3 Ways E-Commerce Industry Can Boost its Revenue with AI |
Posted: April 22, 2019 |
There is no doubt that the e-commerce industry has achieved some unprecedented feats over the years, whether it is in terms of revenue generations or users covered during the past 5 years. The revenue streams have never been more secure and the market cap is projecting not just positive quarters but decades into the future. The biggest example of the riches earned by e-commerce industry is the fact that the owner of biggest e-commerce giant - AMAZON - has made its owner the richest man on the face of the world surpassing the wealth of boy geniuses like Bill Gates and Mark Zuckerberg. But despite a growth pattern that is directed towards north - some might say the North Star - there are certain issues that still haunt the e-commerce industry with payment scams and account takeover leading the roost for the online shopping stores. So here are our suggested 3 methods that can help online businesses dealing in the E-commerce industry to boost their revenues and get better at fraud prevention with the help of Artificial Intelligence. Credit Card Scam Prevention As discussed above, the payment scams are the most haunting menace for the online marketplace with stolen as well as fake credit card numbers being excessively used to commit credit card frauds. At the end of the day, online businesses shipping orders and sending items via the online ordering system are actually the one that has to suffer because of the fake credit card systems. But with AI-powered document verification systems, buyers can be asked to show their original credit cards at the time of check out or even at the time of account creation. This way the e-commerce store does not have to suffer the agony of cash back request along with losing the order that they have shipped to the scammer already. Identity Verification Systems After payment scams, the online shopping portals are facing two other major problems that can be saved easily with the help of AI-powered identity verification systems. Synthetic Identity fraud is gaining traction among the scammers which means that not stolen but concocted identity details are used to create accounts on e-commerce websites. The best check against this kind of scam is by employing an address verification service that asks the would-be customer to show their identity document in order to authenticate the shipping address. First, the authenticity of the submitted identity card is checked and later on the address is cross-matched with that provided by the end-users. AI-Based Customer Service If Address verification tends to be the protector of e-commerce businesses on behalf of identity fraud then automating the customer services with help of machine learning algorithims and other tools of Artificial Intelligence then the customer satisfaction will surely go through the roof and not to mention the cost overheads that can be avoided. Manual actions required that are either related to order management, validation & verification processes or the simplest tasks of answering customer grievances, AI-trained bots can be perfect to help solve the problems of having a manual staff of humans trying to repeat or read from a manual. Same can be done at a fraction of cost on behalf of human assistants as AI-powered chatbots take their place. Conclusion It has been quite some time that technological advancement has been directed merely towards better customer experience and adjusting more categories into a single e-commerce portal. Its time that Artificial Intelligence is utilized in perfecting an already profitable industry and achieve even more success for years to come.
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