Artificial intelligence (AI) is helping businesses eliminate inefficiencies in their processes by identifying the complex patterns that underlie customer behavior. Clearly, this emerging technology has profound implications for e-commerce providers, and today’s early adopters will become tomorrow’s industry leaders.
Magento is the most used e-commerce CMS on the market, and its evolving use of AI only helps strengthen its leadership. In fact, Magento’s improvements are leading the charge into the future of AI for all industries.
As a Certified Magento Partner, we’ve seen the power of AI in the e-commerce space first-hand, and we can help your company reap the benefits of this technology to gain an edge on the competition.
But first, let’s take a look at how AI is positively impacting Magento:
Needless to say, the search functionality of Magento is of utmost importance. E-commerce stores need a Product Search that quickly returns relevant and desired products. Suppliers and manufacturers need to manage large amounts of data with speed and accuracy. The typical search process uses keywords provided by users to find related products, but artificial intelligence goes a step further. It generates context-based search terms that expand relevant results beyond the standard keyword matching process. If a manufacturer is searching for inventory that contains a particular keyword, they may acquire the majority of appropriate results. But, with AI, a manufacturer can capture the outliers that require a bit of contextual understanding.
Enhanced User-Centric Search
With the help of cognitive computing, AI leverages self-learning algorithms to break down large data sets regarding user behavior. The software then adapts that data accordingly. In an e-commerce setting, digital purchase assistants help locate customers who will best respond to sales of a given product and deliver information to those users when they are most receptive. In addition, users can automate the process without even having to assign any type of schedule or request. And finally, artificial intelligence can predict when a supplier typically starts restocking and inquire about a product, bringing that information to users’ attention in advance.
Financial transactions occur across all industries, and digital transactions are the most prone to fraud. Integrating AI into a financial transaction system greatly reduces this risk. By combining Magento security standards with machine learning, e-commerce platform can reduce false positives and increase accuracy for employees who manually investigate instances of potential fraud. The integration of artificial intelligence results in unprecedented recognition of user buying patterns, reducing the dependency on employees to increase internal efficiencies.
With the incredible benefits of AI and the quickly changing landscape of the manufacturing, distribution, and sales, now is the time to incorporate advanced tech into as many business processes as possible. Including AI in your business strategy is no longer a thing of the future, but a virtual requirement in today’s business landscape across nearly all industries.
With the AI-driven flexibility and power of Magento, companies can uncover powerful opportunities buried in the data. Contact Blue Stingray to learn how advanced analytics can improve your business operations today.