Do you know what fueled the e-commerce giant Amazon leading to its tremendous success in the entire industry? Well, the answer is innovative technologies like Artificial Intelligence and Machine Learning. Amazon Founder and CEO, Jeff Bezos, is of the opinion that AI will help all those companies that embrace it and put up barriers for those who don’t.
The Magento community has stepped in on the right occasion to implement artificial intelligence that helps to interpret large amounts of data, serving various purposes.
One of the other significant reasons why the Magento community has embraced Artificial Intelligence technology are those encouraging market infographics. It says that-
- The global AI market is expected to touch almost $60 billion by 2025.
- Startups implementing AI have grown over 14 times in the last two decades.
- AI-based technology will enhance business productivity by 40%.
- 41% of customers have agreed that Artificial Intelligence has improved their lives in some way.
But this is not the end of the story. With Artificial Intelligence combined with the Magento platform, we are witnessing a huge disruption in the e-commerce business.
We can certainly point out all those factors that are playing a pivotal role in bringing this transformation.
Streamline Product Search without Magento Extensions
The product search is one of the most important functionalities to focus while developing Magento ecommerce stores. Most users make use of a search bar when they want to find a particular product on the site.
In a traditional approach, the Magento website will show results based on the typed keywords. In case the user entered the wrong inputs, there was no result due to an incorrect match.
However, with the emergence of Artifical Intelligence, the simple keyword-based search has been replaced by a context-based search. The limitations of keyword searches have been removed.
Artificial Intelligence is making use of the Natural Language Process (NLP) to showcase accurate results. The NLP focuses on analyzing the context of the search and the user doesn’t have to look for proper keywords.
AI has introduced the concept of visual search that boosted the user experience. Well, it is an AI-enabled image recognition algorithm, which is convenient for both mobile and web users.
How does it Work
- You don’t have to type the keyword but instead, click on the camera icon to take a picture of the product you want.
- You can even upload the image from your picture gallery.
- The site analyzes the picture and then suggests a picture that matches the requirement.
Personalizing the User Experience of the Customers
Throughout recent years, the Magento e-commerce platform has seen various changes and advancements. We can cite the example of the ‘click-and-mortar’ model’s growth. However, despite these changes, the e-commerce stores were not as successful in providing a personalized in-store experience.
Thus, Artificial Intelligence came to its rescue helping to bridge the personalization gap. The digital marketing team can launch customer-centric devices using multiple channels. You can deliver the right message to the right audience, and at the right time.
Artificial Intelligence technology can further improve the shopping experience of the customers through push notifications. These are personalized messages that get directly delivered into their mobiles.
Influencing the Purchasing Decisions of Customers
Well, you can say that it is the continuation of the previous facility where AI increases customer personalization. The improved shopping experience of the consumer influences his purchasing decisions.
AI has also evolved the advanced concept of virtual shopping assistants that reduces your time while selecting and buying the product. We can cite the example of companies like Shoptagar that have already implemented this technology.
The e-commerce store owners get a viable opportunity to gather the all-important customer data with the help of innovative techniques such as machine learning algorithms and analytic bots. Once you get the huge sum of data, you can build optimum strategies that facilitate the purchase decisions.
For example, you can help your customers to find the best price of the product and send alerts of the available restocked products.
Protecting Fraudants
One of the major concerns for the Magento e-commerce site has always been related to financial transactions. There have been various instances of fraudulent attacks on e-commerce sites where hackers stole confidential information. For example, e-commerce merchants suffered a loss of about $4 billion due to fraud activities.
Now, the question is how Artificial Intelligence can help in this regard? The high-end technology provides an accurate precision for identifying fraud activities, amongst the clutter of transactions.
Provide Customer Service in Real-time
Today customers are looking for quick customer service from the e-commerce stores. They also want their queries to be solved within the shortest possible time. AI has powered the Magento e-commerce platform with chatbot facility
The customer does not have to type in the question and keeps waiting to get a relevant answer for the same. It allows them to save a lot of their precious time. Also, e-commerce stores don’t have to hire individual customer care executives to solve the problem.
A Final Word
Most Magento-based e-commerce platforms have already identified the potential of Artificial Intelligence and have either implemented the technology or are planning to do so. For instance, Amazon has used and further enhanced the features of its AI-based technology known as Alexa to reach a wide customer range. It’s time for you to make the most of the opportunity and get a competitive edge in the competition. It is the right time to make most use of Artificial Intelligence for your ecommerce business to give yourself a competitive edge over your competitors.
Author Bio
Bharat Patel, who heads the digital marketing team at Brainvire Infotech, is armed with over 12 years of experience in the fields of online marketing and project management. He is extremely proactive in implementing the latest technological innovations in his projects. Bharat’s core expertise lies in search engine optimization (SEO), social media marketing, and conversion rate optimization, among other things. His immense flare of writing encourages him to consistently pen down words revolving around current trends and innovations that relate to his fields of interest.
