There has been rapid growth and advancement of Artificial Intelligence (AI) systems. It is growing at an unprecedented rate all over the globe. AI is experiencing pervasive applications from many fields such as customer service, technical support, retail, logistics and many more. E-commerce is one industry that has been greatly affected by the AI boom. So if you ever ponder whether how AI can benefit your E-commerce business, here is the answer.
As AI-based systems have become more significant, E-commerce companies have already begun working on techniques that can incorporate the power of artificial intelligence into their marketing strategies. Consequently, marketing efforts will become more focused and efficient, reducing expenditures and creating more profits for shareholders.
Therefore, when you are aware of the powerful ways in which AI influences your business, you would be able to optimize your business’ performance. This article will provide six ways AI will impact E-commerce so that you would ultimately know how to take advantage of AI.
An AI Personal Assistant is a software application that can perform verbal or written command-based tasks for a user. Siri, Alexa, and Google Assistant are examples of AI assistants. It may not seem apparent to begin with a digital virtual personal assistant (VPA), but it is indispensable to a company owner. Utilising a VPA is the same as employing someone who is always awake and giving you constant information on your business’s current affairs. It can deal with multiple consumers at once and can operate 24/7. It can process your commands before carrying out a request. Without human intervention, it plays a crucial role in coming up with solutions to unexpected problems. Therefore, with the additional free time business owners have, they can focus on more important things to grow their businesses. The influence of this technological innovation has become so effective, nearly a third of business executives claimed that the influence is significantly greater than any other solutions powered by AI.
Personalisation of Ecommerce means presenting the visitors’ individualised deals, product recommendations, and other data based on their previous behavior, demographics, and other personal information. Before the AI boom, in the Ecommerce industry, there was personalisation, but of limited value. With the ever-increasing advances in AI and machine learning technologies, the rapidly-growing e-commerce world has begun to penetrate new deep levels of personalisation. Once you apply AI, you would be able to customise marketing campaigns and also connect to your customers. Personalised intelligent automation services may adjust to the requirements, background, and particular duties of the customer. AI enables you to generate products, deliver direct emails, set the prices, create personalised advertisements, and build or suggest content for them. Gartner forecasts a 15 percent income increase for those who execute Ecommerce personalisation effectively by 2020.
The AI software offers a competitive edge to companies and is open to any scale or budget developers or businesses. Especially, AI can be of great service to online stores when it comes to smart search. By incorporating AI into your Ecommerce website search capabilities, your store will be able to know how each customer searches with their interests and needs. Not only that, the tech can also automatically anticipate and recognise what your clients need by identifying users’ traits and allowing each visit to be specific through intelligent searches. We can, therefore, conclude that AI is a guided technology that allows for smart visual search. The client can get satisfactory results with a simple click. To detect product names and logos on the search engine, you can rely on an image that can help identify better colour, size, and quality. With the image, users can obtain satisfactory results.
The online shops of today need to be available 24/7 and to match with multiple channels. Automating customer support can save time, energy, and operating capital for Ecommerce businesses. Luckily, AI has once again proved that it could be of great assistance to businesses online. When it comes to automation, AI plays a vital role in helping Ecommerce business owners. Parallel with the prosper of Ecommerce business is an increase in the number of repetitive tasks. Automation is in charge and executes these repetitive tasks, simplifying workflows in the front and backend. With AI, it is possible to automate everything from presenting new items on different channels to coordinating sales, implementing discounts to loyal customers, recognising high-risk transactions, and many more. In addition to that, by carrying the burden of answering routine queries, it enables them to concentrate on more challenging requests.
Retarget Potential Customer
There is no big surprise that many Ecommerce stores are trying to develop retargeting initiatives to attract more customers. However, you can’t be sure if the efforts will succeed and whether customers will be ready to convert. What’s worse, such efforts might get wasted on the unlikely customers, or the potential ones might never be contacted. In this case, AI is the lifesaver for you. As marketing automation and AI can help you gather behavior and intention information from customers, stores can then deliver innovative advertisements and digital promotional materials to persuade buyers. Throughout, during and after a transaction, AI would be able to monitor customer behavior, tastes, reviews, histories of acquisitions, and demographic information. To identify trends and groupings, AI immediately evaluates data. Using AI, you would make progress on targeting potential buyers. You can also re-target guests to your Ecommerce stores more effectively. This requires monitoring clients only after they leave your site. On other websites, browsers, and apps, stores can then present ads to those guests. Besides, Artificial intelligence allows you to identify the best screen sites, times, and content formats.
Efficient Sales Process
There are many efficient ways AI will boost your Ecommerce sales. Integrating AI into your CRM is a perfect way to do that. With AI, you can alter your issue-solving alternatives and create a powerful sales message, and you can also attain more customers. Many AI systems, such as Siri or Alexa, allow natural language learning and voice input. It enables a CRM system to respond to customer questions by answering any question or sort any issue a customer may have, fix their problems and even discover new prospects. Besides gathering data about customers and retargeting them as mentioned above, AI can help decrease cart abandonment rate, which is the rate where the customers cancel their orders at the checkout process or even earlier. The online cart abandonment rate worldwide in 2019 is 69.57%, not a small number by any means. Normally, you would expect as few abandon carts as possible, and thanks to AI, you don’t have to worry anymore. It is so useful in helping you to automate follow-up inquiries for any abandoned cart. Furthermore, it can give you information on why the customers wanted to abandon when they were so close to ordering. It allows you to beat all the challenges in the journey to improve sales.
Overall, considering these benefits of AI to Ecommerce, there is no doubt that the new automated and user-friendly artificial intelligence applications are already beginning to have a significant influence on the Ecommerce world. For companies wishing to stay competitive, it will be crucial to take into account and spend time integrating the various purposes of AI.
Ninh is a content writer at Avada Commerce, a passionate girl whose desire is to sharpen her marketing skills. She is keen on reading novels, writing blogs, and listening to music in her leisure time. Her favorite quote is “Change the changeable, accept the unchangeable, and remove yourself from the unacceptable”.