Generative AI: The next frontier in e-commerce
With the true potential of artificial intelligence just beginning to emerge, technology will help the e-commerce industry achieve greater productivity and superior customer service.
As e-commerce startups and unicorns face pressure to turn a profit and deal with customer churn, improving operational efficiency and delivering a superior customer experience is one of the top priorities for businesses in the industry. The use of artificial intelligence and its deflationary effects can be very helpful in achieving both goals. Businesses that integrate AI can take their customer service to the next level by leveraging system-wide data, as well as natural audio/text-based AI conversations. Generative AI can further revolutionize the principles of interaction between e-commerce stakeholders, an emerging set of applications:
Revolutionizing customer support:Customer support is the e-commerce industry The first field where artificial intelligence applications began. Start with a traditional chatbot model that provides limited and somewhat clunky responses and is designed more to reduce costs than improve customer experience. However, generative AI can deliver better results thanks to machine learning, deep learning methods, and more natural responses to customer queries. These applications analyze context protection, generate natural responses, and use optimized responses to efficiently handle customer queries. Some of China's leading companies have been able to use artificial intelligence to solve a large number of customer needs.
Product Catalog: OpenAI’s different products have proven the power of leveraging artificial intelligence for content generation. There are now different businesses offering specialized features to generate text, images, and videos to meet e-commerce needs. The “AI-based text generation”, “text to image” and “text to video” features not only reduce catalog creation costs but also significantly speed up the entire cycle. From writing persuasive descriptions to streamlining product onboarding, categorization, and labeling, generative AI tools can take time and cost efficiency to the next level. Additionally, using AI-powered SEO tools can provide businesses with strategies to help them stay top in search results, thereby increasing their visibility.
More importantly, the special capabilities of these programs also allow for real-time changes in content, publishing platforms, and delivery mediums, which can help e-commerce businesses achieve broad reach, impactful branding, and engagement with target customers. Excellent interaction. With all these advantages, it’s no wonder that AI-driven product description writing tools like Jasper.ai, Writesonic, and Frase.io are favored by customers across the globe.
Personalization capabilities: Generative AI delivers dynamic and interactive content and helps e-commerce platforms provide personalized recommendations to target customers based on their past search, shopping and feedback history /recommend. Take Personalize.AI, an AI-driven recommendation tool that helps e-commerce businesses leverage customer data from past interactions, loyalty programs, and marketing campaigns to understand which content, products, experiences, and offers are relevant to their targets. The audience makes the most sense.
The developers claim that the tool can achieve over 25% revenue growth, which is a pretty impressive gain. China's e-commerce system is already quite advanced in this regard. Unlike most other e-commerce businesses, a large portion of GMV has been driven by "recommendations" and has become similar to media consumption, where recommendations drive higher consumption than "search." An advanced form of generative personalization is the creation of personalized catalogs, such as virtual try-on experiences for clothing and accessories, allowing customers to see how a product will look on them before purchasing.
Crowdsourced feedback: Generative AI has proven to be extremely helpful for “synthesizing” customer feedback across multiple platforms, channels, and marketplaces in the e-commerce space. Artificial intelligence tools are equipped with feedback classification and clustering functions to group similar feedback together to help e-commerce companies quickly share, analyze and take action on issues of strategic interest. Generative AI tools can also perform sentiment analysis on feedback, adding more context to the feedback. By streamlining these information sources, companies can gain greater control over product development and branding efforts while responding to consumer complaints quickly and efficiently.
AI-Led Product Design: Generative AI has been proven to help the e-commerce industry realize its full potential of co-creation, i.e. C2M (Customer to Manufacturer), which A process that allows customers to become part of the product/service creation process. C2B can help e-commerce platforms build better relationships with brands while gaining benefits such as additional revenue or exclusivity. AI tools like Visualhound can design unique clothing and merchandise based on input from potential buyers in the form of text prompts.
We are in the early stages of generative artificial intelligence, and its applications are vast. The transformative potential of this technology is only beginning to emerge, but it is well positioned to unleash the next wave of productivity and, in the process, could add up to $4.4 trillion in value to the global economy (according to McKinsey Digital). In particular, adoption of this technology in the e-commerce sector will reach $2.1 billion by 2032, growing at a CAGR of 14.9% from 2023 to 2032. Furthermore, the integration of generative AI in e-commerce may lead to higher levels of automation, thereby freeing up human resources to deliberate on more important strategic issues. All in all, the era of generative AI has arrived, and it is only a matter of time before this technology becomes the backbone of e-commerce across the entire business ecosystem value chain.
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