In a recent article on eCommerce trends published in Geektime, Vered Levy-Ron, CEO of Syte, provided nine 2022-2023 artificial intelligence trends that could help you grow your business.
- Voice Search and Voice-Enabled Shopping
- Intuitive and Engaging Shopping Experiences
- eCommerce Merchandising Optimization
- Real-Time Data Analytics
- Omnichannel Marketing
- Direct-To-Consumer Sales
- eCommerce Fraud Prevention
- Mobile Commerce
- More Concentrated Sustainability Efforts
This article will discuss voice search/voice-enabled shopping and eCommerce fraud prevention.
Artificial Intelligence: One Of The Leading eCommerce Trends
The economy may not be great, but consumers will still shop, especially during the holiday season. In last week’s article, we talked about the need to be competitive as consumers are more cautious with their spending. They’ll be looking for the best value at the best price. You’ll want to take advantage of the strategies discussed to be sure that your marketing assets emphasize the value of your products or services. But more importantly, you also want to be sure that your customers find you.
When talking about AI technologies, we’re not discussing the metaverse. Instead, think: of voice search, AR, 3-D imaging, and real-time data analytics. Your consumers are tapping into the power of AI technologies to find the products and services they need.
So let’s dive in and explore two of Levy-Ron’s AI-powered eCommerce trends.
Voice Search and Voice-Enabled Shopping
One of the fastest-growing eCommerce trends is voice search or voice-enabled shopping.
According to a 2022 report by eMarketer, 135.6 million consumers in the US utilized voice search features. If you extrapolate the numbers, you realize that more than 40% of the US population uses voice search.
The most popular voice-search devices are smartphones and smart speakers.
This trend makes sense, especially with a younger (16-34) consumer audience who hates to type. However, if your target audience doesn’t match this demographic, don’t think the rise of voice search is irrelevant. Voice search is much more convenient and expedient than typing in a search query, especially when on the road and for visually impaired consumers.
More than one-quarter of the global population was using voice search features on their smartphone in 2019, according to a Microsoft GlobalWebIndex study.
Consumers on the road may want to find a shop nearby that sells a particular product or service. So they’ll use the voice search feature on their smartphone to locate what they need.
A Pricewaterhouse Coopers 2018 study found that 71% of consumers preferred voice search over typing. And we know from more recent studies on voice search and voice-enabled shopping that this percentage has increased exponentially.
eCommerce AI-enabled voice search capabilities allow customers to complete online purchases or control smart home gadgets. However, the most popular uses are to conduct online searches and request information.
Gartner research in 2020 found that 30% of web browsing sessions were screenless. As a result, the way consumers engage with your business online has shifted. You’ll also want to make the shift if you’re going to thrive in this very competitive market.
What does this mean for you?
Google reported that the “___________ near me now” searches increased 150% percent over the last two years. In addition, a Forbes report states that 58% of consumers use voice search to find local businesses online.
Optimize your voice search SEO
Focus on long-tail keyword phrases that use natural language to answer your target audience’s questions.
Typing takes time, but speaking doesn’t. Therefore voice search consumers can use longer phrases to get more specific about what they are searching for. You’ll want to match your voice SEO to this trend.
Be specific about your product.
For instance, let’s say you sell jewelry. Rather than using the keyword “jewelry” or “necklaces,” be specific and use keywords such as
“24-karat gold bracelets for girls”
“affordable hand-made jewelry”
Or “unique hand-made bracelets online.”
Make your content conversational.
Write your opening paragraph similar to how someone might search for your business.
Use conversational phrases that include words such as “why,” “how,” “where,” or “when.” It’s a slight departure from the standard rules of business writing, but making the shift will help you connect with your consumers. It will feel like they’re conversing with you, helping to build trust, loyalty, and sales.
Research the competition.
- Conduct voice searches yourself.
- What phrases result in your competitors ranking higher than you?
- What potential research questions are they not asking? Then, slip in to fill the gap.
Make sure your website is optimized for mobile.
