As inflation continues to ravage everyday consumers and businesses, anything to get financial relief is taking priority. This stance is becoming ever more so important. With a sharp decline in consumer spending and a tough market, more traditional retailers are finding it hard to keep their doors open. As a result, they are switching to online businesses. To help reach maximum profitability and to save on operating costs, online businesses are relying on AI to deliver.
AI Spearheads Cybersecurity
It doesn’t matter if you’re a mom-and-pop shop running a simple Shopify ecommerce store or a Fortune 500 company that generates millions in profits; cyberthieves have set their targets on all aspects of businesses. Between damaging ransomware attacks and other cyberattacks, these internet hackers have caused trillions in damages and have permanently tarnished brand reputations.
However, thanks to AI, that tide is slowly turning. The first step in helping online businesses is assessing their current cybersecurity defenses. Through advanced programmed models, AI, better than human professionals, can assess the real time dangers to the network and make critical suggestions. Assessing network security strength is only the tip of the iceberg in how AI bolsters an online business’s cybersecurity.
A Sophisticated Registration System
The first step towards an airtight cybersecurity system is registering authentic members. That’s why on registration forms, you might be asked for additional personal information like your residential address and parts of your social security number. AI also uses biometrics, like capturing photo Identification and your current photo, to prove authenticity.
Multi-Factor Authentication
Even when the member is registered correctly, AI’s work for protecting online businesses isn’t over. AI still helps online businesses stay on guard, ensuring only authentic members log into their accounts. Through multi-factor authentication, an online member might be sent a PIN to their phone to verify authenticity.
AI for Real Time Fraud Protection
Most online businesses offer online products and services that require purchases. AI greatly assists in detecting fraud in real time. Through behavioral AI, a member’s actual payment methods and payment style are recorded in databases for AI to recall. One straightforward way of fraud is a member trying to use another member’s payment details. AI can flag and isolate that member faster than human intelligence until further verification.
Even if a member is using a new payment method that AI is unaware of, that member might be asked for further verification before they are granted payment access.
AI Helps with Customer Support
Customer support is one of the areas that an online business needs to consider. If the customer support is lackluster, it doesn’t matter how fabulous an online business’ products and services are. Also, maintaining constant customer support is very expensive for most online businesses. As a result, they are turning to AI to take charge.
In recent years, chatbots have advanced so far that they are the primary way online businesses tackle customer support. AI chatbots already have a member’s online history on file, making reaching them that much faster. The faster the customer support, the more satisfied the member is. And the more satisfied the member is, the more likely they are to come back. But, most importantly, online businesses can re-purpose their funds into other areas to improve profitability.
AI Helps with More Personable Experiences
Whether the online business is selling shoes or offering food delivery, the key to sales is making the online shopping experience more personal. Thanks to behavioral AI, an online business has on file what each member prefers to shop or browse. For example, if one member likes to browse canvas shirts, AI can create dynamic views of products featuring canvas pants or coats. This personal experience increases the likelihood of sales and strengthens brand loyalty.
Another way AI helps online businesses connect with members is through personalized promotions. It’s common for online companies to have blanket bonuses and promotions. However, most members might not gravitate toward general promotion. Companies, especially ecommerce, food delivery, and online casino promotions, specialize in diverse and dynamic ads tailored to each member.
The Bottom Line
As the economy worsens, look for more traditional businesses to turn to online platforms to maximize and grow their profits. AI is helping to trim their budgets. As technology grows, AI will only become more competent and adept at knowing what the online consumer wants better than the online consumer knows themselves.
