Those in the e-commerce space know that web and mobile technologies remain at the core of digital. Forrester has revealed that more than 60% of firms see digital strategy as some incarnation of web and mobile strategy. Tech leaders are constantly reminding us that staying on top in the digital space is about delivering customer outcomes through new technology. It’s not just about a quick uptake of any emerging technology, it’s about constantly adapting and trialling new things.
As many companies evolve with technology, they have started to shift the focus towards machine learning (ML) and Artificial Intelligence (AI). For some, augmented reality and virtual reality is also in the picture. Forrester’s report showed that web, mobile, cloud and analytics can have the most immediate impact on the customer. Advanced companies are also beginning to see the importance of AI and ML to drive revenue growth. We have seen first-hand how smaller companies are intimidated by the idea of jumping into these new technologies while larger companies such as eBay and Amazon have dived straight in. Third party sellers on Amazon will be familiar with its AI search tools, eBay’s AI created Image Search and Find It Now and Google’s Brain Team is tasked with developing global collaboration for new AI innovations.
This is why partnering with a company such as ChannelAdvisor can help e-commerce brands to utilise AI developments without the initial investment output. By utilising our Price Manager sellers can utilising AI to implement a multichannel pricing strategy and consistently win the Buy Box, maximising margin while complying with marketplace parity standards.
Similarly, ML and AI together finds patterns in data by making predictions and creating new data that can be responsive to the internal functions of the user’s tool. ChannelAdvisor’s Demand Forecaster, applies machine learning to predict sales on expanding marketplaces and forecasts upcoming seasonal inventory needed to support sales. Retailers can obtain critical insights into product-level demand, supplying an accurate forecast of future sales and enabling highly profitable, data-driven, tactical inventory decisions.
Forrester’s research shows that the businesses are still hesitant to jump into the unknown but are becoming more comfortable in the tech space. We know that AI and machine learning can give e-commerce brands a competitive edge, saving both time and money, and of course reducing risk. If you want to know how to find your edge, and jump into new and emerging technologies to future-proof your brand, contact us to find out more.