How AI & VR are Changing the Way People Shop Online
Indian retail market running online is second highest after China and is expected to reach $200 billion by 2020. With over 57% as e-commerce growth, the country like India is on the verge of surpassing the US anytime soon.
This growth in the reign of e-commerce platforms in India is directly linked to the internet base of 470 million. And this figure rounds to about 40% of the total population.
Globepanda’s COOs Point of View
As per Mr. Abhishek Agrawal, the Co-Founder and Chief Operating Officer of Globepanda — “Every single online retailer works on the principle of driving sales by enriching a customer engagement, experience, and expectation.”
Although social media marketing, chat-bots and others are generating sales (and revenue) online, more and more brands are drawn towards AI and VR. They see AI (Artificial Intelligence) and VR (Virtual Reality) as a way to change the overall online shopping experience of the customer.
Ever Emerging Technical Means
With an aim to increase online brand engagement and sales, a majority of retailers are trying to adopt advanced technical means especially with respect to AI and VR.
It’s a fact that, both AI and VR have changed the way to approach customers. With an innumerable number of products, understanding the customer’s needs and solving their queries is getting complex than ever. The AI (and VR) ease up the process, generate purchasing power and most importantly increase brand loyalty.
Therefore, it is necessary to look separately at how AI and VR result in changing the online shopping experience.
Artificial Intelligence
The latest technology that has changed the landscape of online buying in India is said to be AI(Artificial Intelligence). And it can generate revenue growth anywhere between 25% to 95%.
It is because AI enables an automated and robotic customer-centric approach rather than manual ways. So, instead of waiting to speak to a representative or going through the products’ list, an automated system is at help.
Ways AI Proves Fruitful for Online Shopping Experience
· Decrease Human Effort: The first way in which AI helps e-commerce field in India is by giving quick and relevant responses to customers. Rather than relying upon manual effort at the call centers, AI answers queries of customers, resulting in a quicker buying decision.
· Understanding Behaviour Pattern: AI can understand the buying pattern and thus, assist in making brand loyalty of customers. Looking at previous buying experiences and current market trend, AI approaches each customer with a specific product advertising.
· Segregate the Data: Keeping purchasing data segregated, appears to be an additional task of Artificial Intelligence. It doesn’t matter if the purchase is made through a website, social media or from other platforms
· No Language Barrier: Bringing satisfying shopping experience to customers is also done by AI through IVR (Interactive Voice Response). With the AI in action, online shoppers need not wait for their preferred language to be adopted by the site. The system ensures complete automation.
Still to Come Virtual Reality into Indian E-commerce Field
Being an online customer, it’s your right to switch from one shopping portal to another whatever be the reason. However, it’s the absence of try-and-test which forces consumers to switch between different platforms.
Earlier it was not possible to try products online before purchasing, but — thanks to Virtual Reality(VR) — now you can. VR, though, is yet to make its debut in the online shopping marketplace of India.
A multimedia approach that takes you into a different physical setting while at your place is an innovative way of changing online purchasing in India.
As of now, 85% of consumers prefer to shop at physical stores, mainly because of try-and-test. The figures will change with the advent of VR which is yet to dominant Indian online retailer’s marketplace.
With the customers witnessing every product up close digitally, VR will definitely engage more and more users in a hassle-free manner. It is a kind of personalized experience for online customers.
And this experience definitely will help the retailers keep their customers engaged and loyal towards the brand. Customers will have the potential to try out different options with VR especially with clothing and furniture.
