6 Ways AI can Take your eCommerce Business to the Next Level
Artificial Intelligence is the next big thing in the almost every sector of life. It has already become a major part in the eCommerce ecosystem. Life becomes great when you can see how a particular dress looks on you without even trying it on. AI is here to make the shopping experience authentic, seamless and hassle-free.
According to Gartner, 37% of organizations have already implemented AI in one form or the other. (That’s a 270% increase over the last four years!). Furthermore, it is estimated that,
By 2021, 80% of emerging technologies will have AI foundations.
With eCommerce being more saturated and competitive, it becomes necessary for an eCommerce store to be faster and smarter in order to succeed. Intelligent and effective implementation of AI technology can help you scale your business exponentially! If you aren’t harnessing it for your business, now is the right time to get started. To help you further, here are 6 ways you can use AI to grow your eCommerce business:
#1 – Intelligent email Automation
Wouldn't it be great if every time you leave a cart abandoned, you get a mail reminding you for the same? When it comes to online shopping, cart abandonment are the greatest threat that retailers face. Through automation, store owners can easily recover lost carts by strategically designing emails that are sent out to buyers who have left checkout without completing their order. What’s more, by leveraging AI solutions, you can also collect data why your shoppers abandoned their carts at first place. With the help of this data, This data will help you take informed decisions to prevent shoppers from leaving the checkout flow incomplete.
#2 – Smart Chatbots
For any eCommerce store, delivering exceptional customer service is paramount! Call centers and traditional emails can go only so far in delivering great customer service. Your customers want answers to their questions – quickly and easily. They simply wouldn’t prefer to go through a 10 minutes IVR or send to and fro emails for getting their answers! This is where an AI chatbot can help. Through chatbots, you can quickly resolve your customers’ queries pertaining to their order, refund, shipping information etc. Several giant eCommerce stores and websites like Amazon, Goibibo, Flipkart and Myntra have started using chatbots for serving customers instantly with their queries!
“55% of respondents say they would most enjoy getting an instant response and answers to simple questions from a chatbot”- The State of Chatbots
#3 – Personalized Recommendations
Artificial Intelligence can help store owners greatly enhance their product recommendations. Several eCommerce giants like Amazon, Flipkart, and Myntra are already harnessing AI to up/cross-sell products that their customers are most likely going to buy! In fact, Amazon.com credits 35% of its total annual revenue to up/cross-selling. No wonder their AI-powered product recommendation engine plays a major role here. Through AI, you can give your customers personalized product recommendations by considering a lot of factors such as account info, customer preferences, order history, cart items, purchase frequency etc.
#4 – Voice Assistance
“50% of all searches will be through voice by 2020!”
These days voice searches have taken the eCommerce industry by storm! They are everywhere. In fact, 43% of eCommerce brands “strongly agree” that voice ordering is an opportunity to grow their business. Starting from Google to Siri, voice searches are used by 55% teens and 44% of adults on daily basis. With giants like Amazon and Microsoft stepping in, voice commerce is going to be the next big thing in digital commerce stratosphere. Act now to be the part of the revolution!
#5 – Intelligent Searches
Search is the first place where a shopper’s journey would begin. If you can get your search engine right, rest all will take care of itself. Several businesses like Clarifai and Twiggle are working to improve eCommerce search engines by equipping brands with AI-powered search solutions. Leading brands like Amazon and eBay have already started embracing AI to make their search engines more capable. Now is the right time to equip your store with an advanced search engine that will lead your customers to the right set of products. Easier the search, better will be the overall shopping experience.
#6 - Inventory Management
Predictive analysis by AI are something everyone is amazed of, in the inventory management field. Inventory management has always been a tedious task for human beings out there. With AI, starting from stock to keeping the accurate track of all the processes, everything is made simpler and quicker. When owning an e commerce store, it is necessary to develop a smart process in order to make the flow of business smooth and easy-going. This technology helps the store owners by offering them information regarding the market trends and demands. With this, it can help them predict future demands that are likely to come in the market.
Bonus: When AI & IoT Go Hand in Hand
AI & IoT are revolutionary technologies of the 21st century! Together they can transform your business dramatically. The number of IoT devices are projected to reach 1.5 billion by 2022. If you can empower them with AI – you can serve your customers with products that are tailored to their lifestyle. For instance, once you know about your customers’ daily needs, things lying in their “smart refrigerator”, fuel remaining in their vehicle tank, etc. you can easily predict their purchase decisions – and serve them with right products before they ask for them! Ultimately, AI and IoT will make your customers’ lives better and easier than ever before!
Final Words
Apart from above-mentioned ways, AI can be applied to enhance your online presence, increase security, prevent data thefts, and in creating product descriptions. Embracing this technology will not only help you serve your customers well, but also minimize resource consumption to a great extent. With the world evolving at an exponential rate, there isn’t any better time to act other than now! Empower your store with ultra-modern AI applications today and start delivering boundless digital commerce experiences that are smart, and tailored to your customers’ preferences.
