As a new year dawns upon us, we all have a renewed sense of drive, hope, and vigor. We’re ready to achieve more. But how do we go about this?
If you have an e-commerce business, there are a number of new technologies and trends you can capitalize on to take your business to the next level.
In this blog post, we’re going to take a look at two of the most important; blockchain technology and AI-driven text classification.
Did you know that around half of the human population is using blockchain at present? This is reason enough to take this trend seriously.
With that being said, continue reading to discover everything you need to know about how to achieve e-commerce success in 2023 by using blockchain technology and AI-driven text classification.
Using Ai-Driven Text Classification to Drive Your Business Forward
Let’s start by taking a look at text classification using AI and how this can benefit your business. There’s no denying that Artificial Intelligence has taken massive steps forward in the past couple of years.
In fact, the global AI market is currently valued at over $136 billion.
But how does it impact text classification? And, why does this matter for your e-commerce business? Let’s take a further look…
What is Text Classification?
Text classification is an approach to machine learning that will categorize open-ended text automatically into various categories that you’ve pre-determined.
Text classifiers can arrange, structure, and classify pretty much any kind of text, including customer tickets, medical research, and articles.
This is critical when you consider that between 80 and 90% of data that businesses create and gather is unstructured data. The volume of this is increasing all of the time.
It’s incredibly challenging to get useful information from this type of data. You need to first arrange it in a manner that enables you to extract trends and unearth relevant points.
Traditionally, you would need to do this manually. However, this can cost a lot of money, and it’s also incredibly time-consuming.
This is where we’re seeing AI-driven text classification come to the fore, as these tools do this job automatically.
Why Should You Care About Text Classification for Your E-commerce Store?
Now you should have a better understanding of what text classification is and how AI is overhauling this, but what’s relevant to your e-store and the success of it in 2023?
Well, by using AI text classification, you can utilize unstructured data effectively. You can cost-efficiently and successfully arrange all types of documents, databases, adverts, legal papers, emails, texts, and so on.
This will save you a considerable amount of time while giving you the power to make more intelligent business decisions that will drive your store forward.
For example, you can put together a report that details information on your e-store app’s crashes. This can include data about screen freezes, times whereby the app hasn’t been responsive, and loading time. You can then identify any issues and make changes so that you improve the product and service you’re delivering to your customers.
Top Five Benefits of AI Text Classification for E-commerce Businesses
To give you a better understanding, let’s delve a little bit deeper and look at the top five advantages associated with AI text classification for e-commerce businesses:
1. Get rid of human error - There’s only one place to begin, and this is with the fact that you eliminate room for human error. After all, we’re all prone to mistakes. We cannot be perfect all of the time, right?
The good thing is that, with machine learning, all outcomes and data can be put through the same parameters and filters. This means that you’re getting reliable information each and every time.
2. Assess data in real-time - Artificial Intelligence and automation gives you the power to track mentions of your brand in real time. This gives you the power the make quick decisions, ensuring you have an agile and responsive business that’s geared up for success.
3. Get ideas for new features - Another benefit of AI text classification is that it’ll help you to get a better understanding of what your customer base wants and any new features they would be interested in.
It can achieve this by searching social media for brand mentions and delivering reports based on feedback. You can then leverage this information to make your e-store more useful.
4. Recognize user segments so you can enhance your targeting efforts - Most businesses today segment their audience, and AI helps you to do this. You can segment your audience based on certain phrases and words, enabling you to create a much more effective and focused marketing campaign.
5. Identify issues users have with your e-store or products - The vast majority of customer service requests end up in a backlog while teams are prioritizing new features and updates. However, if you’ve got a structured system that will categorize requests, you’ll have a much-improved overview of issues your customers are facing.
Using Blockchain Technology to Drive E-commerce Success
Aside from AI, another major trend that cannot be ignored is blockchain technology. There are a number of different ways your e-commerce business can leverage this trend. So, let’s take a further look…
Accept Cryptocurrency Payments, Such as Bitcoin
You’ve probably already noticed that more businesses are accepting Bitcoin as payment. This is certainly worth considering. You can buy Bitcoin with credit card details online with ease nowadays. It’s a simple transaction.
So, people want to be able to use their Bitcoins to make purchases. A lot of people want to move to the point whereby Bitcoin is their main form of everyday currency.
If you give people the platform to do this, you’re going to attract more customers to your business, and you’ll make more sales. People trust Bitcoin more, and they’re not subject to exchange rate variations, which is why a lot of individuals want to use cryptocurrency when doing their shopping online.
Ensure a Transparent Supply Chain
In 2022, we saw a number of brands experience criticism online, as they were accused of a lack of transparency.
Because of this, it makes sense to consider utilizing blockchain technology so that you can create a decentralized setting where you can monitor any issues.
This is applicable to every part of the supply chain, from the customers themselves to the retailer, and everyone in between, including distributors and producers.
If something has gone wrong, you can easily and effectively get to the source of the issue so that you can rectify it as quickly as possible.
Lower Your Shipping Costs in 2023 With Blockchain
You can enhance the shipping process in a multitude of ways with blockchain technology. This includes lowering your expenses, delivering faster receipts with fewer errors, enhancing cargo data visibility, and tracking in real-time.
You can use the latest blockchain technology in these shipping processes to monitor your packages and shipments. This, in turn, can help you to reduce your overall costs.
With distributed ledger technology, logistics companies can track goods from point A to B with greater precision, which means fewer costs for both consumers and producers.
Improve Consumer Data Security
Last but not least, we cannot talk about the benefits of blockchain technology without mentioning improving consumer data security.
Blockchain’s DLT, otherwise known as Distributed Ledger Technology, offers outstanding security for online database systems, which makes it highly suitable for e-commerce use.
Furthermore, if you do a search online, you’ll see that there haven’t been a lot of news stories about data breaches in systems that are powered by the blockchain.
Personal details are not displayed when it comes to Blockchain-based currency transactions, which is another vital benefit to consider.
Take Your Business to New Heights With Blockchain Technology and Ai-Driven Text Classification
So there you have it: an insight into achieving e-commerce success by leveraging blockchain technology and AI-driven text classification. We hope that this insight has helped you to get a better understanding of what’s required to take your business to the next level.
We live in a world that’s developing and progressing all of the time. If you remain stagnant in business, you’re only going to get left behind. You need to keep moving with the times, which is exactly what the two trends mentioned above enable you to do.
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