Technology has driven each and every one of us around. It has brought many positive and ‘beneficial to humankind’ changes in our world. Furthermore, proper synchronization of technology has brought miracles for humans. To integrate AI and bots into eCommerce we need a brief discussion on the subject matter. In this blog, we also gonna discuss a miracle-producing technology synchronization.
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Knowing about Artificial Intelligence and bots: Introduction to their integration
Let us first understand some technical terms discussed in this blog. I will try to keep the explanation as simple as possible.
Artificial Intelligence: An artificial intelligence is a type of intelligence in which a body (living or non-living) learns on its own basis with the help of machine learning.
Machine learning: A language of machines that records the work done by the machine and encodes the memory for future use.
Bots or robots: As we know bots are a simple machine that runs on the principle of machine learning and sometimes artificial intelligence.
So, we will be discussing these three things and their synchronization to produce miracles as we talked.
Why this integration?
eCommerce is evolving, there are changes that need to be brought and done as per the requirement of the market. Business reports say that “by 2024, consumer retail spend via chatbots will increase to $142 billion USD”.
With such a potential of market capitalization, it is for sure that the consumers are jumping into technology synchronization. With customers supporting the flow, the innovation is already in the market.
Thus, this integration will bring ease of access to goods and services for consumers, a lot of capital for investors, and sophistication to this unsynchronized world.
Natural Language Processing (NLP): Understanding the term
Definition: Natural language processing, often written as NLP, is a branch of artificial intelligence that deals with the ‘talk’ of humans and machines using natural language.
The ultimate objective of NLP is to understand, decode, and make sense of human languages that are valuable.
Machine learning: ‘WHATs’ and ‘HOWs’
Definition: Machine learning is a method of data analysis that automates analytical model building. It is a branch of artificial intelligence based on the idea that systems can learn from data. It can identify patterns, make decisions with minimal human intervention.
How machine learning may affect eCommerce inventory management?
Machine learning is learning new ways of incorporating proven data into a machine system to increase the chances of getting accurate info. Let us discuss the question over another topic as given below as robots smoothen the flow of eCommerce goods and services.
AI chatbots: How to integrate them into your online business?
A chatbot knew as a conversational bot or conversational artificial intelligence, etc. is a device that makes communication with humans in natural language via text or voice. Organizations use chatbots to save time, manpower, and money.
As per Statista, “A global October 2019 survey of e-commerce decision-makers revealed that 24 percent of e-commerce companies worldwide planned on implementing AI chatbots on their sites in 2020. Additionally, 9 percent of respondents reported that their company had already implemented them, and 39 percent of companies did not have plans to implement AI chatbots in 2020”.
Hence, chatbots can be integrated into online businesses as the market says i.e. market research says it is the ‘most suitable’ time to do so.
eCommerce platform: The business model (available integration plugins)
As per Statista, “On the receiving side, as of 2017, consumers had the highest level of acceptance for the use of chatbot in the online retail industry, and the lowest level of acceptance for government services to make use of the AI technology”.
This level of acceptance has ‘boxed out’ business models like pancakes. ‘Sooner and simplers to manufacture’. Therefore seeing the requirement of the market, the following business models can be integrated into the system.
- B2B (Business to Business)
- B2C (Customer to Business
- A2B (Administration to Business)
- B2A (Business to Administration)
- C2B (Customer to Business)
Therefore the above-mentioned business models are the only ones that are available as integration plugins.
Integrating messengers into your eCommerce store
Your eCommerce store needs modernization as per the rules of the time, recurring opportunities. As we have studied in the stats above the demand for online chatbots is increasing with the increase in the online retail industry.
Chatbots are now being more than just talkative options available at eCommerce stores. They are getting their involvement in the logistics and delivery department as well. These days the packaging and inventory management in most of the famous brands like Amazon, eBay, etc.
eCommerce Store: Warehouse management through AI bots
Warehouse management for big companies like Amazon, eBay has been a tougher task than delivering items since millions of products are shipped for delivery and millions of products return to the inventory on daily basis.
In such scenarios, AI-powered bots play an important role in making the inventory as synchronized as possible.
Conclusion: Overall changes that can be brought
As we have discussed the ways of integrating artificial intelligence and bots into eCommerce, we shall now discuss the changes that can be brought while doing the honors.
The overall changes that can be brought while integrating AI and bots into eCommerce are as given below.
- Bots can act as good inventory manager
- Artificial intelligence-powered devices like Alexa, Okay google can make shopping more autonomous.
- All the UI/Ux designs will be simpler both for consumers and suppliers. This means the conversion rate gonna increase both for consumers and retailers.