public and private ventures. Customers can easily get frustrated when they don’t get the information they are looking for. This forces them to abandon your website or get in touch with a customer care representative. Interactive voice response systems remove all the obstacles and help customers find all the information they need. By using speech recognition and natural language processing, it keeps your customers engaged.
7. Voice and Image Search
In most cases, E-commerce stores have complex website structures with millions of different products arranged in different categories. Users tend to rely on text-based input when searching for a product. Thanks to advancement in technology, things have changed. Instead of typing in the product name in the search box, businesses are using voice search to make it easier for customers to search for products they are looking for.
How do you use artificial intelligence in mobile commerce? How will AI impact the mobile commerce industry? Let us know in the comments section below.
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