Perficient and HCL Software recently hosted a webinar with DC360 about the growth of artificial intelligence (AI) in B2B Ecommerce. In the panel, Mike Rabbior, Principal and Chief Strategist for Commerce at Perficient, and Paul Pisecco, Go-to-Market Leader: CX, Data Platforms & AI at HCL Software, focused on how AI can help B2B Ecommerce businesses excel in their industries. The webinar panelists discussed findings in a research survey conducted by DC360 about getting started with implementing AI, the common obstacles to avoid, and how to get early wins that will demonstrate AI’s value.
Artificial Intelligence Contributes to Business Profitability
AI enables a computer to make decisions that usually would require human intelligence. The technology provides B2B Ecommerce companies with an efficient sales process by gathering and analyzing customer data. This enables companies to personalize the customer shopping experience by automating product recommendations, sending follow-up abandoned cart emails, and offering loyalty discounts.
One of the more common uses of AI—and one well suited to manufacturers, distributors, and wholesalers with large catalogs of complex products—is improving website visitors’ results when they type terms into a search box. The AI-driven software sees which results lead to more clicks and sales and moves those terms up in search results. If buyer behavior changes, the software notices the change in the results and adjusts accordingly.
The big advantage of systems built with AI is that they can analyze vast amounts of data, such as years of customer history data or attributes of millions of products on the database, and draw relationships that people might not look for across multiple datasets. Whereas humans might take months to analyze one question manually, an automated AI-driven system can instantly produce recommendations.
Start Small and Grow
Although most B2B executives believe AI will be crucial to the future success of their business, few are satisfied with their results so far, and many don’t even know where to start. Survey results implied company size greatly contributes to the priority level of AI. Larger sellers are employing AI significantly more compared to smaller companies because they tend to have dedicated internal teams. Whereas smaller companies face a lack of experience, access to the right information, and effective tools. However, all sixty-two executives surveyed agreed now is the time to start investing in AI to reap the benefits in the long run.
Exceed Consumer Expectations with Artificial Intelligence
To remain competitive in today’s market, B2B Ecommerce companies need to start small and get some relatively easy wins. AI has a variety of benefits and can be overwhelming. But conducting self-assessments will give B2B Ecommerce companies better insight into where they need to begin when implementing AI. This will help build the credibility needed to get a bigger budget and more resources for more ambitious projects.
These are just some of the important topics discussed during the 60-minute panel discussion. To learn more about the growing presence of artificial intelligence in B2B Ecommerce watch AI in B2B Ecommerce: Removing Roadblocks to Growth and check out the enlightening survey report!
