Artificial Intelligence is getting a lot of traction in the last few years. AI mainly helps in the development of highly intelligent machines that will act and work just like humans. It is being used in various industries such as smart homes, e-learning, healthcare, marketing, public relations, recruitment and human resources (HR).
Apart from the above industries, AI can also be a great option for the eCommerce industry. You may have a question, Why? and How?
To clear all your doubts, we will first provide in brief why AI is a great option for eCommerce industry and How AI helps to improve the eCommerce Business? Without much ado, let’s get started:
Why AI is a great option for eCommerce?
Currently, the majority of retail businesses are moving online to reach potential customers. Consumers on the other hand customers want highly interactive and personal omnichannel experience, which is possible with the help of the popular technology that is beneficial not only to small businesses but also to eCommerce giants like Amazon: artificial intelligence.
AI helps to create a positive impact on your business. One of the retail industry reports said that on an average, eCommerce firms which utilize AI has gained 18% year-on-year sales growth in 2017, 30% higher as compared to businesses not using AI.
Moreover, adopting AI in one of the retail sectors has led to a 75% reduction in cost per social click during a recent trial. From this, we can say that AI is a great option for eCommerce.
However, if you want to know how AI helps to grow eCommerce business, then you should be familiar with various benefits AI can bring to an eCommerce Business.
How AI can help to improve your eCommerce Business?
Without much ado, let’s get started:
Personalized Customer Experience
Before AI, personalizations in the eCommerce app were not that effective. Artificial intelligence and machine learning have made personalization so much effective. If you have used Amazon, eBay or any other popular eCommerce app, then you know that they constantly show products similar to just what you have viewed.
Using AI, you will be able to monitor customer integrations on different platforms such as websites, apps, and emails. Moreover, using data analytics, you will be able to provide personalized offers and product recommendations to all your users.
Using a customer-centric approach, you will be able to increase engagement among the customers and win their hearts.
Powerful Sales Processes
In this digital world, gone are the days where businesses use yellow pages and reach their potential customers through cold calling.
Nowadays, the majority of a user’s time is consumed by various mediums such as TV ads, social media ads, youtube ads, etc.
If you want to reach potential customers on the right platform and at the right time, then you have to implement AI into CRM. Different AI systems also enable natural language learning and voice input through Siri or Alexa.
By incorporating AI into the CRM system, CRM systems will be able to handle a lot of tasks at the same time such as replying to customer’s queries, solving their issues, and also finding new opportunities for the sales team.
Improve Customer Experience through Chatbots
Artificial Intelligence in eCommerce can help to enhance customer experience via Chatbots. Moreover, eCommerce is focused on providing experiences to an individual and not the mass market.
To attract new customers and to improve the experience of their existing customers, various e-commerce retailers are implementing a popular approach known as ‘Conversational Commerce.’ They are also known as chatbots.
Chatbots are available 24*7*365. Hence, they will be able to solve any of the questions in the mind of the buyers. Also, chatbots help to increase conversation rates.
As per Juniper Research, Chatbots will save more than $8 billion annually by 2022.
Retargeting potential customers
As per the research was done by Conversica, around one-third of the companies are not able to cope up with the marketing team. Due to this, various targeted customers who are interested in the product or service, fall through unavoidable cracks.
In order to resolve this, various eCommerce businesses are taking the help of AI to monitor consumer behavior by storing their in-store behavior with the help of facial recognition software and online customers via different offers.
Filter Fake Reviews
Various online retailers and eCommerce shops face issues of fake reviews. As per one research made by Dimensional Research, 90% of participants made buying decisions based on the positive reviews and 86% of participants made buying decisions based on the negative reviews.
How AI can help to solve this problem? Currently, various eCommerce businesses use AI to fight against astroturfing by focusing more on helpful and verified reviews.
So, these were some of the essential benefits of integrating AI in eCommerce business.
From the above benefits, we can say that eCommerce AI is the future of the retail industry. With the help of AI, eCommerce businesses will be able to tackle various complicated tasks with ease and also reach their potential customers around the globe.