Businesses from every sector are investing in AI because there is huge growth potential in this sector. By 2030 Artificial Intelligence (AI) will contribute up to $15.7 trillion to the global economy (PWC). Artificial intelligence is transforming the online market places as well as brick and mortar businesses with its advanced technologies. Many traditional operations and processes have been automated with the use of Artificial Intelligence.
Most common advantages of AI are:
Seamless KYC through verification, document verification, and real-time identity proofing
Easy and smart data management
Customer retention through the use of complex algorithms to analyze the customer behavior towards products and services
Customer support through AI-based chatbots for automated customer support
Fraud prevention through digital KYC and AML checks
Risk management through AI-based cybersecurity systems, etc.
Artificial Intelligence is the source of many advancements in operations and products of different industries. Below are the transforming advancements in AI that transformed the online market places.
Automated Chatbots
Automated chatbots are a common thing for many people these days because they are utilized widely by businesses of all types. Chatbots are used massively by retail, finance, hospitality, healthcare, and government institutions.
Automated chatbots are commonly used in customer support to provide 24/7 support to customers in every corner of the world. The hospitality industry uses chatbots to book orders and for providing room services. The apparel industry uses chatbots to give suggestions to the customer based on their height, color and size.
Chatbots are future-oriented investments. It helps online businesses in cutting extra costs related to customer retention. Also, there is no need to hire more employees for customer support. So, the costs of infrastructure and employee salaries are eliminated.
Identity verification
Cyber attacks and frauds with online businesses are huge threats. Businesses lose millions of dollars due to these frauds. One fake identity can be used to commit an array of frauds with online businesses that cause losses of millions of dollars. As per the Insurance Information Institute (III), 3 million identities were stolen in the USA and most of those stolen identities were used to defraud online businesses.
Common frauds committed using a fake identity are credit card fraud, fake customer fraud, fake merchant fraud, illegal funds transfer, money laundering, and terrorist financing. Artificial Intelligence has provided an ultimate solution to these threats in the form of online identity verification solutions.
Online identity verification services can be outsourced easily. Online businesses integrate their online portals and apps with the system of the service provider. Every time a person tries to enter an online business platform he is screened by the AI-based best identity verification solution. End-user (customer of an online business) is screened in real-time through biometric verification. ID-card and other identity documents like passport are screened to identify the person in real-time.
In case information provided by the end-user matches the information on the identity document, the end-user is allowed access to the online platform of business. On the other hand, if a person is not verified, access is denied and he/she will not be able to enter the website. So the risk is mitigated at the very first stage.
Smart tools for customer retention
Artificial Intelligence helps online businesses in customer retention. Gone are the days when customer retention was a manual task. AI has provided solutions for smart data management. Customer behavior and attitude towards certain products and services are analyzed through complex algorithmic processes. Later the results are used to enhance the services according to customer preferences.
AI helps online businesses to pitch customers according to their preferences. Big data is utilized for this purpose, customer online interactions are analyzed and the pitches are made according to their needs and preferences.
Customer retention and service enhancements are major use cases in online businesses. In online businesses, customers do not have any direct interaction with the business. So online data analysis and surveys are used majorly to enhance the customer value of an online business.
To wrap up, online businesses can utilize AI for gaining an array of benefits. A few noteworthy benefits are revenue generation, quality, and product enhancement, fraud prevention, and risk mitigation. Investments in AI are future-oriented and have the potential to grab a huge market share for online businesses.
Most common advantages of AI are:
Seamless KYC through verification, document verification, and real-time identity proofing
Easy and smart data management
Customer retention through the use of complex algorithms to analyze the customer behavior towards products and services
Customer support through AI-based chatbots for automated customer support
Fraud prevention through digital KYC and AML checks
Risk management through AI-based cybersecurity systems, etc.
Artificial Intelligence is the source of many advancements in operations and products of different industries. Below are the transforming advancements in AI that transformed the online market places.
Automated Chatbots
Automated chatbots are a common thing for many people these days because they are utilized widely by businesses of all types. Chatbots are used massively by retail, finance, hospitality, healthcare, and government institutions.
Automated chatbots are commonly used in customer support to provide 24/7 support to customers in every corner of the world. The hospitality industry uses chatbots to book orders and for providing room services. The apparel industry uses chatbots to give suggestions to the customer based on their height, color and size.
Chatbots are future-oriented investments. It helps online businesses in cutting extra costs related to customer retention. Also, there is no need to hire more employees for customer support. So, the costs of infrastructure and employee salaries are eliminated.
Identity verification
Cyber attacks and frauds with online businesses are huge threats. Businesses lose millions of dollars due to these frauds. One fake identity can be used to commit an array of frauds with online businesses that cause losses of millions of dollars. As per the Insurance Information Institute (III), 3 million identities were stolen in the USA and most of those stolen identities were used to defraud online businesses.
Common frauds committed using a fake identity are credit card fraud, fake customer fraud, fake merchant fraud, illegal funds transfer, money laundering, and terrorist financing. Artificial Intelligence has provided an ultimate solution to these threats in the form of online identity verification solutions.
Online identity verification services can be outsourced easily. Online businesses integrate their online portals and apps with the system of the service provider. Every time a person tries to enter an online business platform he is screened by the AI-based best identity verification solution. End-user (customer of an online business) is screened in real-time through biometric verification. ID-card and other identity documents like passport are screened to identify the person in real-time.
In case information provided by the end-user matches the information on the identity document, the end-user is allowed access to the online platform of business. On the other hand, if a person is not verified, access is denied and he/she will not be able to enter the website. So the risk is mitigated at the very first stage.
Smart tools for customer retention
Artificial Intelligence helps online businesses in customer retention. Gone are the days when customer retention was a manual task. AI has provided solutions for smart data management. Customer behavior and attitude towards certain products and services are analyzed through complex algorithmic processes. Later the results are used to enhance the services according to customer preferences.
AI helps online businesses to pitch customers according to their preferences. Big data is utilized for this purpose, customer online interactions are analyzed and the pitches are made according to their needs and preferences.
Customer retention and service enhancements are major use cases in online businesses. In online businesses, customers do not have any direct interaction with the business. So online data analysis and surveys are used majorly to enhance the customer value of an online business.
To wrap up, online businesses can utilize AI for gaining an array of benefits. A few noteworthy benefits are revenue generation, quality, and product enhancement, fraud prevention, and risk mitigation. Investments in AI are future-oriented and have the potential to grab a huge market share for online businesses.
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