THE GOOD AND THE UGLY OF COGNITIVE COMMERCE
Cognitive commerce has always struck everyone as an improvement in marketing and the commercial world. As calm as I would want to believe that am also troubled about what it has taken away from the market.
Cognitive Commerce means learning about what everyone who visits your site wants, both in summative and at the individual level it is otherwise known as Commerce artificial Intelligence. And it’s more than just drawing observations; with a cognitive solution, that knowledge can be both developed and applied in real time. The merit (Good) of Cognitive commerce cannot be over emphasized. Many of which are:
Forecast imminent request for products: using customer’s data past sales data, seasonal trends, economic factors and the like. Demand for specific products can be easily known, envisaged and duely planned for.
Create product recommendations: Cognitive commerce helps the buyer by generating useful insights on products to purchase, simultaneously assist the seller (manufacturer) on what, when and why to produce.
Adjust prices automatically: Show customers designed pricing models according to competitors’ pricing, supply constraints, customers’ demands and behaviours. This is especially useful for Business to Business businesses that sell to varying kinds of customers. Thus making it easy for their price mechanism
Monitor customers’ behaviour: This is arguably the most important merit (good) of cognitive commerce. It analyse customers’ spending styles, favourites, and purchasing histories to provide a completely personalised buying experience to each customer, thereby seamlessly informing the customer when such kind of products are available, upgraded or manufactured
Proactive actions: Predict customers’ needs ahead of time and offer personalized customer service based on those needs.
Error Reduction: Cognitive Commercializing helps us in reducing the error and the chance of reaching accuracy with a greater degree of precision is a possibility. For instance it helps the manufacturer with perfection to speculate the type and amount of products that would likely be needed by his customers
Detection of fraud: Cognitive Commerce uses artificial intelligence qualities to easily detect frauds, this merit is very important to banks, other financial institutions and business that deals with a large number of customers.
Unadulterated Digital Assistants: Cases whereby emotions or other factors seems to cloud humans’ judgement when getting information about/from customer(s). Cognitive Commercializing does not experience such concerns since it is completely ruled out for machine intelligence. Highly advanced organizations use ‘avatars’ which are digital assistants who can actually interact with the customers seamlessly thereby getting needed information accurately.
Repetitive Jobs: Repetitive jobs which can be monotonous in nature can be carried out with the help of cognitive commerce. Machines built for such cognitive purposes think faster than humans and can be put to multi-tasking. Machine intelligence can be employed to carry out strenuous tasks like questionnaires and likes. Machines, unlike humans, do not require frequent breaks and refreshments. They are programmed for long hours and can continuously perform without getting bored or distracted or even tired.
Cognitive Commerce has done the world more good than not, regardless many issues still arises. Namely:
Unemployment: Any other problem is secondary to this, As the world seem to improve in all ramifications, Unemployment seems to be the only reason for an imminent world war 3. Earlier mention was the fact that Cognitive Commerce can also be known as Commerce Artificial Intelligence, which renders the services of humans almost if not totally useless. Thus the major problem Cognitve commercializing brings upon us.
High Cost: Only big Organisations can afford machines and equipment which aids Cognitive Commerce. Small and Medium scale organisations are hereby ruled out, therefore widing the gap between the big and the small organisations.
Humans are rational: As widely known, Cognitive commerce deals with mostly predictions and forecasting. Howbeit Human are rational, we all seem to love this now for little or no reason soon we fall out of love and demand for it owing to the same no reason. This could bring an adverse effect on enterprises as their forecast may cost the firm even it existence.
No Original Creativity: Machines in achieving predictions, forecast and expectations are not creativity, it only predicts in accordance to it programs. Likewise what is inputted leads to it result, thus garbage in error? It garbage out same error as though it is the right result.
Customer Privacy Concerns: It is also important to understand how much customer information is too much. As cognitive commerce programs evolve and anticipate customer needs, you must not overstep the line. Although many customers are tolerant to the use of their personal information, many others may not be. Therefore, you must not only understand how to properly leverage it, but also when. Organizations that do not draw a line stand the risk of alienating a large portion of their customer base.