The e-commerce industry is undeniably one of the fastest growing industries in the world. It has completely transformed the way businesses used to promote and sell their products and services. with the technology advancements, this sector is becoming more powerful and if we focus on platforms that have contributed to making it more powerful, Magento comes first in the mind. Magento is one of the most popular platforms that deliver a large number of benefits to businesses due to which, the enterprises are increasingly contacting Magento development companies for building their applications or store based on this platforms.
About Magento Commerce
Magento Commerce is the leading provider of cloud commerce innovation to merchants and brands across B2C and B2B industries, with more than $155 billion in gross merchandise volume transacted on the platform annually. In addition to its flagship digital commerce platform, Magento Commerce boasts a strong portfolio of cloud-based omnichannel solutions that empower merchants to successfully integrate digital and physical shopping experiences. Magento Commerce is the #1 provider to the Internet Retailer Top 1000, the B2B 300 and the Top 500 Guides for Europe and Latin America. Magento Commerce is supported by a vast global network of solution and technology partners, a highly active global developer community and the largest eCommerce marketplace for extensions available for download on the Magento Marketplace.
The Magento is a powerful platform packed with multiple robust features. But, have you ever wondered what changes it can bring into the E-comm industry when paired with Artificial Intelligence? The Magento has long been a buzzword for the developers, looking for the ways to create AI-based E-comm solutions. And, in order to support the Artificial Intelligent E-comm solutions, we would like you to go through the ways AI will power up the Magento. Let’s get started.
Targeted Consumer Experience
One of the revolutionary implementations of the AI in Magento is the purchase/virtual assistants. These assistants are capable enough to target the right users, with conveying the right message at the right time (a perfect combination of task-right thing at right time delivered). This thing will be quite next to impossible for the human being if they asked to manage and deliver personal advice to even a handful of the users on the basis of their historical and behavioral data.
Though, the AI programs that are powered by ML and cognitive computing can rely on the self-learning algorithms for deconstructing the Bigdata of customers and creating targeted user experience. That is the reason they are ruling out any human-bias error and, multiple e-commerce app development companies are increasingly adopting them for the betterment of their business.
The most integral part of an e-commerce store is considered to be the Product Search functionality. And, the AI-based search will look out for the context of the search instead of relying on the keywords. By using the abilities of Natural Language Process (NLP) to compute words, the AI based searches will be producing more related search results as they will generate the outcomes on the basis of context. This is the reason, e-commerce app development companies have already started to invest in this field.
The most useful feature of any smartphone in this era is Camera. Even a budget smartphone allows customers to take pictures anywhere and anytime. And, AI will exploit this ability for e-comm users. It will enable the users to click pictures and search for the same product or thing instantly. The Google Assistant is already capable of determining the person, animal or product in the image and it will be great when we will be seeing the similar capabilities in the e-store for the product searches.
The virtual assistants keep the potentials of analyzing and monitoring the e-comm store for the upcoming deals/offers, changes in the price and even the launch of a new product. Furthermore, they will also be able in adding the products to the cart and performing the checkout the procedure on the behalf of you if you have shown interest in a product of the provided instructions to your virtual assistant powered by AI.
Fraud Detection & Prevention
However, the e-comm has proven to be ground-breaking development for the retail businesses in order to expand their reach but, there are two major blemishes with this and, that are online fraud and theft. And, it can be solved by combining the Magento’s security with ML. Multiple business challenges that are time-consuming and expensive can be addressed easily. Some of those challenges are:
Minimizing the manual review queues via reiterating machine models.Easy adoption of the new business lines by utilizing the experiential data Augmented human decision making along with the enhanced precision Minimizing the false positives with the behavior analysis.
Along with the above-mentioned benefits, the ML ability for developing the experiential data utilizing the Neural networks enables the Artificial Intelligence Bots to deliver an effective and robust 24/7 customer support, which is not only affordable but also is capable in solving issues much faster than a human.
These were the ways artificial intelligence will empower the Magento. AI with this powerful e-comm platform will surely open lots of opportunities for the e-commerce sector that will take it to the next level of growth and success. Multiple tech giants have already started adopting this technology to power up their business and, if you too want to leverage the benefits of Magento and Artificial intelligence, get connected with Magento Store, one of the leading companies, offering a wide range of the development, migration, maintenance and support services. The company also offers Magento developers for hire on the part-time/full-time basis. For more related details, keep visiting our blog section.