Artificial intelligence (AI) and machine learning (ML) are two of the most powerful and disruptive technologies that are transforming the world of digital commerce. According to a report by Juniper Research, global spending on AI in retail will reach $12 billion by 2024, up from $3.6 billion in 2020. AI and ML can help digital commerce businesses improve their operations, customer experience, and growth, by enabling data-driven automation, personalization, and innovation.
In this blog post, we will explore how to use AI and ML to enhance your digital commerce strategy, and how SkillNet, a certified partner of leading digital commerce platforms, can help you implement and integrate AI and ML solutions to create seamless and engaging customer experiences.
How AI and ML can enhance your digital commerce strategy
AI and ML can enhance your digital commerce strategy in various ways, such as:
- Product optimization: AI and ML can help you optimize your product catalog, pricing, and promotions, by analyzing factors such as demand, supply, competition, and seasonality. You can use AI and ML to identify the best-selling products, categories, and brands, as well as the optimal price points, discounts, and bundles. You can also use AI and ML to create personalized product recommendations, using AI-powered algorithms and machine learning models.
- Customer optimization: AI and ML can help you optimize your customer experience, by analyzing factors such as customer behavior, feedback, and loyalty. You can use AI and ML to understand your customer journey, pain points, and satisfaction levels, as well as to segment your customers based on their demographics, preferences, and purchase history. You can also use AI and ML to create customer engagement, such as personalized marketing campaigns, offers, and loyalty programs, to attract and retain your customers.
- Operational optimization: AI and ML can help you optimize your digital commerce operations, by analyzing factors such as order management, fulfillment, and returns. You can use AI and ML to streamline your order processes, track and manage your inventory and shipments, and handle your returns and refunds. You can also use AI and ML to monitor and improve your digital commerce performance, such as traffic, conversion, revenue, and profitability.
- Innovation and differentiation: AI and ML can help you innovate and differentiate your digital commerce business, by enabling you to leverage new and emerging technologies, such as generative AI, computer vision, natural language processing, and data mining. You can use AI and ML to create and launch new products, services, and features, such as visual search, voice assistants, chatbots, and social commerce, to enhance your customer experience and stand out from the competition.
How SkillNet can help you leverage AI and ML for your digital commerce business
SkillNet is a certified partner of leading digital commerce platforms, such as Oracle, SAP, AWS, and Contentful. SkillNet has over 25 years of experience in delivering omnichannel and digital commerce solutions for enterprises across various industries. SkillNet can help you leverage AI and ML for your digital commerce business, by offering the following services:
- AI and ML consulting: SkillNet can help you design and architect your AI and ML strategy, using best practices and proven methodologies. SkillNet can also help you choose the right AI and ML platform, tools, and frameworks, for your digital commerce business, such as Google Analytics, Adobe Analytics, or IBM Watson.
- AI and ML implementation: SkillNet can help you implement and deploy your AI and ML solutions, using various technologies, such as cloud, AI, and machine learning. SkillNet can also help you customize and integrate your AI and ML solutions with your digital commerce platform, as well as other solutions, such as ERP, CRM, or marketing automation.
- AI and ML support and optimization: SkillNet can help you support and maintain your AI and ML solutions, using a dedicated and global team of AI and ML experts. SkillNet can also help you monitor and improve your AI and ML solutions, using various tools and services, such as dashboards, reports, alerts, and recommendations.
SkillNet has successfully partnered with several digital commerce clients, such as WaFd Bank, State Auto, and Oracle Retail, to deliver solutions that improve customer experience, increase operational efficiency, and drive business growth.