AI's Impact on E-commerce Personalization in 2024

Creative Synergies Group stands out as a leading force in the global digital innovation landscape, offering solutions that blend profound domain knowledge with cutting-edge technologies. Their expertise spans digital engineering, embedded systems, and software technologies, ensuring a seamless convergence for their clients.

Dr. Soumya Bhattacharya, Executive VP of IoT, AI/ML, and Data at Creative Synergies Group, sheds light on the strategies that digital-first retailers employ to succeed and how businesses can learn from their playbook.

DQ: What sets digital-first retailers apart, and how can others emulate their success?

Dr. Soumya Bhattacharya: Digital-first retailers thrive by prioritizing their digital presence, investing over $1 trillion globally in digital channels alone. The surge in digital transformation catalyzed by the Covid-19 pandemic prompted businesses to rethink customer interactions. Despite online retail saturation, digital-first businesses succeed by understanding their customers through technologies like ML and AI. They tailor their approach to each customer, meeting their unique needs. While the digital-first approach may not suit all businesses, prioritizing customer needs is universally effective.

At Creative Synergies Group, we've supported businesses in their digital transformation journey, integrating technologies like augmented reality and VR to foster growth.

DQ: How does efficient inventory management enhance customer experience?

Dr. Soumya Bhattacharya: Modern customers favor online channels for learning, comparing, and experiencing products. Efficient inventory management, coupled with AI, bridges the online-offline transition for retailers. Integrated systems update online inventories based on stock availability and display in-store options. This ensures a seamless shopping experience, allowing customers to order online even when an item appears out of stock in-store. A well-executed inventory management setup, powered by AI, enhances the overall shopping experience.

DQ: What drives customer loyalty amidst a plethora of choices?

Dr. Soumya Bhattacharya: Deals alone may not foster customer loyalty. Technologically advanced digital customer experience solutions, including AI-based chatbots and AR-based virtual shopping, contribute to long-term loyalty. Analyzing data and monitoring post-sales customer journeys are crucial tools for building sustained customer loyalty. Brands must prioritize seamless, tech-forward experiences to retain customers in an era of abundant choices.

DQ: What are the dos and don'ts for e-commerce businesses?

Dr. Soumya Bhattacharya: E-commerce success hinges on efficient website functionality across devices and regions. Listening to customer feedback and addressing pain points is vital. Legacy brands thriving amidst trends attribute their success to this approach. Cybersecurity is paramount as brands dealing with sensitive customer data must fortify defenses against rising cyber threats. Recognizing these principles and investing in tailored digital transformation solutions is crucial for business success.

Creative Synergies Group supports e-commerce businesses globally, ensuring effective digital transformation within budget constraints.

DQ: What digital innovation trends can retailers prepare for in 2024?

Dr. Soumya Bhattacharya: In 2024, the retail landscape will witness deliberate changes with digital transformation at the forefront. AI's role in personalization will be pivotal, permeating pricing, competition surveillance, finance, and more. AR/VR-based virtual shopping experiences will gain momentum, bringing stores to living rooms. Logistics innovation through IoT will enhance predictive fulfillment, providing better delivery visibility for customers. Sustainability metrics will drive the deployment of eco-friendly materials, reducing the global carbon footprint of retailers.

Tags: Creative Synergies