Future-Proof: Your E-Commerce Market Place Will Be Machine Learning

0

Ecomerse market Place

As an entrepreneur with a Digital Marketing Agency, I can’t imagine starting a business without making use of the internet. Perhaps, the internet is one of the most valuable tools for any brick-and-motor business. But, being online is sufficient for these days? Well, no. Customers don’t like to find you online, they want to be able to interact and conduct business on their own time and terms. That’s where e-commerce comes into play.

To be precise, the retail & e-commerce landscape is shifting dramatically. Whether buying a product or making a reservation online, the world of e-commerce is getting more and more advanced. Among all, a fully-functioning, high performing and accurate website is critical to you and your business. Errors on your marketing and e-commerce sites put your brand, revenue, and customer loyalty at risk. To avoid this, you can undergo Selenium, Jmeter and QTP Training in Chennai.

Why E-Commerce is growing Year-by-Year

According to the current retail status, 51% of Americans prefer online shopping and e-commerce is growing by 23% year-over-year. As a result, e-commerce is expected to change at a faster rate as brands embrace the power of voice search and Omni-platform/Omni-device options. Further, voice assistants are already being used to make purchases by 40% of millennials, maybe the number expected to reach 50% by 2020.

This digital transformation will continue to grow, as more consumers integrate digital devices into their shopping habits. So, the retail & e-commerce landscape is shifting dramatically. With this real-time retail disruption, it was the time to poll your industry into the E-commerce landscape. So, this post talks about several facts where machine learning can help in redefining future of e-commerce sector at a faster rate.

Future of E-Commerce Sector in Machine Learning

Better Customer Segmentation

To maximize your e-commerce store sale, creating customer segment is very crucial part. In most cases, the customer segmentation analysis is judged based on age, gender, demographics and more. In future, machine learning can help e-commerce marketplace to uncover new customer segments with similar sort of behavior.

Real-time Solution to Customer Queries

Answering queries from buyers and sellers in real-time require an e-commerce marketplace to hire a team which can provide support 24*7 around the clock. Machine learning and Artificial Intelligence-based solutions, such as chatbots, can prove to be a good return on investment as they can answer the questions of buyers and sellers quickly and easily.

Some of the examples of machine learning driven smart assistants include Apple’s Siri, Google Assistant, and Amazon Echo.

Smart Recommendations

Either big or small e-commerce portals are using product recommendations based on search and buying history. Major companies like Amazon and Google are pushing the limit of machine learning to know about the product recommendations which list out the most relevant product for its customers, and it is personalized for each user.

Demand Estimation

Why spend hours reviewing monthly, quarterly and yearly sales to estimate the growing demand? Getting the right demand estimates is important for an e-commerce business as it is important to know if your marketplace has a limited amount of stock or in bulk. In both cases, the owner suffers a financial loss. Machine learning can be used for easy delivery route optimization, the grouping of orders, warehouse space optimization, and many more.

Fraud Pattern Analysis

E-commerce marketplaces get spam orders across the board and are also prone to some of the online frauds. No technology is completely secure and this is why it is important to take several preventive measures. Machine learning technique can be used to fight online fraud.

With machine learning, the algorithms can learn from the knowledge base as well as observe patterns to figure out the probability of a fraud. Since machine learning involves constant learning, the algorithms can be programmed to easily optimize its accuracy.

Wrapping up

High-growth businesses need to watch who’s emerging, track who’s loved, and research how to be successful in both business and life. To capitalize on this trend, in particular, companies must also focus on optimizing them in-store experiences in conjunction with their e-commerce expressions. Get QTP training in Velachery and turn your e-commerce business, brand, revenue and customer loyalty to a greater extent.

Leave A Reply

Your email address will not be published.

Skip to toolbar