In 2024, you have to make an impact with AI. The smartest and most innovative retail and ecommerce companies are embracing AI. It’s changing how they work and engage with their customers. To shed light on this topic, a recent CommerceNext webinar featured experts from the industry who shared their valuable insights and strategies for the successful implementation of AI.
Speakers:
- Mike Dupuis, Chief Digital Officer, SPARC Group
- Jenna Flateman Posner, Chief Digital Officer, Solo Brands
- Colleen Waters, Senior Director Ecommerce, Steve Madden
- Jason Seeba, Chief Marketing Officer, Session AI
- Moderated by: Jill Dvorak, Chief Content Officer, CommerceNext
Watch the replay here or read the recap below:
AI’s Impact on Customer Experience and Personalization
AI is fundamentally transforming customer experience, product discovery and personalization in ecommerce. Companies that have fully embraced AI are witnessing significant improvements in how they engage with customers, suggesting that AI’s potential is vast yet still largely untapped.
Challenges in AI Adoption
Despite the advantages, the adoption of AI in ecommerce faces several challenges. Security and trust remain major concerns, with businesses needing to devise a clear AI strategy that delivers substantial ROI. Additionally, the increasing anonymity in the digital space due to privacy regulations and changes by major tech companies is making it difficult for marketers to access and utilize consumer data effectively. While AI offers numerous benefits, its adoption is not without challenges. Panelists discussed the importance of demystifying AI for executive leadership by highlighting AI’s current applications within the business and its growth potential. Emphasizing quick wins and leveraging partnerships for pilot projects were recommended strategies for gaining executive buy-in and fostering an environment conducive to AI innovation.
Innovative AI Solutions for Anonymity and Data Scarcity
New AI technologies are emerging to address the challenge of data scarcity by enabling businesses to engage and convert anonymous visitors. Session AI, for example, can predict purchase propensity within just five clicks without any customer data, demonstrating AI’s capability to open new opportunities for companies willing to innovate.
AI’s Role in Sustainability and Efficient Resource Utilization
One of the emerging areas of AI application in ecommerce is driving sustainability efforts. AI can optimize delivery routes, reduce waste through improved demand forecasting and ensure products are sourced and produced more sustainably. By minimizing overproduction and enhancing the efficiency of the supply chain, AI contributes to a more sustainable ecommerce ecosystem. This not only addresses consumers’ growing concerns about environmental impact but also aligns with global sustainability goals, showcasing AI’s potential to contribute positively beyond economic gains.
Future Directions and Opportunities
The session underscored AI’s role beyond customer interaction, touching on back-end operations such as forecasting, price modeling and demand planning. Moreover, the panelists expressed a desire for AI to advance towards more intuitive and conversational search capabilities, indicating a future where AI could further streamline and personalize the shopping experience.
Operational Efficiency and Cost Savings
AI technologies are instrumental in optimizing operational processes, leading to considerable cost savings. By analyzing customer intent and behavior, AI enables businesses to target promotional efforts more accurately, reducing unnecessary spending and improving the ROI of marketing campaigns.
If you’re looking to gain more insights on AI for ecommerce and marketing, make sure you’re registered for the 2024 CommerceNext Growth Show on June 11-13th. Secure your spot to be a part of the conversation on exponential retail growth.
