AI & Personalization: Online Retailers Look to the Future
There’s little that can be debated about the convenience of online shopping today. Most of us are past the wanting to physically touch and feel products (especially when they are coming from a retailer we trust) and new payment methods for shopping online are making it safer and faster to check out. All of these things have combined to make online shopping a go-to choice for most consumers today. For retailers, that also means competition is stiffer than ever. Gaining consumer trust, competing against big name counterparts and finding that ‘secret ingredient’ to get shoppers interested in you, is a key focus.
Re-inventing E-Commerce
How do you find that edge to draw consumers online? Differentiation. You want to provide shoppers with an experience they are familiar with but one that’s also new and innovative. Artificial Intelligence (AI) is the answer. This technology mimics the human brain’s processes by studying information and creating algorithms. It is making it possible for retailers to deliver personalization and recommendations to consumers based on their specific shopping trips and habits. Similar to an in-store sales representative who can help you locate items or answer questions about products you’re browsing, AI can even guide your purchase decision.
How AI Works
Imagine you are looking for a new pair of sneakers. You spot a pair in an image online and have no idea who makes them or where to buy them. An AI-powered tool could find and suggest similar items at an online store based solely on the image. Other AI-powered systems can use voice technologies to engage with online shoppers and ask them questions to get tasks done rather than clicking through lengthy online forms.
There are so many ways AI can personalize experiences and make online buying a greater option then shopping in-store. As we move into the future, retailers leveraging these capabilities will see a greater increase in spending via e-commerce. In fact, according to research from Accenture, it will boost average profitability rates by 38 percent and lead to an economic increase of $14TN by 2035.
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