To reap the maximum benefits of sales in the business, digital operations must be planned in an e-commerce market. AI technologies such as Conversational AI and Chatbots aid in this digital transformation. In this article, we will observe the tenants of setting up digitized sales in an e-commerce market.
The revenue of the global e-commerce market is expected to reach US$2.5 billion in 2020.
Sales halted. Operations stopped. As the novel COVID 19 pandemic hits the global economy, sales of all sorts of businesses staggered. With the situation remaining unprecedented, a recovery in sales sector or its regular operation is hard to access. Moreover, this is neither the first incident of global crisis nor will remain so. Natural disasters, pandemic, recessions are some of the events that contribute to plummeting global sales. As these events are sudden, no one can predict the amount of damage these events will cost to the businesses. It also saddles the businesses with challenges of changing customer experiences, both in Business to Business (B2B), and Business to Consumer (B2C) enterprises. This implies that with an altered economic landscape, the customer becomes more conscious about the choices they make, and focus only on the urgency and necessity while buying a product.
All these factors affect the sales of any organization significantly. An enterprise which is not digitized particularly bears the maximum brunt of changing economic landscape. A report by Statista says that compared to traditional market set-up; the revenue of the global e-commerce market is expected to reach US$2.5 billion in 2020. As revenues are profoundly influenced by sales, this indicates that digitized sales are adding value for the digitized market.
Also, the sales are heavily governed by the supply chain. If a digitized supply chain is not in retainer during the time of crisis, the outcome will be a decrease in the sales of the products. That’s why, time and again, experts have pointed out for a digital shift in organizations. But setting up a business in the e-commerce market and getting maximum sales and revenue is not a child’s play. It demands comprehensive strategies so that sales would not get affected. In this article, we will observe the tenants of setting up digitized sales in an e-commerce market.
Implement Artificial Intelligence using Artificial Intelligence. Artificial Intelligence (AI) requires everybody’s interest and commitment.
Artificial intelligence (AI) is obviously a developing power in the technology business. Companies can utilize AI for everything from mining social information to driving engagement.
Innovations in Artificial Intelligence - Various sectors in which AI is remarkably used & has brought changes in humanity - Education, Healthcare,automobile
The advancement of machine learning and artificial intelligence-related advancements will have a long journey in 2020. Some of the top applications of AI include More Devices, Digital Marketing, Real-time Personalization and Track Human Motion.
It has also given the rise of new cohorts of AI startups that continue becoming a VC funding spot. Let’s have a look at the top AI funding and investment in August 2020.