- “AI in eCommerce is booming at such a speed that the revenue of AI is expected to reach $36.8 Billion worldwide by 2025.
- “I believe that artificial intelligence is going to be our partner. If we misuse it, it will be at risk, if we use it right it can be our partner.” – Masayoshi Son, CEO, Softbank
- The good news is that global eCommerce sales are expected to grow to $6 trillion by 2022.
- An excellent example of an AI-based personalized search is the recently updated Pinterest and its Chrome extension. This allows users to select an object in any photograph online, and then ask Pinterest to show similar items using image recognition software.”
- “Artificial intelligence is demonstrating its worth quickly for Wickes Building Supplies Ltd., a U.K. home improvement retailer.
- Less than three months after deploying an AI-driven site search tool from Bloomreach, Wickes.co.uk‘s conversion rate from site search is up 15%, failed searches that return no product results are down 30% and there are 5% fewer exits after a visitor searches the ecommerce site,”
Digital Development Manager,
Wickes Building Supplies Ltd.
“Here are a few efficient ways AI can boost your eCommerce Sales.
- Gather Data About Customers
- Retargeting Leads
- Decreasing Cart Abandonment
- Enhancing Customer Experience”
“Consumers are impatient. If they don’t find a product within a couple of search attempts, they will likely return to Google and click on the next best result.
By delivering more personalized and relevant product search results, you will improve your conversion rates and raise your average order value.
Most ecommerce platforms include a basic search engine. Merchants tend to use it until there’s a problem.”
“Allan Ronny Dengah, Global Business Manager of Dable Indonesia, said “‘Karamel.ai’ is effective in increasing e-commerce sales and lowering users’ departure from the website by recommending products based on user’s interests on e-commerce websites in which users’ conversion is caused. In the case of a Korean duty-free shop, sales rose more than 7% after applying ‘Karamel.ai’. The CTR (Click Through Ratio) is more than five times higher than the ‘popular product recommendation’ on many e-commerce websites, and has reduced user departure.”