The point to be noted is that people always opt to purchase when they are offered with products of their choice or interests.
Industrial e-commerce industry is now moving at a rapid scale and businesses are looking for numerous new-fangled ways to improve their sales and customer experience. Blockchain, Artificial Intelligence (AI), and Internet of Things (IoT) have now turned into imperative technology tools to meet these goals, transforming the ways firms communicate with their customers, and perk-up their operations. Therefore, let’s find out how these top-notch technologies are transforming the industrial e-commerce industry and spearheading colossal growth and customer satisfaction.
In an exclusive article with the Financial Express, Swati Gupa, Co-founder at Industrybuying mentioned that in the e-commerce ecosystem, recommendation systems backed by AI proved to be a powerful tool. She also added that by constantly monitoring the consumer behavior, likings, and buying records, these systems have the potential to provide highly personalized product recommendations. The point to be noted is that people always opt to purchase when they are offered with products of their choice or interests.
Moreover, virtual assistants and AI chatbots have also improved the customer service experience. These AI powered assistants always provide a seamless and effective customer experience because they have the potential to deal with general queries, provide accurate product information, and also help in buying processes. Swati further stated in her article that for any organization or business, analyzing the customer sentiment and feedback is very important. For instance, natural language processing (NLP) analyzes customer sentiment, spot the latest trends, and counter any challenges rapidly.
In this industry, price optimization is another important criteria. The various algorithms in the AI can monitor the trends in the market, pricing strategies of the rival companies, and customer behavior to analyze the best pricing categories. All these characteristics help organizations to magnetize customers with competitive prices, while maximizing the profit margins and revenue, added Swati.
Now, speaking of the Blockchain technology, the major advantage it brings to the organization is improved supply chain management. It helps in seamless tracking and tracing of the products from departure to the arrival thereby helping businesses to ensure authenticity of the product, and ward off forgery. The technology also helps in the utilization of smart contracts, which automatically impose terms and conditions between buyers and sellers. Therefore, intermediaries are not needed in this process and decrease transaction charges.
Now, in the digital era, data privacy is a huge concern among buyers and sellers. In this regard, Blockchain provides a solution with decentralized storage and encryption, helping consumers with full control over their personal data and blocking unauthorized access. While speaking of IoT in this industry, RFID tags and sensors can efficiently analyze and track inventory levels seamlessly, helping retailers to improve their supply chain, and also automate inventory replenishment.