According to Statista, mobile web traffic accounts for 52.6% of global web traffic.
After a consumer finds you via voice search, you want to ensure they can easily navigate your website on their mobile device. Your content may look great on a desktop, but you’ll lose your potential customer if the pages load slowly or the images are cut off.
Today’s consumers want intuitive and engaging shopping experiences, and you’ll want to be sure your mobile interface provides that.
eCommerce Trends: Fraud Prevention
McKinsey research found that the pandemic boosted eCommerce sales by more than $200 billion in 2020 and 2021. However, new opportunities for digital criminals came with the increased adoption of digital commerce. And, while most businesses have optimized their eCommerce channels to better interact with consumers, not as many have adopted measures to improve fraud control.
According to data from the Federal Trade Commission and FBI, fraud losses in the US in 2021 reached $5.9 billion. Similar spikes in online fraudulent activity were experienced worldwide, including e-Commerce markets in Europe, Asia, South America, Australia, and the Middle East.
Many small businesses turned to eCommerce sites such as Shopify, eBay, Amazon, and Esty. However, the migration to these platforms also drove up the costs of items, potentially creating a situation where long-time customers are turning to direct-to-consumer brands.
However, how fraud impacts your customers’ trust level with conducting online transactions is equally critical. According to a McKinsey survey, customers who felt the business did a poor job handling a fraud issue significantly decreased their interaction with the brand. In most cases, they ceased doing business with the company.
With the speed of word-of-mouth marketing, you want to do everything you can to mitigate eCommerce fraud.
Artificial intelligence and machine learning can analyze hundreds of data points from millions of online transactions to predict and prevent fraud.
Machine learning algorithms, for instance, can detect fake COD orders from online criminals by creating assumptions based on observed behavior patterns. The software warns you of fraud before it happens.
AI solutions operate in real-time, unlike traditional fraud protection tools, which act after an incident has already occurred.
You might want to explore these options if you haven’t invested in eCommerce fraud prevention tools.
Top AI e-Commerce Fraud Prevention Tools
Sometimes e-Commerce trends are not positive, and the rise in online fraud is an example. Investing in a fraud management solution will save you money and protect your reputation. Here are a few AI-powered fraud prevention tools to examine.
Kount is a leading advanced AI digital identity trust platform. Founded in 2006, Kount AI protects against new and existing fraud attacks and optimizes your eCommerce solutions, such as approval and decline decisions.
Riskified using machine learning technology to analyze hundreds of features per transaction, enabling businesses to optimize fraud management and improve customer satisfaction.
ClearSale offers an artificial intelligence eCommerce fraud protection service that minimizes chargebacks and false positives and rejects, helping businesses to improve customer experience.
Fraud.net is an AI-based fraud detection and protection platform that provides chargeback protection and a full suite of fraud management solutions. Fraud.net claims to reduce false positives by 92% and decrease fraud by 80% with more accurate detection.
Outseer helps businesses maintain a frictionless shopping experience while simultaneously operating in real time to stop fraudulent activity before it happens. Its machine-learning technology analyzes the risk of user behaviors and payments from multiple e-Commerce channels. The company claims to have the highest fraud detection rates in the industry.
Recap: eCommerce Trends And AI
The pace of global digitization has not slowed, resulting in continued growth in the eCommerce sector.
Consumers are online savvy and use multiple AI tools to find their needed products or services.
Taking advantage of eCommerce trends is one way to recession-proof your small business.
Voice search or voice-enabled shopping is mainstream. Statistics show that 30% of web browsing is screenless.
To remain competitive and grow your business, you’ll need to optimize your online presence for voice search and voice-enabled shopping. Use a conversational voice in your website copy and social media content.
As eCommerce grows, so do the opportunities for online fraud. So it’s worth investing in AI fraud prevention solutions that automatically detect fraudulent behavior in real-time, protecting your business from financial loss and a damaged reputation.
Let us know how you’re handling voice-enabled shopping and eCommerce fraud protection.
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