The Future of AI, Retail and ROI
Soon, personalized online experiences powered by artificial intelligence will be the expectation. After all, AI enables an ecommerce website to recommend products uniquely suited to shoppers and enables people to search for products using conversational language or images, as though they were interacting with a person.
This has been one of the key missing ingredients for a larger ecommerce revenue share within the retail industry: lack of the personalization brick-and-mortars can offer.
In that same vein, other opportunities emerging include using AI to personalize the customer journey.
This alone could be a huge value-add to online retailers.
Retailers that have implemented personalization strategies see sales gains of 6-10%, a rate two to three times faster than other retailers, according to a report by Boston Consulting Group (BCG).
It could also boost profitability rates by 59% in the wholesale and retail industries by 2035, according to Accenture.
With AI, there are many opportunities, but what does it all mean? And where do you start?
That’s what we’ll cover here, including:
- How to solve for AI skill set gap.
- The economic benefits of AI and how long they take to be realized.
- The use cases of AI in ecommerce.
- How data collection can help you build the best AI testing environments for success.
- How you can begin to build an AI culture and muscle within your organization.
- The building blocks of an AI center of excellence.
Embracing AI for ecommerce is no longer a feat of Amazon’s unparalleled resources.
In 2016, artificial intelligence was democratized as cloud-based microservices and made available for fractions of a penny per transaction.
The same disruptive forces powering Amazon, Google, Facebook, and Netflix is now democratized.
Right now, many businesses are getting ahead. Most, however, don’t know where or how to start.
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