AI is changing the eCommerce and retail industries. Everyone is affected. From small businesses to industry giants, artificial intelligence is reshaping business. With 1.8 billion users of digital assistants and a high growth rate of revenue, AI is taking up more than 12 percent of the global retail market.
Industry leaders claim the fundamental nature of AI for eCommerce. And they claim that Ai is helping the consumer and the business side of retail. At the moment 80% of marketers have used AI, but only 15% were able to create value with it. That results in 33% of marketing leads not being followed up by sales teams.
Artificial intelligence could be overwhelming with the broad spectrum it could be applied. The most promising aspect is the creation of a very personalized shopping experience. Further, AI could support smarter business decisions, as it has access to lots of data and advanced reasoning capabilities.
The new technologies used to create value are voice assistants, customer-centric visual search, chatbots, sales forecasting, and retargeting potential customers with AI. These tools could be applied all sized enterprises on different levels. Especially the brick and mortar businesses could also benefit from the new AI tools to change their business.