Artificial intelligence (AI) is revolutionizing the eCommerce future, and nobody is aware of this change better than Jose Daniel Duarte. Duarte was recently featured by USA Today because of his knowledge and experience in eCommerce, providing incisive remarks about how AI is transforming online purchasing forever in regards to personalization and dynamic pricing.
Duarte explains how old-school, off-the-shelf shopping is becoming obsolete as personalization enabled by AI becomes more prevalent. Complex algorithms review the behavior of consumers, their preferences, and their purchase histories in order to personalize shopping for each individual customer. The result is increased interaction, increased conversions, and customers that are more loyal.
“AI allows us to create shopping experiences that are really personalized for each customer,” Duarte says. “It's like having a personal shopper who knows what you're looking for, even before you do.”
Duarte mentions leading AI-driven solutions that take personalization to the next level. Among others, the list includes:
• Dynamic Yield – AI-powered product recommendations and user journey optimization.
• Nosto – AI-driven on-site messaging and content personalization.
• Algolia – Personalizes site search with relevant results.
• Kibo Personalization – AI-driven recommendations and A/B testing.
• Optimizely – AI-driven testing and optimization of user experiences.
• Adobe Target – Offers personalized content and promotions.
• Emarsys & Sailthru – AI-driven email marketing and omnichannel personalization.
eCommerce giants Alibaba and Amazon have been relying on AI for recommendation of products for years, with a resultant increased customer satisfaction and loyalty levels. With increasingly more advanced AI technology at its disposal, explained Duarte, hyper-personalization of this nature will soon be the norm for the whole eCommerce sector.
Dynamic Pricing: Real-Time Adaptation to Market Conditions
Aside from personalization, AI is likewise transforming eCommerce with dynamic pricing strategies. Duarte speaks about AI-driven pricing algorithms reviewing real-time information, for instance, market demand, prices and behavior of buyers offered by competitors, to modify prices in the moment. This makes retailers competitive while driving the highest revenues.
“Dynamic pricing is more than price matching,” acknowledged Duarte in the USA Today feature. “AI can track inventory levels, browsing history, and purchasing habits to determine the best price for each shopper at any moment.”
For instance, when AI knows a customer has repeatedly shown interest in a product without ever buying it, it could initiate a temporary discount to nudge the purchase. This practice is worldwide executed by travel websites like Expedia and Kayak that are based on demand pricing, time of booking, and location data.
“This advanced methodology allows businesses to offer the ideal price at the ideal time, leading to enhanced conversion rates and optimized profitability,” Duarte further added.
The Future of AI in eCommerce
In the future, Duarte is looking for more innovation in AI use in eCommerce. He anticipates there will be visual recognition technology used where customers can take a photo of a product that they are interested in and instantly receive recommendations on what is available from a retailer's inventory.
Further, virtual assistants and chatbots with artificial intelligence will also enhance customer care through real-time, personalized, human-like support.
“AI is revolutionizing every aspect of eCommerce, from customer acquisition to customer engagement and customer satisfaction,” Duarte said. “The future of eCommerce is smart, personalized, and increasingly AI-innovation led.”
Duarte possesses over twenty years of experience in heading business innovation and growth in Latin America, Europe, and Asia. With extensive experience in eCommerce, FinTech, and business agility, he is widely recognized as a market trend and future technology expert.
In addition, Duarte has made it possible to build the digital economy through vision leadership by accessing business innovation and sustainable growth.
About Jose Duarte Camacho
JD Duarte is originally from Heredia, Costa Rica. He has been an entrepreneur and business owner for more than 20 years and divides his time between his existing operations and researching new possibilities in which to invest. When he's not dedicating time to his businesses, he spends time with his supporting wife and two children.
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