It seems like everywhere you turn, including reading this very article, you are going to bump into the growing world of AI. Granted, depending on your philosophy and who you speak to, AI is a blessing or, in many cases, a curse. Either way, there’s no doubt that the future of daily businesses is online.
And, true to form, these online businesses continue to hang their hats on the growing prowess of AI. Discover the growing and fruitful relationship between online businesses and the growth of AI tools.
Understanding AI Tools
Artificial intelligence, or AI short, is an emerging technology that dates back to the 1960s. However, it has been about the past twenty years that AI really has grown at light speed, and online businesses continue to take notice.
While AI tools come in many forms, fundamentally, AI is the science of mimicking human behavior. By perfecting realistic human responses, businesses, primarily online, can improve productivity through automation. This improves efficiency in producing or serving clients 24/7 because AI tools and bots don’t need to sleep or take breaks.
Even more important for businesses is that they can cut back or cut out entirely from budgets human labor. For example, Meta made a recent announcement that they are going to automate their web coding positions and will be laying off human programmers. To further appreciate the direction and determination that online businesses with AI, please consider these key points:
- Machine Learning: With machine learning tools, online businesses continue reaping the benefits of precise algorithms to improve performance. The greater the performance, especially automated, ultimately improves the financial bottom line. As technology continues to improve, so does the efficiency and abilities of machine learning.
- Enhanced Data Analytics: Of course, every online business has a core business strategy and marketing scheme. To truly understand how effective a business is doing, AI is on the front line for advanced data analytics.
- Natural Language Processing Tools: The greatness of NLP is allowing online businesses to mimic human language better. NLP continues to help foster the growth of today’s leading chatbots.
Benefits of AI Tools for Online Businesses
The main reason why more brick-and-mortar businesses are going to online businesses at warp speed is the cost-effectiveness and time. Another increased reason is the booming personalized streaming and shopping experiences. Discover the top ways that AI tools continue to come to the rescue of online businesses.
Personalized Recommendations
It’s virtually impossible to go through a movie or music-streaming experience without getting personal recommendations. Through behavioral AI tools, these streaming services, online gaming, and iGaming sites, like the PlayStation Store and Crown Coins, can expertly and non-intrusively get across winning suggestions.
These personalized suggestions come directly from the users themselves, based on the movies, television shows, music, and games they choose to experience or browse. Personalized recommendations are especially helpful for online retailers like Amazon and independent e-commerce stores. The personalized recommendations greatly improve the conversion rate of up-and-cross-sells.
Automated Customer Service
With the rise of broadband Internet, online retailers and gaming sites quickly moved to developing live chat. Because the Internet was mainstream at the point of the late 2000s, it was a natural fit to switch from telephone service to Internet help. The problem with human live chat was the availability and being able to meet the demand.
Due to massive investments in AI bots, AI chatbots have almost replaced 100% of human agents for live chat. AI chatbots are online 24/7, 365 days a year, and can answer significantly more members’ questions 24/7. Thanks to behavioral AI tools, most members can get their questions answered in mere minutes.
Cybersecurity
Even with the tremendous advantages that come with the Internet, if used by the wrong people, it can literally cause unbelievable havoc. Every online business, even casual users like you reading this article, has to deal with cybersecurity in some form.
With the brutal history of damaging malware affecting massive industries like Fortune 500 companies, the biggest casinos in the world, and even the medical industry, online businesses can spare no expense. Thankfully, AI tools analyze a network with an efficiency greater than trained human IT professionals.
After scanning the network, AI tools can make expert recommendations. Going one step further, AI tools are so sophisticated that they can predict future network problems and make expert suggestions.
Anti-Fraud Measures
Even with a robust network in place, online businesses still need to be on their toes against cyber threats. For that, AI is best equipped to detect cyber threats in real time and take swift and decisive action. These AI tools can even automate responses to the appropriate administrators.
With so many online businesses comes the daunting task of securing online purchases. With behavioral AI tools, online businesses are in a prime position to catch suspected fraud in real time because it has the normal payment methods and usual transaction amounts on file. By maintaining customer trust, online businesses can build brand loyalty and lifetime customers.
Conclusion
Even after discussing these prominent features, we’ve only scratched the surface of the immense capabilities of AI tools for online businesses. AI tools continue to automate basic tasks like responding to emails. However, AI continues to improve with customer feedback and analytics.
By hearing directly from the customers, online businesses can continue to grow and improve their bottom line. One step further is the power of predictive analysis to get a jump on future profits and emerging customer demographics.