Artificial Intelligence (AI) is touching many facets of our everyday life, and we are relying on AI more and more with every passing day, without even realizing it. From Virtual assistants like Google Assistant, Amazon Alexa and Siri in the smartphones to Smart Home devices, Smart Cars and more, AI is changing the old practices way faster than we can imagine.
Artificial Intelligence helps eCommerce companies to understand the end user’s behavioral patterns, automatically analyze the data through AI programs and create meaningful solutions to achieve users goals without any or much human intervention. The Magento community also has a vital role in reshaping the eCommerce industry along with AI. The favorite AI tools like Alexa, Cortana & Watson are rolling out a wide range of opportunities, which will revolutionize eCommerce stores.
Today, around 19% of top 1 million eCommerce stores on the Alexa rank are powered by Magento. With such a vast market share, Magento is the buzzword for developers creating Artificially Intelligent online shopping solutions. Magento users can use a plethora of AI-driven tools & extensions to set up a more personal eCommerce experience for users.
Let’s have a look at how AI is transforming the Magento eCommerce
Purchase assistance is the groundbreaking implementation of AI in Magento to target the right messages for the right users at the right time. It is next to impossible for a human being to manage and offer personal suggestions to even a few customers based on their purchase preferences and historical data. However, AI programs with Machine learning & cognitive computing rely on self-learning algorithms for deconstructing BigData of millions of customers and creating targeted user experiences.
Product Search functionality is the most integral part of an eCommerce store. It is the first thing a customer looks for after landing to your online store for any specific product. Magento features an array of impressive search extensions, but the effectiveness of AI-powered searches is unbeatable. The AI-based search will look for the search context rather than relying only on the keywords. It utilizes the NLP (Natural Language Process) capabilities to compute words and generate more relevant search results.
Fraud Detection & Prevention
eCommerce is the catalyzing factor for the revolutionary development of the retail industry. However, new business lines bring new risk vectors and fraud via remote channels, desktop, mobile, social commerce and more is up to 7 times more difficult to prevent than an in-person fraud. The combination of the Magento’s security standards and machine learning can address multiple business challenges, which are otherwise time-consuming and expensive.
Machine learning and Neural networks’ ability to build experiential data allows AI Bots to offer round the clock customer support solutions, which are not only cost-effective but also resolves issues faster than the human brain.
eCommerce giants like eBay, Amazon, and Alibaba are leveraging Artificial Intelligence, and this is the right time to adapt AI technology for amplifying your Magento driven eCommerce business. AI for Magento services will help you stay a step ahead of your competitors. The investments in AI startups and the future of Magento both are at their all-time high.