Artificial intelligence helps at work, suggests your favourite entertainment on platforms like Spotify or Netflix, but it is also entering the world of shopping.
In the United States, one in ten online transactions will be made this year with the help of voice assistants. Shops are also using intelligent algorithms: a virtual assistant answers customer questions in real time and helps them make sound decisions, while AI also personalises offers and protects against fraud. According to forecasts, by 2026 the market for artificial intelligence used in commerce will grow by an average of as much as 33% per year. How will customers benefit?
AI will catch criminals
AI will catch criminals
It is estimated that because of fraud the e-commerce industry could lose as much as $17 billion this year. The problem of fake transactions, which criminals carry out using stolen banking data and by taking over customer accounts, is growing along with the popularity of e-commerce. Shops are increasingly being helped by programmes based on artificial intelligence. Within seconds they analyse hundreds of data points: they monitor each customer's behaviour on the site and assess the risk of fraud. In the case of suspicious transactions, they can, for example, require additional identity verification by email or SMS and send an alert to the relevant employee. This protects not only the shop, but also customers, as it makes it much harder for criminals to use stolen accounts or credit card data.
A private assistant while shopping
A private assistant while shopping
Artificial intelligence in e-commerce: from chatbots to fraud protection
90% of consumers are more willing to use the services of a shop that answers questions immediately. To meet these expectations, customer service departments are increasingly replacing chatbots. Thanks to intelligent algorithms, they understand the context of a conversation, can even detect a customer's irritation and warn shop employees about the need for quick contact and resolution of the problem. A virtual assistant helps search for items based on photos, checks product availability, handles returns and complaints, but also selects a gift for an occasion, proposes discounts, add-ons and products matching a given person's interests, advises on purchases and helps compare offers.
– Personalisation has a positive effect on so-called customer experience. However, this is not about persuading people to buy products they do not need, but about better matching offers or discounts to the needs of a specific person. Intelligent algorithms make it possible to assess customer satisfaction levels and, on that basis, indicate elements of the e-shop that need improving. Both sides benefit: brand loyalty increases, and customers save the time needed to search for products and compare prices – says Luca Mastroianni, Head of International at PrestaShop.
Summary
Artificial intelligence is entering e-commerce on many levels: it supports customers in shopping, personalises offers and protects against fraud, which this year could cost the industry as much as $17 billion. In the US, one in ten online transactions is to be carried out with the help of voice assistants, and chatbots are increasingly effectively replacing service departments.
Expert Luca Mastroianni from PrestaShop stresses that the key is improving customer experience, not purchase manipulation. By 2026, the AI market in commerce is to grow by an average of 33% per year, which opens up new opportunities for both sellers and buyers.
