10 Reasons Why AI Can Boost Your Ecommerce Business | Infographic

Artificial Intelligence (AI) is no longer a concept limited just to sci-fi movies. With recent leaps in Technology, AI has evolved immensely, permeating into every aspect of modern business and society. Now, AI has a bearing on every conceivable thing, from smart-homes and self-driving cars, to the vast domains of e-learning and e-commerce, AI is in everything and everywhere.

According to experts, the AI industry will soon reach $58.8 billion milestone by 2025 and support almost every business sector through innovative solutions. Moreover, with the rising popularity AI voice assistants such as Siri, Alexa ad Cortana, voice notes and images will take up 50% of online searches. VPA-enabled speakers such as Alexa will also experience sales worth $2.1 billion by 2020 and keep on increasing exponentially. To reduce business costs associated with human labor, AI powered chatbots will also mainstream by 2022 and help online businesses save $8 billion worth of management costs.

To see more on AI, scroll down the infographic below and learn how AI is influencing various sectors online business and how you can leverage from it.

10-reasons-why-ai-can-boost-your-ecommerce-business-infographic

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<a href="https://www.fmeextensions.com/fme_blog/wp-content/uploads/2019/03/Ways-to-Boost-Your-Online-Business-Using-AI.png"><img src="https://www.fmeextensions.com/fme_blog/wp-content/uploads/2019/03/Ways-to-Boost-Your-Online-Business-Using-AI.png" alt="10-reasons-why-ai-can-boost-your-ecommerce-business-infographic" width="580" /></a> <br /> <strong>Infographic by – <a href="https://www.fmeextensions.com/">Fme Extensions</a></strong>
 

AI Investment in Ecommerce

AI’s influence in business will grow significantly, becoming a top 5 business priority for 20% of Chief Investment Officers (CIOs). By 2025, AI Industry will be worth $59.8 billion.

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Image Search and Voice Optimization

Voice notes and images will become a common mode of online search by 2020, taking up 50% of online searches. VPA-enabled speakers will also mainstream by 2020 and experience sales worth 2.1 billion.

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Improving your Customer Service

With widespread use of AI powered Chatbots, ecommerce websites will save $8 billion worth of business costs. One example is JD.com that uses Chatbots to handle and process 95% of queries.

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Help Customers Find the Best Fit

With Amazon’s Echo Look launched in 2017, people can now optimize their online searches of outfits by uploading images/videos and the AI suggests them the best fit.

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Stay Active on Social Media

AI is commonly being used by social media networks and online streaming services. According to a recent survey, social media manages 3.2 billion visual shares everyday while 80% of Netflix steaming is done as a result of an AI recommendation.

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Warehouse Management

Many modern warehouses today manage their inventory and delivery operations through AI. JD.com has had huge success from AI integration in their warehouse management, securing 1.25 billion orders in 2015 and delivering 85% of orders within 2 days.

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Customer Retention

The international courier services giant FedEx, uses AI to predict which of its customers will defect to their competitor. The AI is so effective that is can predict defection with 60-90% accuracy.

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Delivery Optimization

Abivin vRoute, a dynamic route optimization software uses AI to plan the optimal routes for trucks and bikes. It has helped transport businesses save up to 40% in their logistics costs.

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Sales Forecasting

The American multinational retail corporation Walmart observed 10-15% increment in online sales through AI prediction software. Rakuten, a Japanese electronic commerce and internet company analyzed 200 of its products using AI forecasting.

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Review Management

A vast majority of today’s online stores use AI to filter their product reviews. According to Dimensional Research, 90% of respondents said positive reviews influenced their buying decisions.

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<a href="https://www.fmeextensions.com/fme_blog/wp-content/uploads/2019/03/Ways-to-Boost-Your-Online-Business-Using-AI.png"><img src="https://www.fmeextensions.com/fme_blog/wp-content/uploads/2019/03/Ways-to-Boost-Your-Online-Business-Using-AI.png" alt="10-reasons-why-ai-can-boost-your-ecommerce-business-infographic" width="580" /></a> <br /> <strong>Infographic by – <a href="https://www.fmeextensions.com/">Fme Extensions</a></strong>