Artificial Intelligence – or AI – is the development of computer systems able to perform tasks normally requiring human intelligence, such as visual perception, speech recognition or decision making. Over the past few years, there have been great strides in this area of science and some businesses are already making use of the capabilities it has to offer. Utilising Artificial Intelligence can help your business’s website to accommodate to more of your customers needs, without them having to wait long times to get replies from real employees. Below, I will highlight some key reasons why it may beneficial for you to integrate AI within your business, as well as where the future in AI lies.
You may not think it, but recommendations are a form of artificial intelligence. Websites take into account things you have previously searched on their site so that next time you are on it, recommendations for products similar to the ones you searched for appear. Implementing recommendations within your website increases the likelihood of consumers buying products from you.
Having chatbots on your website can be crucial to creating a seamless experience. If a customer has a query about one of your products, it can message a chatbot that will be able to cater to their needs. However, if they are not satisfied with the response received, there should be an option for them to connect to a real life human employee.
One way companies increase their profit margins is by utilising dynamic pricing. Dynamic pricing is the practice of pricing items at a level determined by a particular customer’s perceived ability to pay. Being able to implement this within your company to change the pricing of a product based on its demand is a sure way to increase the profits your company receives for popular products, as well as help you sell products which previously had not sold well.
Scientists are set to make big strides within the area of Artificial Intelligence in the near future. In the future, Artificial Intelligent bots could be installed into your stores to help customers find products or help with queries. This would obviously save your business money as you would need less employees to do these kind of tasks. However, your business cannot rely solely on AI: Consumers also need the emotions real human shop assistants provide (something AI cannot show), as it makes your business seems more trustworthy and genuine.
The robots are coming, but not to take over the world. Utilising Artificial Intelligence within your business can greatly benefit you. It can allow you to increase your profit margins, as well as help your customers out with queries. It has endless possibilities, and you would be a fool not to use it for yourself.