Artificial intelligence (AI) and machine learning capabilities are some of the hottest topics in ecommerce today. Until recently, these technologies have only been implemented by global enterprises, but they’re quickly becoming more accessible to businesses of all sizes. In fact, Gartner predicts that over 80% of all customer interactions will be handled by AI in 2020.
It’s apparent that the future of ecommerce lies with machine learning and AI. But how exactly should business leaders start preparing for this new age of online retail? And what benefits do these technologies bring to the table? These questions and plenty of other concerns were recently addressed in an in-depth report from MIT. Other topics covered in the report include:
The Difference Between AI and Machine Learning
The terms “machine learning” and “AI” are often used interchangeably, but they have slightly different meanings. AI is a general term used to describe the ways that machines can imitate human behaviors to complete certain tasks. For example, chatbots use AI to effectively communicate with customers.
Machine learning, on the other hand, is within a specific branch of AI. Machine learning describes the ability of machines to improve their performance as they experience different situations. One fashion company utilized machine learning in an effort to give customers more relevant suggestions based on their online behaviors.
Benefits of AI and Machine Learning
According to ecommerce experts, AI can have several positive effects on brands and online shoppers alike. Customers can enjoy personalized shopping journeys, relevant product suggestions, and helpful 24/7 digital chat assistants. Meanwhile, retailers can reap the benefits of:
- Increased Conversions.
- Better fraud detection.
- Improved search results.
- Segmented consumer data.
- Automatic price optimization.
- Accurate audience targeting.
Adobe is at the forefront of AI and machine learning with its Adobe Sensei product. What can it do? Adobe breaks into three areas:
Adobe Sensei powers intelligent features in Adobe Creative Cloud, enabling creatives to work faster, with fewer distractions and a greater breadth of creative expression.
Leveraging machine learning and artificial intelligence, Adobe Sensei allows marketers to discover meaning in data and create more effective experiences using Adobe Experience Cloud.
Adobe's deep experience in creating, publishing, transforming, and managing content and documents allows Adobe Sensei to understand the structure and meaning of documents. Adobe Document Cloud features makes this understanding available to everyone.
Numerous Case Studies
Within the MIT research report, experts interviewed multiple business leaders who described themselves as “AI pioneers,” or people who invested in the technology years before it became mainstream. These case studies include businesses in a variety of industries, from fashion brand, Zalando, to Liberty Mutual Insurance, to Samsung SDS.
The report highlights the fact that the full possibilities of AI are still largely unknown, and there are new improvements being made every day. Therefore, it’s important for retailers to invest in AI and machine learning now to get ahead of their competitors and prepare their businesses for the future.
To learn more about the implementation and benefits of AI, you can click here to download the full MIT report for free!