Brands struggle to stand out and connect with their target customers as the e-commerce industry becomes more competitive. In this blog, we’ll look at how current ecommerce platforms fall short of brands’ objectives for product discovery. We will discuss how personalized experiences and AI-powered recommendation engines may improve the buying experience.
What Is an Ecommerce Platform?
An ecommerce platform is a digital infrastructure companies use to create and operate online storefronts. They offer the functionality and resources needed to build product catalogs, control inventories, handle payments, and facilitate client interactions.
How To Choose the Best Ecommerce Platform?
When choosing an ecommerce platform, brands must consider several aspects, including scalability, usability, customization possibilities, integration potential, and security. They demand a platform that fits their unique business needs and offers an intuitive user interface for customers and administrators.
Top 5 Ecommerce Platforms in 2023
1. Shopify: A popular option for small and medium-sized enterprises is Shopify, renowned for its ease of use and adaptability. It provides many themes, plugins, and applications to improve functionality.
2. WooCommerce: Initially built as a WordPress plugin, WooCommerce is a platform that offers scalability and versatility, making it a great option for companies of all sizes. It provides a wide range of customization options and a sizable support community.
3. Magento: This advanced feature-rich, scalable platform is built for enterprise-level organizations. It offers strong management features for handling big catalogs, intricate product versions, and smooth integrations.
4. BigCommerce: With a focus on performance and scalability, BigCommerce is appropriate for companies experiencing significant expansion. It provides many integrated features, customization choices, and built-in functions.
5. Salesforce Commerce Cloud: Enterprise-level firms use Salesforce Commerce Cloud, which is renowned for its dependability at scale. It offers sophisticated personalization, integration abilities, and AI-driven customization.
The Missing Pieces for Brands on Ecommerce Platforms
Ecommerce platforms frequently fall short in the following areas:
a. Recommendation Systems:
Basic recommendation features available on many ecommerce platforms frequently rely on basic algorithms that fall short of making precise and individualized recommendations. To provide relevant product recommendations, brands want AI-powered recommendation systems to examine consumer behavior, preferences, and purchase history.
Recommendation systems have the power to find hidden patterns and connections in data that are not easily noticeable to human analysts. They can spot chances for upselling and cross-selling, suggest complementary goods, and even forecast future purchasing patterns. By machine learning recommendation systems, businesses can provide customers with a personalized purchasing experience that goes above and beyond their expectations and encourage loyalty.
Although some ecommerce systems include built-in recommendation tools, there is a big difference between these simple recommendations and AI-powered recommendations. In-built recommendations usually rely on basic algorithms that provide recommendations based on a few variables, such as popularity, recent views, or products that are frequently purchased together. These recommendations lack the individualized attention that real AI-powered recommendations offer.
AI-powered recommendations consider several variables, including browsing, purchasing patterns, demographic data, and contextual data like the time of day or weather conditions. Customers are offered products that are most relevant to their tastes and preferences because of this high level of customization.
Scalability is another feature of AI-powered recommendations. AI algorithms can manage complexity and deliver precise suggestions at scale even as data volume grows and customer preferences change.
On the other hand, built-in recommendation features cannot change frequently or improve in response to user interactions. They rely on pre-established rules or imprecise algorithms, which can result in recommendations that don’t always match the users’ particular interests. Generic recommendations may arise, which may not properly engage customers or improve their product discovery experience.
b. Artificial intelligence in retail:
Inventory management systems powered by AI can estimate demand accurately by analyzing previous sales data, market trends, and outside variables. Brands may cut expenses related to overstocking or stockouts by optimizing inventory levels, ensuring they have the correct products available at the right time.
Another area where AI can have a big impact is pricing optimization. To dynamically modify prices in real-time, AI systems can analyze market dynamics, rival pricing, and customer behavior. This enables brands to maximize profits while maintaining market competitiveness.
AI can also improve customer service. Natural language processing (NLP)-enabled chatbots can offer clients immediate and individualized support by responding to their questions, making product recommendations, and resolving problems. AI-powered chatbots can manage many consumer interactions simultaneously, providing quick and helpful customer service. AI can help products be automatically tagged with relevant keywords and optimize their SEO, increasing their visibility in search engine results. AI can also help predict future trends by analyzing user search queries, letting firms remain ahead of the curve.
c. AI-powered analytics:
With AI, brands can better understand their customers and provide specialized product recommendations by analyzing massive volumes of data and providing actionable insights. AI-powered analytics can help marketing efforts by giving firms important insights into consumer behavior, preferences, and trends.
Customers can be divided into groups by brands according to their interests and buying habits, enabling them to develop personalized promotions and targeted marketing campaigns. Brands may raise engagement and boost conversion rates by sending targeted communications to particular client categories. This offers complete visibility into the entire funnel from search to purchase and detailed actionable insights to identify gaps and optimize performance.
d. Too Much Reliance on Legacy Text Search and Not Adapting to Gen Z Shoppers with Visuals:
eCommerce platforms have long included text-based search capabilities as standard features. eCommerce platforms that support visual search are essential for brands because they let customers browse products by uploading photographs or utilizing visual clues. Platforms may better connect with the younger generation and enhance the product discovery experience by embracing visual discovery.
Brands must prioritize efficient product discovery as eCommerce continues to gain popularity to obtain a competitive advantage. The inability of current eCommerce platforms to satisfy brands’ expectations for product discovery highlights the significance of AI-powered recommendation systems and customized experiences. eCommerce systems can improve the overall shopping journey, including the buying experience, increase customer engagement, and help brands succeed in the digital marketplace by integrating AI and catering to the preferences of Gen Z customers with visual discovery.
At Visenze, we make it easier for people to find products they want to buy. Learn how to connect AI Search and Recommendations to your e-commerce platform and drive your business to new heights. Talk to us today!
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