Artificial Intelligence – A Revolutionizing Factor in E-Commerce
The future of industries is currently more dependent upon its presence on online platforms. This online presence not only visualizes, promotes, or advertises your brand but also helps in gaining huge customers. Also, customers are now gradually turning their interests towards online shopping which are easier, time-saving, and more personalized compared to the conventional practice of visiting physical stores. So one of the most popularizing and crucial tools used by e-commerce brands to attract people is through their artificial intelligence services. AI is constantly changing and updating the world of e-commerce in terms of its customer service and experience. Effective utilization of AI can aid in identifying concealed insights, trend forecasting, and beneficial financial decision making. AI has influenced the traditional way of replenishment and merchandising by simply using data analytics to indicate which product has to be replenished and which has to be discounted. According to a recent report of "Business Insider" predicts that about 85% of the customer services will be handled by AI-powered bots which can immediately respond to calls, chats, and emails with almost no human intervention. This paper encompasses the various AI tools empowered by the e-retail brands to attract their customers, the various ways by which AI influences both the retailer and the customer, and successful e-retail brands that employed AI for their advancement. In addition to this, the paper discusses how AI is going to dominate the e-commerce venture in the near future.