Simply adding an autocomplete feature to the search bar has been shown to increase sales by 24% in online retail stores.
Intelligent product recommendations make customers three times more likely to buy. That is why all of the most successful online retailers will offer recommendations on their sites.
Take the case of the small wine startup in New Zealand, Fine Wine Delivery. Shopping for wine and other spirits is notoriously difficult and that makes selling it challenging.
Their customers didn’t know what they wanted and had no idea how to know what type of products they might like. AI made it easy. Using IBM's Watson artificial intelligence, they’ve transformed the shopping experience.
Using their smart search bar customers can search for wine without being an expert. They can simply say they like dark and spicy wine and have a budget of $25. They can browse fresh and floral gins that are popular. Customers with specific questions can talk to the virtual assistant, Jeff.
On top of increasing sales, these kinds of AI can save money. By looking at sales data and seasonal trends, AI can find trends and make predictions. This makes managing inventory easy and saves an incredible number of staff hours.
Knowing what customers are going to buy lowers inventory costs by 10% or more for the average business by preventing overstock.
Whether you need a therapist or are trying to improve your brand’s customer service, the future is in artificial intelligence. Understanding the power of AI is the key to success in countless areas of life and business.
It’s essential to have a basic grasp on the layers of machine learning and deep learning that are creating the future of the world.
Following trends or, better yet, getting ahead of the curve on the latest AI technology is a powerful asset in every sector.
Read the whole AI research on our website! 🙌
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