With the advancement in technology and shoppers becoming more than habituated to convenience, eCommerce has become an inseparable part of the 21st-century living. The pandemic has undeniably acted as a catalyst for the eCommerce industry. In India alone, eCommerce is one of the fastest-growing industries, poised to reach USD 111 billion by 2024.
However, with increased competition, keeping up with customers’ evolving needs is the key for eCommerce brands to thrive. But, how do they do it? The answer lies in technology! One example is Conversational AI, which has recently emerged as a powerful tool in the brands’ arsenal. It has garnered attention worldwide because of its engagement capabilities and impressive pace of interaction, which can drive growth for businesses of all sizes. According to IDC, the market for conversational AI will surpass USD 77.6 billion by the end of 2022.
What is conversational AI?
Conversational AI refers to several methods for allowing computers to converse with people. The most common types of conversational AI with which people interact today are chatbots and voice assistants and this technology has become an integral part of our personal and professional lives and brands can leverage them to amplify customer-centric processes. As philosopher Nick Bostrom said, “Machine intelligence is the last invention that humanity will ever need to make.” DQI Bureau | DATAQUEST Mangesh Panditrao. Let’s look at how conversational AI can help eCommerce brands to grow and increase sales.
Help customers with product discovery, and offer personalized shopping experience
Consumers often get lost in the maze of millions of products while looking for the desired product. Virtual Assistants can help customers discover the product they are looking for in a vast catalogue. For example, eBay’s ShopBot walks clients through their products, asks questions to understand their needs, and makes recommendations […]
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