Artificial Intelligence is currently a rising trend and is expected to be integrated into almost every area of running a business. The influx of AI technology in the e-commerce industry is revolutionizing traditional shopping in a lot of ways, especially when you make an e-commerce website.Machine learning, natural language processing, and other AI tools allow businesses to attract and maintain new customers. It can also help you boost user engagement.
8 Clever Ways to Leverage Artificial Intelligence in E-commerce
1. Targeting Potential Customers
2. Retargeting Customers
3. AI-focused Personalization
4. Efficient Decision-Making
5. Improved Sales Process
6. Price Optimization
7. Immediate Support with Chatbots
8. Scale Your Business with AI Tools
1. Targeting Potential Customers
In the world of e-commerce, most sales teams don’t follow up with leads because they think that it’s just waste their marketing budget. In fact, a GrowthPoint survey revealed that 33% of companies don’t even attempt to follow up leads. These tantamount to a lot of missed opportunities to drive conversions. But techniques like facial recognition and predictive tools help you keep and track records like brand loyalties and customers’ product preferences. AI will analyze all the data from millions of prospective buyers and will determine their specific needs and criteria, which you can leverage for your business.
2. Retargeting Customers
Retargeting prospective customers is important. But since most sales teams fail to nurture these leads, you might be missing out on a large pool of prospective buyers that could be interested in the products and services that you offer.
For example, CCTV has been used for a while by retailers to mitigate any theft or shoplifting. But through AI concepts, they can now utilize CCTV recordings to know how often recurring customers come and make a purchase. They can also identify whether customers spend more time using Android or iOs devices and identify these customer’s preferences for various products.Retailers can then give special offers to a particular customer based on the products that they prefer buying more.
3. AI-focused Personalization
Although personalization in the world of e-commerce isn’t new, you can take it to the next level using AI. Doing so gives you a competitive edge in your niche. AI-focused personalization allows businesses to identify the behavior of customers every time they interact online. AI is also clever enough to monitor and then identify a user’s interaction from several devices. Hence, AI technology builds a more personalized view for users.
Furthermore, it also allows e-commerce businesses to deliver great user-experience on different platforms. It also sends push notifications to users about the various products available on your site, cutting down on unnecessary processes, and supporting customers to make a direct purchase.
4. Efficient Decision-Making
In the complexity of today’s customer-driven market, there is a lot of decision making involved. This includes understanding the customer’s needs and desires and then aligning their products based on those factors. Being in the know of changing customer behaviors is absolutely important in order to make the best marketing decisions. The modeling and simulation techniques of AI provides you insight into your customer’s persona and will help you predict their behavior. Through forecasting, analysis of trends, and real-time data-gathering, AI can help businesses gain insightful marketing decisions.
5. Improved Sales Process
Customers’ lives are now heavily influenced by the various ads online, and what they see on social media platforms as well. To tailor problem-solving processes, and to build a strong sales message that reaches prospects at the right time and in the right platform, you might want to consider integrating AI in your customer relationship management process. Most AI systems allow voice input and natural language learning like Alexa and Siri. It also lets a CRM system respond to any customer query, resolve their problems, and even sort out various opportunities for the sales team. Moreover, CRM systems that are AI-driven can even do multi-tasking to handle these functions, and so much more.
6. Price Optimization
Dynamic pricing is important for most e-commerce retailers because it boosts sales and generates more profit. Through machine learning, organizations can now monitor and make adjustments to the prices if needed. To come up with a more accurate price recommendation and prediction of sales, algorithms could examine various historical and competitive data. Apart from that, dynamic pricing can even enhance profits to up to 25 percent on average.
7. Immediate Support with Chatbots
When you automate your customer service with an AI chatbot, you’ll get a fantastic opportunity to provide an excellent customer experience. The use of AI through chatbots is a great way to answer questions and customer queries in real-time, as well as drive customer conversion. Apart from that, it’s also relatively easy to install. A lot of e-commerce businesses have chosen chatbots that are AI-powered simply because it has the power to automate processes, as well as provide remarkable customer service in a cost-efficient manner.
8. Scale Your Business with AI Tools
AI certainly took the world by storm, and there will come a time where it will replace most jobs. Many companies are now promoting AI-based products to boost business efficiency, especially for e-commerce businesses. But still, most e-commerce stores are far behind in tapping to the power of AI tools. One thing is clear, though. They do most of the repetitive, mundane tasks that a lot of online business owners hate, paving the way for e-commerce retailers to examine millions of interactions that happen daily. So, if you’re still utilizing conventional AI tools, it’s now time to step up your game because AI technology isn’t going anywhere, anytime soon. It’ll dominate the e-commerce industry, and a lot of companies are already incorporating AI tools within their webpages to improve the overall customer experience and growth.
Over to You
Without a doubt, AI is changing the world of sales and marketing. Thanks to this technology, a lot of brands and businesses could read the mind of their target market and customers and use that information that they go to leverage on their sales offerings. Investing in artificial technology is a fantastic way to maximize sales, and hopefully, you’ll be able to rise from your competitors using this technology.
