How Artificial Intelligence Has Transformed The eCommerce World

  • “Artificial intelligence is sweeping through the eCommerce sector. In fact, marketers report that there’s been a 186% increase in AI adoption since 2018.
  • 79% of organizations say that marketing and sales AI has increased revenue for their companies.
  • Artificial intelligence also helps eCommerce companies to offer better customer service. For example, 51% of marketers are using social listening to get quickfire information about the conversations that influence their target audiences.
  • For example, 15% of companies are using AI to optimize yield, energy, or throughput in manufacturing, while 12% are using it for predictive maintenance.
  • Here are some of the most influential ways that AI has transformed eCommerce in recent years.
  1. Sentiment analysis
  2. Multi-channel personalization
  3. Customer service chatbots
  4. Dynamic pricing
  5. Retargeting adverts
  6. Assembly line optimization
  7. Risk management”

The customer experience: How the pandemic changed e-commerce

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  • “It’s expected that there will be more than 4 billion digital wallet users worldwide by 2025.
  • In a recent consumer behavior study, only 40% of e-commerce shoppers have their credit card within easy reach while shopping.
  • The other factor is that Statista projects that m-commerce will make up 73% of the total global online commerceby the end of the year.
  • The Salesforce consumer surveyfound that 64% of customers use more than one device for transactions.
  • ClearSale’s 2020 consumer behavior study found that half of consumers will abandon purchases because the checkout process was too long or complicated”

How Artificial Intelligence’s (AI) Effect On Retail Sales Is Increasing

  • “It’s estimated that Amazon has sold about 25 million Echo devices up to now
  • Marketers will have to target the devices instead of consumers: they need to be tech-savvy to understand and influence AI algorithms in order for the device to purchase it.
  • OLB Group to Provide AI-Based Analytics to Small- and Medium-Sized Merchants – Company is implementing AI and ML analytics through its ShopFast dashboard, enabling merchants to assess and respond to customer behavior and propensities”

PSYKHE Uses Personality Traits And AI To Build A Better Recommendation Engine

Psykhe Founder and CEO, Anabel Maldonado
  • “According to Common Thread Collective’s 2021 Fashion Industry Report, fashion eCommerce grew 26.5% in 2020, with apparel gaining the lion share of that growth at 29.6%.
  • Online fashion’s expected 7.18% compounded annual growth rate will put the industry north of $1.0 trillion by 2025.”

Young people have a popular pandemic pastime: Filling, then abandoning, e-commerce shopping carts

Dinendra Haria | SOPA Images | LightRocket | Getty Images

“Last June, Jordan Elkind, who, at the time, served as the VP of retail insights for customer data and identity platform Amperity, told Today that data from the onset of the pandemic showed a 94.4% cart abandonment rate, compared to 85.1% in the comparable period last year. That would equate to billions of dollars in forgone e-commerce revenue, he said.”