- Artificial Intelligence is not a futuristic technology anymore.
- Advanced technologies such as Machine Learning, and Artificial Intelligence are changing the game.
- Machine learning helps e-commerce giants secure their crucial data by simplifying it into small chunks.
E-commerce has always been an industry disruptor. Technology has become more sophisticated than ever when we talk about Artificial Intelligence or Machine Learning. Every business is now able to perform plenty of things with advanced systems that were once only possible for humans to achieve. They are helping organizations to function properly and make better decisions than ever before.
The constant evolution in technology has made the field of play extremely interesting to watch. Therefore, advanced technologies such as Machine Learning (ML) and Artificial Intelligence (AI) are changing the scenario of the game.
Artificial Intelligence is not a futuristic technology anymore. Instead, it has taken its place in many industries. Machine learning is a subset of artificial intelligence and a study of algorithms that enables software to think and behave like humans without the need for coding.
Almost every industry today, including e-learning, real estate, shopping is leveraging machine learning to solve real-time problems, moving beyond customer segmentation. The COVID-19 pandemic has propelled this development for many organizations as well.
As per the report by Servion Global Solution, 95% of all customer interactions will be controlled by AI-driven technologies by 2025.
Machine learning is helping every software development company take the customer experience to the next level. The advanced technology helps them generate greater revenue in ways that they never could have achieved before. There are many ways in which the potential of machine learning can be unleashed for e-commerce businesses.
However, here are some facts that enlighten you with the current state of the e-commerce industry and how machine learning is impacting it:
-As per the report, the revenue from retail e-commerce sales worldwide is expected to reach $6.45 trillion by 2022. This means e-commerce will grow at a rate of 20% every year.
-Mobile e-commerce is growing rapidly. Therefore, 70% of total e-commerce traffic will be generated by mobile devices.
-As per the study by Gartner, by 2020, AI will manage more than 80% of all customer interactions and will generate over $120 billion in revenue.
Machine Learning: The Future of E-Commerce Business
Before we proceed further, it’s important to understand the difference between Artificial Intelligence and Machine Learning. Read more here