Artificial intelligence is the biggest single innovation that will shape the future of eCommerce. This is because artificial intelligence can be deployed to make almost every aspect of eCommerce more efficient. It allows an omnichannel eCommerce system to be dynamic and adaptable. AI also underpins an intelligent digital marketing strategy and the overall customer experience of a modern eCommerce site. Over the past few months eCommerce has taken a bigger chunk of sales across sectors. Many companies have been reaping the benefits of AI on eCommerce sites and continue to use data in a competitive manner. Gartner says by 2023, organizations that use AI to their eCommerce will achieve customer satisfaction improvement of 25%. This improves revenue and cost efficiency.
AI offers business efficiency improvements in the form of fraud detection and other security measures. The artificial intelligence methods include advanced data analytics and machine learning are key to today’s intelligent fraud management systems. A growing increase in cybersecurity over the past few months has increased the spotlight on AI and data analytics in general. This comes amid the increased rate of fraud that has grown in parallel to the recent growth of eCommerce.
In a B2C operation the function of AI is to improve customer engagement and the overall customer experience. At least for the few weeks just after the pandemic, online was the sole option for many customers. This made more people more comfortable with eCommerce and online shopping. Consequently, this has increased the demand for a similar customer experience with B2B users. B2B operations usually manage a larger number of stock and customers meaning they process a lot of real time data. Customers can achieve the same kind of efficiency gains with the same AI and machine learning technology. B2B like B2C is leveraging AI to create a more personalized user journey and user experience. AI enables businesses to process data to ensure an efficient customer experience consistent with the overall business strategy.