By Shreeram Iyer
Visual AI in Shopping Platforms
In any kind of business, customers always play a key role as product sales and services depend completely on them. No customers mean no business and hence no growth or presence. Thus, any industry needs to provide the best services to its customers to fulfil their needs. E-commerce in one such industry that thrives due to its customers and would have no purpose if there was no consumer to utilize it. As advanced as shopping has gotten, having even moved onto a digital space, e-commerce still has potential for improvement to its working process and convenience that it offers.
This can be achieved with the help of artificial intelligence-based technologies. Artificial Intelligence allows online retailers to deliver an optimized customer experience from the comfort of their homes, by collecting customer data which enables any retail company to make crucial business decisions and accurately predict future demands.
How Visual AI Can Transform E-Commerce
One of the main advantages of AI in ecommerce is the ability to perform many tasks a human would normally carry out—only better and much faster. Whether sifting through large amounts of data, identifying images, or finding discrepancies in systems and processes, AI will usually beat its human counterpart in speed and accuracy. Retailers today frequently utilize AI-based technologies to predict shopping patterns based on consumer data which in turn helps retailers maximize their store’s offerings.
Prisma AI itself is ideating with research into technologies that can bolster the efficacy and reliability of online shopping. Having already developed a facial recognition-based payment authentication system, Prisma AI has reinforced the safety and reliability of online transactions as they would now require facial authentication before any payment is authorized.
AI can play a significant role in improving online performance on shopping platforms. Here are some more ways in which Prisma AI believes better online performance on shopping platforms can be achieved:
- Personalization: AI can analyze user data, such as browsing history, search queries, and purchase history, to provide personalized recommendations to users. This can help improve the user experience, increase engagement, and drive 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 more easily and quickly and increase sales.
- Fraud Detection: AI can use machine learning algorithms to detect fraudulent activities on the platform, such as 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, helping retailers to stay competitive and increase profits.
- Voice Commerce: AI-powered voice assistants like Amazon’s Alexa and Google Assistant can be used to order products using voice commands, improving the convenience of online shopping.
Future of AI in E-Commerce
Implementing Artificial Intelligence in e-commerce business will assist in making data-driven strategic choices and scale businesses way faster than thought officially possible. AI is essentially the newest trend that helps retail companies to improve customer experience, streamline business functioning and much more. E-commerce websites can implement these techniques to provide the best possible experience to their customers.
Retail providers can make better use of the business and customer data to set up a better plan.
Artificial intelligence in E-commerce is playing a leading role in driving innovative solutions and customer experiences. Prisma AI is also working on additional solutions at the same time, which can assist the functioning of retail outlets and improve customer experiences as well.
The author is chairman and CEO, Prism Ai