E-commerce business is one of the most promising businesses in the present era. The e-commerce industry has blossomed to 24 million online stores out of which, only 650,000 stores are generating sales of more than $1000 annually. This blooming business has made many of the entrepreneurs reach the zenith of their entrepreneurial success.
Among all those eCommerce businesses there are some which are exceptional and hence they ruling the e-commerce industry.
Here are the top 3 eCommerce companies worldwide -
To the surprise of many of us, there is something common in all three leading E-commerce giants. It is Artificial Intelligence (AI) which is a common part of all three e-commerce companies.
A pinch of AI in E-commerce: The secret recipe of success
The eCommerce giants mentioned above are ahead of their competitors because they have revealed the secret and used it in their business. AI is present in most of the industries today and eCommerce is not exceptional. AI helps eCommerce by adding a personal touch to the way shoppers shop on any particular website. AI in eCommerce is enhancing the entire buy-sell experience for both buyers and sellers on the go.
Let’s learn how the top three eCommerce giants have implemented the power of AI in their eCommerce business.
Top Three E-commerce companies that leverage the power of AI
Alibaba, the China-based eCommerce giant has been using AI in different aspects of the business for more than a decade. Jack Ma, the CEO and founder of Alibaba not only implements AI in the business but also invests in the R&D of AI. Alibaba has invested in seven research labs that will focus on artificial intelligence, machine learning, network security, natural language processing and more.
On the website of Alibaba, AI-powered algorithm backed by deep learning and natural language processing helps customers with recommended products. The AI algorithms also communicate with retailers to increase inventory so that demands can be fulfilled without delay.
Alibaba also has an AI-powered chatbot which they call Dian Xiaomi, can understand more than 90 percent of customer’s queries and serves more than 3.5 million users a day.
Amazon, the next leading eCommerce company of the world is also leveraging the power of AI and its subset Machine Learning in different ways. Amazon is using the combination of Collaborative Filtering and Next-in-Sequence models to make predictions on goods an individual consumer may need next. A huge customer behavior data is possessed by Amazon which makes AI predict the next purchase of a particular customer.
Amazon uses AI for logistics and delivery of products too. AI in the logistic department of Amazon helps it with delivery arrival times, making other adjustments for accuracy efficiency and so on.
Above all, Amazon's unique and one of the bestselling products, Alexa, is a digital assistant and it uses Natural Language Processing (NLP) which is a subset of AI.
Walmart has a huge number of physical stores along with online presence. Walmart has 10,900 stores and 10 websites all over the world and there are nearly 245 million customers every day. Walmart collects and saves all those customer data to use in the future. Every hour, Walmart collects 2.5 petabytes of unstructured data. This retail giant uses AI and Big Data to analyze this huge quantity of data. The data has been analyzed with AI to understand customer's shopping patterns, products trending on social media, best sales seasons and so on.
Walmart also uses AI in the security department of the stores. Walmart uses face recognition ability of AI to detect theft by using AI-enabled security cameras in checkouts of the stores.
Following the Footprints: AI for E-commerce
The industry leaders of eCommerce have already lightened the path which has already been followed by thousands of eCommerce firms. The opportunities come in abundance when eCommerce firms start using AI in their businesses of any size. AI can help businesses at every step of the sales funnel starting from recommending products for customers to handling follow-ups that happens post purchasing.
Beyond sales, AI can enhance the functionality of CRM, can help the Human Resource department of the company, can be a part of the security system and many more.
Enhanced E-commerce: interface becomes your partner
If you are an eCommerce and thinking about how to leverage AI in your business, then you are in the right place. We at interface create platforms for AI assistants that can be a great fit for your eCommerce firm. Our Intelligent Virtual Assistants (IVAs) helps eCommerce firms in all 7 steps of the customer journey on any typical eCommerce website. Click here to know more about how IVAs can help in eCommerce. You can also experience the functionalities of IVAs in eCommerce domain with a demo.