What is artificial intelligence and how can it be applied to your business?

What is artificial intelligence and how can it be applied to your business?

12/02/2020 - Artificial Intelligence

Artificial intelligence is the future for many of the processes being carried out in companies of every kind. However, in digital businesses, its implementation can already be felt, both in procedural improvements as well as in online price optimisation. We’ll tell you about the opportunities you have to incorporate artificial intelligence into your online business

What is artificial intelligence?

Artificial intelligence (AI) is the field that aims to derive human capabilities from computer applications based on logical reasoning systems. This, when applied in the business world, has undoubtedly opened the door to training systems and machinery for new production challenges and functions.

Within the framework of digitalisation, artificial intelligence already represents a support point to facilitate the generation of processes, automation, and even the production of clearly human elements, like website content.

We can, for example, find examples of artificial intelligence on travel websites that plan itineraries, on eCommerce websites that autogenerate product sheets, and on websites that allow users to try on clothing or makeup virtually, among others. All of these elements make up artificial intelligence in one way or another.

Artificial intelligence

How to implement artificial intelligence in an eCommerce business

If you’re willing to try using artificial intelligence in your eCommerce business, you should know that there are different points where you can pivot its implementation. So, you can decide whether to apply it in your catalogue or to improve your relationship with your customers. 

Here are some examples of what you can do:

  1. Optimise your logistics structure with the best control over the stock in your catalogue and warehouse. Thanks to the collaboration of AI with other techniques like machine learning and big data, you’ll be able to implement the algorithms you need to always remain in the best situation in terms of production, your competitors, and the current demand.
  2. Offer a better user experience thanks to the possibility of incorporating online chats, online customer service with automatic responses… Offering user support has never been so practical and direct.
  3. Create new pricing strategies using automated decision making when faced with parametrised events, such as the predicting of peaks in demand, a generalised drop in competitor prices… Price management software, for example, uses artificial intelligence to execute the dynamic pricing modifications stipulated by each eCommerce manager.
  4. Enhance your marketing funnel and communication activities with automated responses and the construction of decision trees. These will allow you to give your users and potential customers the messages that they expect, from the most basic newsletter to a selection of recommended products that really suits their needs and tastes.

The most accessible way to incorporate artificial intelligence into your business is through the many different types of software and tools and you can find on the market, thanks to which you can give a new twist to the performance of your eCommerce business.

Category: Artificial Intelligence

Tags: competition, ecommerce, pricing

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Angela
Angela de la Vieja
Content Manager

The first dynamic pricing solution designed by and for retailers