How AI-powered conversational commerce will transform shopping in 2023

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As the world increasingly relies on technology, the way we shop has also undergone a significant transformation. Gone are the days of physically visiting a store to make a purchase – now we can shop from the comfort of our homes, thanks to e-commerce. However, even e-commerce-based shopping is set to change with the emergence of AI-powered conversational commerce.

In retail, artificial intelligence is quickly becoming a widely used tool to provide more efficient and personalized customer service. According to a recent study by Juniper Research, AI-powered chatbots are expected to play a significant role in customer interactions over the next few years, handling 70% of customer conversations by 2023.

This demonstrates the growing use of AI-powered tools to improve customer interactions and create a smoother shopping experience. Imagine conversing with AI-powered virtual assistants who can help you find exactly what you're looking for, offer recommendations based on your past purchases, and then complete the transaction. AI-powered conversational commerce aims to revolutionize shopping by providing personalized, convenient and more efficient service.

The advantage of AI-powered conversational commerce

The past decade has seen major advances in conversational AI, deep machine learning, and natural language processing algorithms. Consumers have embraced this technology and are now accustomed to using conversational AI assistants such as Siri and Amazon Alexa, which have improved our ability to access information.

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AI-based conversational commerce aims to further personalize the shopping experience. With access to a wealth of data, AI assistants can learn more about a customer's preferences, making it easier to find products they'll like. Such personalization is limited with traditional e-commerce platforms, which rely on generic product recommendations. Chatbots and machine learning models based on advanced natural language processing (NLP) can improve customer experience (CX) and ultimately drive higher return on investment (ROI) for businesses.

"Consumers are increasingly valuing experiences over things. So unless your store is an enjoyable experience in itself, customers will value the ability to access the experience that you offer (own your product or enjoy your service) remotely, with little friction,” Kerry Robinson, vice president of conversational AI strategy at Waterfield Tech, told VentureBeat.

Robinson explained that as consumers discover and purchase products and services through voice and chat interactions on smart devices, brands will need to optimize discovery through voice search and virtual assistants like Alexa and Google. Assistant.

"This indicates [a shift] towards larger contact centers and e-commerce investments on the...