By Shreeram Iyer
Visual AI in shopping platforms
In any type of business, customers always play a key role as product sales and services depend entirely on them. No customers means no business and therefore no growth or presence. Therefore, every industry needs to offer its customers the best services to meet their needs. Ecommerce in such an industry that thrives because of its customers and wouldn’t make sense if there wasn’t a consumer to take advantage of it. As advanced as shopping has become and even moved into a digital space, e-commerce still has potential to improve its working process and the convenience it offers.
This can be achieved with the help of technologies based on artificial intelligence. Artificial intelligence enables online retailers to provide an optimized customer experience from the comfort of their own home by collecting customer data that enables any retail company to make key business decisions and accurately predict future needs.
How visual AI can transform e-commerce
One of the main advantages of AI in e-commerce is its ability to perform many tasks that a human would normally perform – only better and much faster. Whether it’s sifting through large amounts of data, identifying images, or finding discrepancies in systems and processes, AI typically outperforms its human counterpart in speed and accuracy. Retailers today often use AI-based technologies to predict shopping patterns based on consumer data, which in turn helps retailers maximize their store’s offering.
Prisma AI itself develops ideas with researching technologies that can improve the efficiency and reliability of online shopping. Having already developed a facial recognition-based payment authentication system, Prisma AI has boosted the security and reliability of online transactions as they now require facial authentication before a payment is authorized.
AI can play an important role in improving online performance on shopping platforms. Here are some other ways Prisma AI believes better online performance can be achieved on shopping platforms:
Personalization: AI can analyze user data such as browsing history, search queries, and purchase history to provide users with personalized recommendations. This can help improve user experience, increase engagement and increase sales.Visual Search: AI can use image recognition technology to allow users to search for products by uploading an image. This can help users find products easier and faster and increase sales. Fraud Detection: AI can use machine learning algorithms to detect fraudulent activity on the platform, such as B. fake reviews or payment fraud. This can help improve trust and security on the platform and protect users from fraud. Price Optimization: AI can analyze competitor pricing data and suggest optimal pricing strategies to help retailers stay competitive and increase profits. Voice Commerce: AI-powered voice assistants like those from Amazon Alexa and Google Assistant can be used to order products by voice command, increasing the convenience of online shopping.
Future of AI in E-Commerce
Implementing artificial intelligence in e-commerce business will help make data-driven strategic decisions and scale businesses much faster than officially thought possible. AI is essentially the latest trend, helping retail businesses improve customer experiences, streamline store operations, and more. Ecommerce websites can implement these techniques to offer their customers the best possible experience.
Retail providers can better use business and customer data to create a better plan.
Artificial intelligence in e-commerce plays a leading role in driving innovative solutions and customer experiences. At the same time, Prisma AI is working on other solutions that can support the functioning of retail stores and also improve the customer experience.
The author is Chairman and CEO of Prism Ai
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