Artificial Intelligence and Blockchain are not merely buzzwords anymore. They both have the ability to transform our daily lives and change the mechanisms of how elementary things work in the real world. We have already seen a figment of how artificial intelligence is being used to replace humans and bring something as intelligible to the table. Here are some things associated with the artificial intelligence we witness in e-commerce sales from time to time
Chatbots have grown more popular and intelligent over time and present-day chatbots have the ability to do a seamless branding and be available to the customers for all time support. The bots automatically detect the question using NLP and replies accordingly. More and more enterprises are going for chatbots not just for providing customers with the support they need but also for putting up a statement, which in turn draws people to them and increased sales.
- Customer Relationship Management
With Artificial Intelligent, there’s no need for manual intuitive assessment of the buying habits of the customers. AI can sort and analyze the massive amount of data and come up with the patterns in the buying habits of customers, thereby giving valuable insights to the merchants and enabling them to take an important decision about the stalk.
- Sales and Customer Service
With enough data, AI can make accurate sales forecast thereby making the retailers capable of taking decisive steps about resource allocation, team performance analysis, etc. Many routine tasks related to customer service can be automated with the help of AI.
- Recommendation System
What platforms like Amazon and Netflix are known for today is their recommendation system. The efficiency of your recommendation system will directly affect sales. So continuously learning from your customers’ behavior and local preferences and improving your recommendation system is a must for increasing sales and customer goodwill.
Contribution – BlockChain
While AI has penetrated significantly into e-commerce sales, Blockchain is not much behind. With the advent of Blockchain, e-commerce can be greatly benefited and be transformed into a whole new generation of e-commerce, with its decentralized database, contracts, and currencies. More than the prevailing usage, the prospects of e-commerce on Blockchain are really interesting. Take a look at some aspects that you should be looking at
- Low Fees
When you buy or sell anything on the internet, you are obligated to pay the service charges to the transaction system, whose responsibility is to make sure that the money is transferred from the right payer to the right payee. With Blockchain and smart contracts, this kind of middlemen charges, however insignificant it may look at the surface, will be removed and both the merchant and customers will be benefited.
Humongous marketplaces run from sharing information for their own leverage. Blockchain ensures transparency of the highest degree. All the transactions would be visible to everyone in the marketplace and the data would be available to be analyzed and used for various strategic purposes.
- Marketing and Growth
Cashback and loyalty programs if implemented using Blockchain can disrupt the market inside out. Imagine a system wherein companies reward you instantly with digital currencies instead of the advertising services for things like clicking links, promotions and marketing, and for buying stuff from their website.
We have seen how AI and Blockchain have the potential to contribute significantly to the E-Commerce. Now think about what wonders they can do when combined. Ultimately it remains to be seen where these technologies will lead us to and how we will evolve in the way we do e-commerce in the years to come.