Despite the fact that there is a certain level of informational hype surrounding AI, there is also a certain indecision among businesses regarding the implementation of its technologies in their projects in practice. Not every company is in a rush to implement AI and showcase off a standby mode with readily available commercial products.
This is due to a number of factors, including the financial crisis, global war conflicts, ongoing labour market mobility, and quick changes in commercial markets. Today, businesses are mostly solving their current operational problems and are in no rush to spend capital to implement AI in their projects. However, AI will eventually continue to be a distinct competitive advantage in tech products; therefore, it is important to plan ahead and develop long-term AI strategies that can assist in resolving the current crisis concerns.
In this article, I’d like to unveil the areas and applications of AI that, in the near future, will undoubtedly be important to eCommerce and for which you should start getting ready now.
The European Union (EU) stands as a dynamic marketplace ripe with opportunities. With the rise of online shopping and the changing consumer behaviours brought on by the digital era, businesses across the EU are navigating a complex landscape and scaling multichannel. One crucial aspect of this digital transformation is the management of vast product catalogues, and one of the keys to success lies in harnessing the power of artificial intelligence-enhanced Product Information Management (PIM) systems.
As the CEO of Gepard PIM, I’ve had the privilege of witnessing firsthand how AI-powered PIM is going to reshape the future of eCommerce. Let’s delve into the ways in which this innovative technology is revolutionising the EU eCommerce ecosystem.
The challenge of scaling product catalogues
For eCommerce businesses operating within the EU, managing product catalogues is a colossal undertaking. From product listings to descriptions, images, pricing, and more, the sheer volume of data can quickly become overwhelming. And this challenge isn’t exclusive to multinational giants; small and medium-sized enterprises are equally burdened by the need to maintain extensive product catalogs while remaining competitive in global marketplaces. In the B2B market, companies are becoming more aware of the need to focus on a powerful, personal customer experience. Buyers purchasing from B2B organisations are becoming increasingly knowledgeable about technology and are used to buying online.
This is now driving B2B companies to consider not only implementing new channels and digitalised platforms, such as marketplaces and B2B self-service sites, but also automating product information flows through these touchpoints.
The AI revolution
With its ability to analyse, remember dependencies, categorise, and optimise data, AI has emerged as a game-changer for eCommerce and retail businesses across the EU. Here’s how it’s making a significant impact:
Automated data enrichment: Manually enriching product data is both time-consuming and error-prone. AI-powered PIM can automatically populate product descriptions and specifications and even suggest categories and images, ensuring consistency and accuracy.
AI mapping suggestions: This includes priceless matching attribute recommendations and has the potential to boost the efficiency of the way you integrate your sales channels in order to distribute product information. The PIM solution uses artificial intelligence (AI) to automatically propose mappings between attributes and their related values. It also provides ideal category mappings that improve overall accuracy while streamlining data integration and interchange.
Localisation and multilingual support: The EU is a diverse region with numerous languages and cultures. AI-enhanced PIM can seamlessly adapt product content to various languages, helping businesses connect with specific and, at the same time, diverse audiences.
Dynamic pricing strategies: AI can analyse market trends and competitor pricing, enabling businesses to adjust their prices in real-time for optimal competitiveness and profitability.
Personalised customer experiences: AI-driven recommendations based on user behaviour and preferences provide a more personalised shopping experience, increasing customer satisfaction and loyalty.
Inventory management: Accurate demand forecasting and real-time inventory tracking help reduce overstock and understock situations, optimising supply chain efficiency.
Competing on a global scale
There are no geographical restrictions on the EU eCommerce market. Businesses that implement AI-enhanced PIM systems gain a competitive edge by expanding into international markets. Whether it’s the European mainland or the global stage, the EU’s innovative eCommerce companies are poised for growth like never before.
The future of EU eCommerce
As we move forward, AI-enhanced PIM will continue to be the linchpin in scaling product catalogues efficiently and effectively. The EU eCommerce landscape is evolving rapidly, and businesses that embrace this technology will thrive in the face of fierce competition.
At Gepard PIM, we’re proud to be at the forefront of this transformative journey. By empowering EU eCommerce growth through AI-enhanced PIM, we are not only driving economic progress but also revolutionising the way businesses connect with customers. The future of eCommerce in the EU is bright, and the power of AI-enhanced PIM is the beacon lighting the way.
In conclusion, the dynamic eCommerce environment within the EU is seeing unprecedented growth. AI-enhanced PIM is the catalyst that will shape the future of eCommerce, ensuring that businesses can efficiently scale their product catalogs, provide personalised customer experiences, and remain competitive on a global scale. The journey ahead is promising, and Gepard PIM is committed to being a trusted partner in this transformative landscape.
This content has been produced in collaboration with a partner organisation through our Global Visibility Programme. Our programme helps companies boost their digital presence and strengthen the thought leadership of their experts. Find out more here.