The Future of Commerce and Artificial Intelligence: A Discussion from the Ellipse Unsealed Podcast

In episode 14 of the Ellipse Unsealed podcast, we welcome Richard Lee of Pillar Support, where we dive into Artificial Intelligence and how we are utilizing it in our own lives, as well as what it looks like in the world of commerce. AI has drastically been on the rise in the past year, and it’s important to stay on top of it now and into 2024 as it continues to evolve.

AI-Driven Personalization

One of the standout topics is AI-driven personalization. During the episode, we explore how AI algorithms can analyze large amounts of customer data to deliver fully customized shopping experiences. By understanding individual preferences and behaviors, AI enables retailers with the ability to offer personalized recommendations – enhancing customer satisfaction and driving customer loyalty.

The Rise of Smart Chatbots

In this episode, we also delve into the rise of smart chatbots in the retail sector. These AI-powered virtual assistants are transforming customer service by providing instant, 24/7 support. Chatbots can handle a wide range of inquiries, from product information to order tracking, significantly improving the customer experience.

Predictive Analytics

Another key area discussed is predictive analytics. AI’s ability to analyze historical data and predict future trends is revolutionizing inventory management and supply chain optimization. By forecasting demand more accurately, businesses can reduce waste, prevent stockouts, and ensure timely deliveries. This not only boosts efficiency but also enhances customer satisfaction by consistently meeting their expectations. This is great for the customer because they can go on a company’s website and specifically look for the part they need and make sure it is in stock before making a trip to the store.

The Future of Commerce and Artificial Intelligence

Looking ahead, we explore the future trajectory of AI in commerce. Richard states that he believes AI will continue to evolve, bringing an additional set of sophisticated capabilities to the industry. Innovations such as AI-powered virtual shopping assistants and advanced data analytics tools are also expected to become more prevalent.

Although AI can be a subject that is a little intimidating, it is going to continue to evolve and be a valuable tool that is worth utilizing as we go forward. However, as host Bobby Small mentions, keep in mind that you should be nice to your chatbot in the event that the “AI’s takeover” (wink, wink!)

For a deeper dive into this topic, listen to the full episode below.