What is artificial intelligence?
Artificial intelligence (AI) is a branch of computer science that focuses on developing intelligent machines that can perform tasks that typically require human intelligence, such as learning, problem-solving, perception, and decision-making. AI technologies include machine learning, natural language processing, robotics, computer vision, and expert systems.
AI has numerous applications in various industries, such as healthcare and finance, and even in retail and eCommerce.
How can AI be used in retail and eCommerce businesses?
There are many AI-assisted tools on the market that businesses in the retail and eCommerce industries can use to speed up their work, improve their operations, and create a better customer experience. Some of the tools they can use are:
- Personalization engines: Analyze customer data and provide personalized product recommendations, tailored marketing messages, and customized shopping experiences. Examples of personalization engine software are Adobe Target and Emarsys Customer Engagement Platform.
- Chatbots and virtual assistants: Provide customers with quick and efficient customer service, answer common questions, and even make product recommendations. Some examples of chatbot or virtual assistant software are Tidio and Kore.ai.
- Demand forecasting tools: Analyze historical sales data, current market trends, and other factors to predict future demand for specific products or categories. This can help retailers optimize their inventory management and avoid stockouts. Examples of demand forecasting software are StockIQ and Netstock.
- Visual search engines: Analyze images and identify specific products or features within them. This can help customers find products more easily and quickly, especially when they're not sure what to search for. Examples of visual search engine software are Expertrec and VizSeek.
- Pricing optimization tools: Help retailers determine the optimal price for their products based on factors such as demand, competition, and market trends. Examples of pricing optimization software are Prisync and Pricefx.
- Fraud detection and prevention tools: Analyze transaction data and detect suspicious activity or fraudulent transactions. This can help retailers prevent losses due to fraudulent activity. Examples of fraud detection and prevention software are ClearSale and Signifyd.