December 6, 2017
Everyone has watched Hollywood Sci Fi movies in the past and can relate to the smart and intelligent creatures or characters shown. They seem to be fairly distant in the future but in fact a lot of Artificial Intelligence (AI) and Machine Learning has already become a mainstream reality. Since the advent of Big data technologies and ability to process them in real time deriving Intelligence from past data and predicting the future has become easy and need of time. AI is gradually touching all aspects of our lives. From credit card fraud detection to security checks at the airport and diseases diagnosis and prognosis in Healthcare, AI is everywhere.
By 2020, it is predicted that 85 percent of customer interactions will be handled by AI technology bots and robots. AI allows faster responses to phone calls, emails, social comments and chats. by an automated system taught to replicate human functions. Since human resource is expensive, It makes sense to focus human talent on other areas. AI may be changing the way businesses serve their customers, but how is it changing the face e-commerce companies? It is need of time that eCommerce companies leverage the benefits of AI in a ever growing and competitive marketplace. Companies who do not have a AI strategy yet will soon face extinction at the hands of giants like Amazon who are using AI very effectively.
Artificial intelligence (AI, also machine intelligence, MI) is Intelligence displayed by machines, in contrast with the natural intelligence (NI) displayed by humans and other animals. In computer science AI research is defined as the study of “intelligent agents”: any device that perceives its environment and takes actions that maximize its chance of success at some goal. In simple words, AI is a way of making a computer, a computer-controlled robot, or a software think intelligently, in the similar manner the intelligent humans think. This includes technologies such as Chatbots, Natural Language Processing with text and voice, Machine Learning to identify patterns.
A typical eCommerce customer goes though the following steps:
The Discovery phase is where AI is already making a dent using Personal Assistants such as Amazon Alexa and Google Personal Assistant. How to better understand and trust my friend’s recommendations without making it time consuming / burdensome for them to recommend a product would also be a good use case.
We as humans go through the following steps as part of our shopping needs:
AI can dramatically impact all 4 of these components, but in the context of the systems I outlined previously — may be most impactful in (1) during the near future.
In your eCommerce business you might have already taken some initiatives to harness the power of AI.
We present you a AI essentials checklist which goes over things you must do.