The stay at home orders with the outbreak of Coronavirus has shifted customer behaviors across the globe. People are staying at home and avoiding public places to stay protected from this deadly virus. This has resulted in the growth of the eCommerce industry. Well, eCommerce was present earlier as well but in the current situation, it’s the only option. Many business organizations have made the shift to online selling to stay competitive and survive in the market. Several platforms are available for store creation but Magento development is the most preferred choice for users. The features offered by this powerful CMS are incredible and engaging. Those that already had online selling platforms saw a significant rise in traffic – almost 30%.
The eCommerce industry has always boosted economic growth, and it has gained importance during these calamity times. Brands both large and small are making digital investments to ensure that end-users get proper & continuous services without any trouble.
Magento has recently announced AI integration with its Magento Commerce for user benefits. Let’s discuss some important facts about Artificial Intelligence in detail for better understanding.
What Is Artificial Intelligence (AI)?
Artificial Intelligence (AI) has become highly popular in the last few years and this is not a strange concept to the Magento website design industry. AI is the machine’s ability to analyze large amounts of data and react like humans to perform different activities.
AI can appear in multiple forms, which have numerous common things in common:
• Analyze the user behaviors
• Study collected data automatically
• Offer solutions based on what is learned
• No human intervention
How Is Artificial Intelligence Integrated with Magento E-commerce Stores?
AI is already part of some popular applications like Siri and Google Assistant transforming our daily lives. Apart from that, there are plenty of AI applications in the online selling industry and in Magento development in particular. Many professionals feel that in the near future AI will make a great contribution to the online shopping habits of users.
Let’s discover some potential AI applications in Magento websites:
1. Make product search more powerful
Undoubtedly, product search is an important functionality in a Magento e-commerce store. Traditionally, Magento websites generate search results based on the keywords. If the system is unable to find a match, no results appear. Thus, after applying AI, additional benefits can be availed like:
• Replace keyword search by context-based search
• Keyword search has limitations that can be addressed by context-based search
• Visual search for improved searching experience
2. Purchase assistant for customers
The purchasing assistant is not that popular but is highly promising. The purpose of developing a purchasing assistant is to study the changes in the product quantity, price or new product added in the Magento stores. As a result, buyers get better deals that they desire to get without making any efforts.
3. Secure from fraudulent transactions
You have to hire Magento developers to build a secure infrastructure, there are still many threats of online fraud. Luckily, AI can be integrated to minimize fraudulent attacks. More particularly, it can identify suspicious transactions based on regular payment patterns. Magento stores can prevent financial data as well as customer information from being stolen.
4. Chatbot for professional support
For eCommerce stores, it’s important to provide buyers important information as fast as possible. If buyers have to wait for so long for answers, there is a high possibility that they will no longer want to buy the product. AI will help to overcome such issues by giving a modern application named “Chatbot”. This software application can serve multiple users without any delay and round-the-clock.
Recently, Magento has released ‘Product Recommendations’ powered by Adobe Sensei a sort of AI technology. Store owners can deploy intelligent product recommendations into their storefronts to help buyers discover relevant products while making a purchase. It also helps in creating engagement, conversation and thus drives more revenue.
Benefits of the Product Recommendations Program:
• Auto-distributed page tagging and catalog sync: The Magento storefronts are by default tagged with no need for coding. The product catalog is by default synced to a dedicated cloud service to ease the processing from their Magento server.
• AI-Driven Retail Experience: This AI technology automatically analyzes shopper behavior through several machine learning algorithms, reducing the manual effort required to manage the product.
• Multiple recommendation types: Store owners can select from different recommendations and place them across their stores. This includes Trending, Viewed-Viewed, Viewed-Bought, Most Purchased, More Like This, and Recommended For You.
• Embedded Merchant Experience: It enables an integrated UI and allows you to create, manage and deploy product recommendations straight from Magento Admin. It also helps to be on the top of different metrics like impressions, views, clicks, and revenue.
• Streamlined user flow: The whole process is streamlined and eases the creation of product recommendations into well-defined steps.
Frequently Asked Questions
1. How is AI used in Magento eCommerce?
Today, AI is helping companies to sense, predict, and automate. The opportunities for capitalizing on AI in eCommerce are vast. Several companies that are successfully implementing AI are using it to improve their store functionality and generate revenue.
2. How is machine learning used in eCommerce?
• Segmentation, Personalization, & Targeting
• Pricing Optimization
• Fraud Protection
• Search Ranking
• Product Recommendations
• Customer Support & Self Service
• Supply & Demand Prediction
3. How can Artificial intelligence improve Magento eCommerce?
AI can analyze large volumes of data quickly and efficiently. With Magento e-commerce, it can look at the user’s preferences, browsing history, purchase history, and several other metrics. This way, e-commerce sites have prior knowledge regarding what the customer actually needs and helping with their sales. AI implemented E-commerce websites always have high conversion rates.
Wrapping Up
All things considered, AI is an awesome means for Magento selling stores to bring a sort of personalized shopping experience to shoppers, to improve customer service, to easily analyze large volumes of data. Magento Marketplace has a considerable number of eCommerce extensions and API to boost store business growth, and this trend will bloom in the near future.
