Machine learning has helped recognize the challenges of the consumer market, and retailers use this information to grow their business. Moreover, the introduction of smartphones has enabled online stores to allow users to purchase items with the click of a button!
The first well-known use of machine learning was Amazon recommendations. Simultaneously, Netflix launched movie recommendations to its users, making this technology in demand for many other platforms. Luckily, this futuristic technology isn’t as far-fetched as you might think. Even you can master it by enrolling in the best machine learning course in Bangalore.
Research predicts eCommerce to grow at the rate of around 20% every year, while mobile eCommerce sales are said to grow at an even greater pace. AI holds the future and will manage more than 80% of human traffic.
Use-cases of Machine Learning
- Search – Just as you type a phrase, algorithms match it to the relevant content available on the website. Machine learning has made it possible to reach the requested to cater personalized recommendations as per the customer’s needs
- Retarget Customers – AI technology tracks the amount of time spent searching for a product by their customers. Later, it responds to the next shopping day to highlight the offers and deals with the items searched earlier
- Dynamic Pricing – Airlines were the pioneers to adopt this concept. They followed the simple rule, to raise the prices when demand is high, and decrease them when the demand is low. However, these techniques have positive and negative effects as well. Many customers regret their purchase and stop visiting a site where they see the price drop on their items recently bought
- Demand forecasting – Demand depends on several parameters. One of the best ways to forecast demand is to search for the history of the products, and this is where Machine learning lends its helping hand to boost an e-commerce site
- Voice Search – The importance of implementing language processing has grown using the most popular devices like Alexa and Google Home. More people are inclined towards voice search for their requirement, making it a perfect example for the use-case of machine learning
- Personalization – More than 77% of consumers are believed to choose the recommendations from the website. Personalization affects every aspect of one’s life, and machine learning ranks the search products above with the help of the data, resulting from past experiences of a consumer
- Service Excellence – Another way to attract more traffic to a website is with the help of enhanced customer experience. A high-quality 24 x 7 customer support is what machine learning is made easy. A-I chatbots are capable of basic assistance to the customers, helping them directly to a specific item, thus optimizing the user’s experience
- Product Grouping – AI has also enabled the e-commerce sites to find what products user frequently buy and group them with other products as recommendations
Machine learning has more to its creative applications than what has been discovered already. It has developed over the years and has even more potential to influence the eCommerce industry. It is good to choose from the best machine learning courses in Bangalore and excel in your career in machine learning, as it is the future of business technology.