The high-hyped tech waves of blockchain and Artificial Intelligence (AI) across the globe accelerates the pace of industry innovation. Except for liberating the productivity of traditional manual labor, the new techs also shifting the path of internet-based business. The e-commerce payment is predicted to register a revenue of USD 135 Billion during the period of 2018-2022. The vital role that e-commerce plays in world’s economy and its digital nature makes it sensitive to high-end technologies.
When people have got used to the exist online experience, we seem unprepared to see a more digitalized e-commerce outlook. Standing at the tipping point, let’s see how e-commerce would be redefined by blockchain technology and AI.
Blockchain Makes B2B eCommerce More Profitable
Blockchain refers to a group of distributed digital records of transactions that are secured chronologically by a network of computers on the internet. Although it was initially programmed for cryptocurrency, we’ve seen its potential in shifting the B2B internet.
After the first pilot of B2B blockchain-based commodity trade successfully completed between the U.S. and China on Jan 22, 2018, traders began to explore more possibilities that the technology would bring to B2B sector.
New Vitality to Supply Chain Management
Blockchain technology empowers a more secure, transparent, trackable future of supply chain management. For the industries (e.g. food and agricultural products) have high requirement of timely product condition feedbacks, the traceability of blockchain-based supply chain enables manufacturers get instant alarms of product adulteration. Besides, you can also trace every product back to the source of raw material and receive an instant, authentic report on its history.
Smart Contract Application
Smart contract, in simple words, is a group of code that allow both of two parties could track the terms of agreements and automate the steps towards each term’s fulfillments. Looking at online B2B trading process, global e-commerce company like JumoreGlobal makes ”Contract Management” as a vital step in its platform’s trading process and would integrate blockchain into the exist contract management system to improve the safety of online B2B e-commerce.
AI Shapes a Cleverer E-commerce Environment
Artificial intelligence is incredibly elastic. It can be formed in various ways, to fit different processes, network users and merchants.
Provide Precise Suggestions to Both Products and Services
B2B buying process has two features, more self-service characteristics and more price-sensitive. Product recommendation has been widely used in both B2B and B2C e-commerce platforms. When integrating AI, which provides a next-level of customer-learning and thereby makes the right recommendation at the right time for both reordering and add-on products and services. Meanwhile, the data process capacity will also get improved by the intelligent pricing analysis, which is also benefits the commodity price monitoring with blockchain technology.
Immersive Smart E-commerce Experience
AI is powering e-commerce in many sectors from customer services to platform functions.
Many services experts believe only real staffs’ responses are warm and effective enough to customers. When some companies can’t make 7/24 shifts of service team, they may use the pre-prepared answers to instead. However, the machine learning technology enables chatbots to manage more complex customer service questions and learn how to solve customers’ problem encountered in a particular online store. Not only serve for on-site chat sessions but also could contribute to social media tweets and posts.
Advanced Search Results
The search result is another stage that machine learning can reform. Machine learning helps generate results that not only filter out relevant results according to the keywords but also maximize profits for the e-commerce participants. It’s not simply identify the words that customer typed but to better understand the means behind the search bar.
Besides, AI brings a new search method – AI-image Search, one recent application is Pinterest’s visual search feature, which allows shoppers to get various similar items with prices after they circle a desired item on in any pictures online on Pinterest.
Although we haven’t explored the full potential of blockchain and AI, their power in reforming the ecommerce is evident. When someone doubts either blockchain or AI application in B2B e-commerce are over hyped, we believe the growing maturity has come.