🤖 5 Ways Ecommerce is Going to Leverage AI in 2024
JAN 2024
By Jacob Rokeach
1) 💻 Personalized product recommendations: this is already being used today, but I expect the ML models to get even better and for software vendors that offer personalization to find more ways to leverage 1st and 3rd party data in their algos.
2) 😎 Chatbots and intelligent virtual assistants (IVAs): AI-powered chatbots and IVAs provide instant customer support, answering queries and assisting with purchases.
3) ⛓ Supply chain optimization: AI and ML optimize supply chain management by analyzing data on inventory levels, demand patterns and delivery routes. AI will make these processes simpler, faster, and more precise.
4) 💲 Price optimization and dynamic pricing: AI algorithms analyze market trends, competitor pricing and customer behavior to optimize product pricing. The big players are already doing this in real-time (Amazon, WalMart, etc). When mid-market ecommerce sellers have this capability, it could be a game-changer.
5) 👿 Fraud detection and prevention: ML algorithms analyze transactional data to identify patterns indicative of fraudulent activities. I hope this tech gets even better and we can eliminate more fraud across the industry. It's a huge problem for large and small brands alike.
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