2023 brought with it the rise of generative AI with products like ChatGPT and Bard becoming remarkably popular. If you remember, ChatGPT surpassed 1 million users in just five days and today has over 180 million.
Initially seen as a novelty, today, leading brands are already harnessing this technology to enhance customer experiences, optimize their business operations, and gain a competitive edge.
Here are five AI trends set to have a major impact on ecommerce this year (and beyond).
5 AI Trends to Watch For in Ecommerce in 2024
#1 Unified customer data
With companies leveraging multiple systems, plugins, and integrations, customer data is often scattered across different platforms. Without a central location, it becomes increasingly challenging to understand and instantly help your shoppers.
Today, AI makes gathering, analyzing, and acting on customer data easy. This allows ecommerce companies to:
- Uncover patterns and trends for informed, data-driven business decisions
- Offer faster, more detailed self-service support.
- Make improvements to the user experience based on customer feedback.
#2 Personalized shopping experiences
GenAI (or generative AI) is at the forefront of transforming the shopping experience. Today, ecommerce companies are using this breakthrough to turn generic chatbot responses into engaging, personalized conversations that help customers and drive sales.
When chatbots are powered by GenAI, they can:
- Offer precise answers to product questions, including specific details and features.
- Compare different items, ensuring shoppers get exactly what they’re looking for.
- Tailor recommendations based on site history, user preferences, and past purchases.
#3 Advanced automation capabilities
AI's role in automation extends beyond basic functionalities like order tracking. Now, AI-powered chatbots are evolving to comprehend user intent more effectively, enabling advanced automation. Today, leading solutions can fully resolve over 70% of incoming chats without agent intervention.
With AI, business can now automate:
- Upsell opportunities with the ability to suggest complimentary items.
- Product advice with the power to share both details and product reviews.
- Proactive communication – altering shoppers about everything from shipping delays to new arrivals.
#4 Improved productivity
Effectively using AI isn't about replacing jobs but enhancing efficiency. With AI, teams can automate previously repetitive, manual work, allowing them to focus more on strategy and complex issues instead.
Leveraging AI, ecommerce businesses can better:
- Streamline recruitment, onboarding, and ongoing training.
- Identify high-value leads most likely to convert.
- Detect and respond to cybersecurity threats in real time.
#5 Enhanced predictive capabilities
Companies are turning to AI-driven predictive capabilities to optimize their operations. AI has become instrumental in elevating forecasting accuracy and revolutionizing processes from stock replenishment to order management.
Through AI, businesses can more effectively:
- Anticipate customer demand to better stock product inventory.
- Identify the best delivery routes to avoid delays and improve delivery times.
- Predict common customer questions and complaints by looking at past interactions.
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