Artificial Intelligence

Impact of ML in the Ecommerce industry

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A lot has changed in the ecommerce industry over the past decade. Technology has been one of the most crucial drivers for these changes. With AI and machine learning becoming ever more integrated into our daily lives, ecommerce is not far from being influenced by machine learning. As ecommerce continues to grow by 20% every year, technology will keep playing an important role in how customers interact with online stores. Further, mobiles will be responsible for around 70% of the total ecommerce traffic. Artificial Intelligence and machine learning will enable handling of over 80% of the customer interactions.

Impact of ML in the Ecommerce industry

Here’s how machine learning will impact ecommerce in the near and distant future:

Customer shopping experiences:

Machine learning allows ecommerce businesses to create more personalised customer experiences. Customers prefer to communicate with their favourite brands and ‘expect’ personalization in the communication. Machine learning can learn your shopping habits and preferences and hence offer more relevant suggestions and other communications.

Search results:

Improving search-results means more business for ecommerce stores. Machine learning can improve ecommerce search results by taking into account personal preferences and purchase history. Machine learning can create search ranking based on the relevance of the page for that particular user – unlike the traditional search methods that uses keywords.

Re-targeting:

Artificial intelligence can use not only customer’s digital data, but also analyse their in-store behaviour. Face recognition software will be used to re-target the ads for that latest product you checked out in-store.

Product recommendations:

Machine learning can be used in ecommerce to recommend products according to patterns in customer’s shopping behaviour. This helps increase conversions.

Marketing guide:

Machine learning can recognize patterns and predict trends so that businesses can find out what people respond to, what can be changed and what can be entirely eliminated from the marketing campaigns. This helps maximise returns on a marketing campaign.

Price Optimization:

Machine learning algorithms can help collect information regarding pricing trends, competitor’s prices and demand for various items – and combine this information with customer behaviour to determine the best price for each of your products.

There are a lot of exciting opportunities for machine learning in ecommerce and it’s becoming a means of improvement in online retail. It makes selling online more effective and rewarding.

Artificial Intelligence

AI for Marketing & Sales: Your Friendly Chat Bot

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One of the most recent buzzworthy technologies has been machine learning. AI and machine learning have completely changed the way people interact with businesses in the most simplistic ways – chatbots. Chatbots are a boon to businesses as they supplement human customer service requirements and help boost sales. These are typically the chat boxes that are seen on the bottom right corner of the screens to interact with website visitors and address some of the basic queries.

Chatbots are rules-based programs that respond to certain words and phrases with preprogrammed answers. Especially for customer service, they are capable of gathering some basic information.

Advanced chatbots use machine learning to create a more authentic and personalized user experience for users. These programs are advanced and can make more informed and less robotic decisions. They have the ability to consider language, context and past interactions before they provide an answer.

For marketing Chatbots can:

  • Create new responses to inputs that weren’t originally programmed, using past data to draw new conclusions.

  • They can be programmed to give customers a friendly greeting like ‘hello’. If the user types a word or phrase that wasn’t originally programmed, it can analyze the phrase and determine another appropriate greeting.

  • Chatbots can improve customer relations by delivering high-quality services that users can access without having to wait.

  • Chatbots are used to increase lead generation and for performing marketing activities, conversational surveys, schedule reservations and even provide users with quotes and pricing details.

  • Some chatbots even help customers find the right products – instead of browsing products on a website. Users can tell the chatbot what they are looking for and the chatbots can return the results to users with the relevant products.

  • Some customer service chatbots can handle hundreds of service requests that companies get. These bots can tackle almost any service call from start to finish by providing information, tracking deliveries and performing automated changes to orders.

Chatbots are becoming one of the niche channels to convert, activate and engage clients. They are becoming more and more natural ways to feed clients with information or even include a call to action in order to close the deal. They could be your next friendly marketing execs!

Data Science

How Data Science and R boost the business analytical model

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Building a model for statistical analysis was a daunting task – playing around with C and C++ and painstakingly building a lengthy program. Even if one thing goes wrong, you would have to pull the whole thing down or start all over – a truly crushing realization.

Thankfully, in the world of technology, things move quickly and in the world of statistical analysis, things have moved faster. It’s now possible to create a system for analyzing data that’s constantly adapting, evolving and improving. One of the best ways to do that is with R.

 

So, what exactly is R?

R is a programming language with rich features and can be used for all kinds of data science, statistics and visualization projects. R’s popularity is also due to its open source nature with an extensive support network and free tutorials. R is known to be so versatile and powerful that everyone from Google to Facebook is using it to either analyze the news feeds or to assess the effectiveness of its ads. R has enough provisions to implement machine learning too.

Benefits of using R

Here are some of the benefits of using R:

  1. The coding is quite easy and can be implemented easily too.
  2. It’s open source and no need to pay any subscription charges – no recurring costs of any kind.
  3. Availability of instant access to over 7800 packages that are customized to perform various computation tasks.
  4. R has an overwhelming community support and there are a number of forums that will help you in case of any issues.
  5. High performance computing experience.

Beginning in the 90’s, a number of endless efforts have been made to improve the interface and the journey of this language from being a text editor to an interactive studio that can enable data science and statistical analysis is quite a journey in itself!

Artificial Intelligence

Chatbots: AI for Sales and Marketing

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Artificial Intelligence and Natural Language Processing has had a significant impact on the way chatbots are used in recent times. Chatbots today are extremely sophisticated and versatile tools that can help you automate a number of your business processes. They are awesome tools for helping with customer care queries. Apart from that, AI-powered chatbots can be part of your marketing initiatives and help push your customers seamlessly through your sales funnel. Here are some ways chatbots can fit into your marketing strategy:

A personalized experience

Personalized interactions can completely alter the nature of any conversation. Chatbots integrate with social media and gather data about every single person that they interact with. So, these chatbots can be highly effective when interacting with customers. They can also take the conversation a step further by offering personalized shopping advice based on the customer’s purchase history.

Larger engagement capacity

Chatbots not only have the capacity to engage with customers but also retain them. Unlike other forms of marketing, chatbots keep your customers entertained for longer. They can catch your audience’s attention and also send relevant information regarding your brand, products, and services. Essentially, a Chatbot is capable of up-selling, cross-selling in a personalized, conversational and engaging way.

Reach a wider audience

Chatbots are predominantly found on social media messaging platforms. They have access to a virtually limitless audience. They can reach a new customer base by tapping into new demographics and can be integrated across multiple messaging applications. This makes you more readily available to help your customers, hence opening new opportunities to increase your sales.

Gather and analyze customer feedback and data

Chatbots offer an opportunity to gather feedback from your customers. A Chatbot softens the approach to gathering feedback by naturally introducing questions to their conversations. Additionally, with the right machine learning tools, your Chatbot can analyze feedback and other information it gathers from users, giving you more insight into what your audience truly wants. From there, you can remodel your marketing strategy to become more focused on your customer’s needs, thus creating more of an inbound marketing approach.

Other than that, chatbots can also send personalized notifications that are relevant to each user. They can proactively communicate with customers visiting your site, making your business look more active and enhances your brand experience and reputation. Chatbots can also gather the information you need and then create personalized messages that can help guide your users through the buyer’s journey. You can effectively tailor your marketing efforts to each and every lead that visits your website or social media pages.

Finally…

By implementing a Chatbot into your marketing strategy, you can learn about your audience, customize your marketing efforts accordingly, reach new consumers easily and monetize your social media profiles like never before!