How Artificial Intelligence Can Boost eCommerce Business
As the digital market is breaking records around the globe, the number of digital buyers is climbing rapidly every year. The researchers are expecting a worldwide hike in buying goods and services online in the coming years. According to statistics, the 1.66 billion digital buyers from 2016, will jump to over 2.14 billion in 2021.
As an eCommerce business owner you must have studied and utilized all online strategies to boost your eCommerce store sales, but have you considered implementing Artificial Intelligence(AI) in your store? In today’s fast digital world, AI is more like a necessity to compete with your online competitors.
With the rapidly evolving technology around us, AI is enabling e-commerce to achieve their business goals. AI is offering dynamic solutions to eCommerce stores that can help you improve your customer security, engagement, personalization, shopping experience, and ultimately – sales.
In this article, we will explore all the aspects of AI that can boost your eCommerce business significantly.
How AI can boost eCommerce business?
The latest advancing AI technology is providing eCommerce stores the ravishing intelligence and business analytics to overcome business challenges. As a business owner, you need to scale up your store potential with data algorithms and tools to smoothen system functioning.
AI can help eCommerce stores to overcome various challenges from customer segmentation to quick checkouts. AI can also provide you with better market and customer insights to forecast future analytics and business profitability. You can use this progressing technology to enhance your eCommerce business for better results.
Let’s check out in detail how AI will boost your eCommerce...
Machine Learning for Customer Analysis
Machine Learning(ML) is one of the most popular AI trends that is helping eCommerce stores to understand the customer patterns and trends. ML enables the business owners to understand what exactly the customers want, what leads to cart abandonment, demographic appeal and much more.
Nothing annoys a visitor more than irrelevant and unnecessary pop-ups followed by a series of emails. This is where ML comes to rescue, it tracks the customer search engines and shows them personal preference items based on order history and store clicks.
Chatbots For Quick Support
As an online store owner, you must be 24/7 equipped to help your customers in the complete purchase journey. With so many online stores on click, customers are always in a hurry to shop faster and better. They expect your store to be easy to explore and ready to help at all levels.
Chatbots use AI technology to interact with customers based on the predefined conditions, case scenarios and events. It also holds the capability to adapt better responses over time to transform your customer experience with more human touch.
An instant chatbot support acts like a personal salesperson that is available 24/7 across multiple channels to target all customers. Having chatbot on store helps you to respond immediately to the queries of customers, offering them solutions to complete their shopping journey instantly.
Augmented Reality for Preview
AI has enabled the customer to experiment and preview products in real-time with Augmented reality(AR). AR offers all the products online that seemed inaccessible in the online shopping market until a few years back.
AR is taking eCommerce shopping to the next level from visual merchandising to hyper-personalization for excellent customer experience. The most popular examples are Snapchat filters, Sephora Virtual Artist for makeup shopping, etc.
Cybercrime is the all-time big problem for online store owners and everyone shopping at these stores. For eCommerce stores, a breached security incident can spread like wildfires in the mind of the fearful customers affecting your brand image. The security vulnerabilities in your store payment stage can be one of the major reasons for customers to shop at your store.
As eCommerce business owner it’s your responsibility to offer your customers an environment safe to purchase. You need AI to protect your security threats against potential attacks. AI detects malware way better than any traditional antivirus to stop cyber-attack successfully against any damage to the store administration or customer data and finances.
Hassle-free Inventory Management
Maintaining inventory is like walking on thin wire - overstock or understock, always a problem. The store manager always has to maintain enough stock in your warehouse to ensure the flow of business is steady without stock shortage draining the store revenue.
If you are also one of those many owners struggling with the right inventory decision, AI will save you tonnes of money. AI-enables stores use customer history data to predict trends and shopping patterns. It also uses data analytics to give you predictable data for your customer’s future demands to avoid understocks.
Customer Data Gathering
The job of converting a visitor into a customer is by understanding their needs, demands, preferences, and budget. Any eCommerce store that wants to experience an increase in sales needs to give customers what they exactly desire and AI can help you achieve this.
The most important reason eCommerce business owners opt for AI is to gather significant customer data. AI works relentlessly to collect all the information about customer viz product reviews, order history, and store surfing. It can interpret customer data fast and accurate to trigger product recommendations for the potential customers.
This precise customer data can be used significantly to improve your store experience, customer personalization and customized discounts to lure the customers with attractive offers.
One of the most common digital store strategies to increase sales is by retargeting the abandoned customers by launching campaigns to revert these potential customers. Every visitor who had left his purchase halfway is retargeted to complete his journey.
However, you can’t be sure if your retargeting campaign is working to its full capacity unless the consumers shop on your store. With an AI-enabled store, your retargeting campaign can be improved considerably.
AI targets every customer with a hint of personal touch. It provides your campaign email, discount popups and coupon codes with all the relevant consumer expectations to satisfy the actual need. With the correct and precise information of your customers, you can design personalized messages and offers to get a beneficial retargeting campaign.
You might don’t know exactly what every customer wants but AI does. AI drives machine learning to improve targeted advertising for its diverse customer base. ML can segregate all the potential customers based on location, gender, age group, marital status and basic needs. This information is used to create combination sets for targeted advertising.
AI triggered targeted Ads work with distinct customer-centric advanced images and videos with regional languages. This can help your company generate more sales simply by targeting the right audience with greater accuracy.
AI-powered eCommerce is the way to digital stores that is reflecting plenty of opportunities down the road. If you are not upgrading your platform with the trending store capabilities, you are losing a lot of customer base.
AI has opened up hundreds of new opportunities by providing detailed solutions to existing challenges in eCommerce for the store owners and online shoppers. To survive the competitive eCommerce market, as an online store owner get in the race with the latest technology to meet and surpass customer expectations.