Ecommerce technology has vastly progressed since amazon. The retail giant started trading online back in the 90s. Artificial intelligence (AI) is one of the most powerful tools for beauty retailers across the web. Brands and retailers rely on its infrastructure to track trends, engage customers, make better business decisions and provide the most personalized customer experience possible. Below are the top five AI trends to shape eCommerce and will affect the beauty and cosmetics industry in 2022 and 2023.
Forward-thinking brands and retailers can significantly improve inventory assortment and supply chain management by studying what products are in high demand but also what items are stuck on the shelves. Data can be collected and classified in real time while customers browse brand websites and other channels. These analytics can give practical insights into critical information. For example, for sales, promotions, and discounts with AI-based machine learning.
With the rise in popularity of online shopping, eCommerce fraud has peaked. This has birthed the creation of cloud-based chargeback correction and AI fraud prevention platforms. These technologies can automatically pick up falsification of addresses and fraudulent orders to finish the transaction and analyze the threat score.
AI can detect patterns that distinguish a fraudulent purchase from an authentic one. Especially ones that can go undetected by humans. With advantages including consistent results, behavior analytics, and real-time data processing, AI-based fraud protection becomes more prevalent in 2023.
Mobile commerce sales are rising. It is projected that the revenue from mobile commerce will surpass £136 billion in the UK by 2024. With this information in mind, we anticipate mobile commerce becoming one of the leading online shopping channels. Especially when customers can seamlessly look for price comparisons, conduct research, and make payments on the go. as such, by optimizing their AI-based mobile efforts, brands and retailers will benefit in 2022.
During the pandemic, there was a shift in consumer behavior where making greener decisions became a top priority. Subsequently, consumers now expect beauty brands to be more responsible regarding how commerce affects the earth. As a result, AI is quickly becoming the technology of choice that beauty brands and retailers use to become more sustainable.
AI enables brands and retailers to stay ahead of the competition through better ways to upsell, cross-sell, and make accurate predictions. For example, a comprehensive AI-based recommendation engine based on live activity can suggest products that relate to each other or complementary items instead of depending on historical data and previous purchases.
According to statistics, 63% of smartphone users buy from brands whose mobile sites offer relevant suggestions. In addition, 49% of consumers have purchased a product they had no intention of buying simply because they received personalized product suggestions. These figures are very encouraging.
It is undeniable – AI is becoming an essential component of eCommerce businesses. We see it developing and enhancing the industry to meet business goals and consumer demands, optimizing and automating your online shopping experience, and concentrating on the essential areas for customers. Such as fraud prevention, mobile shopping, and sustainability, more brands can connect consumers with the right experiences and products.
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