Digital retail is sweeping the entire globe and undoubtedly, eCommerce giants have been successfully implementing strategies to boost their stake in the game. A Business Intelligence approach to eCommerce projects has propelled the digital transformation in the retail industry significantly.
As per recent research conducted by Statista, the global retail eCommerce sales have increased from $2.8 trillion in the year 2018 and is forecasted to reach $4.88 trillion by the year 2021.
Powerful Ways For Businesses To Leverage From AI in eCommerce
Many eCommerce giants have witnessed positive business outcomes by implementing Artificial Intelligence. A colossal example of this is Google acquiring DeepMind for 400 million pounds. This figure illustrates the growth of AI in the eCommerce sector.
Artificial Intelligence has changed the way people buy products and this has been further enhanced by machine learning. Understanding buying patterns, trends, choices, preferences are all now much more predictable. There are now more streamlined, proven and intelligent means of understanding your customers and making a successful sale.
Let us walk through the major ways, companies can leverage AI for eCommerce applications:
- Creating A Customer-Centric Search (AI based search for ecommerce)
More businesses are implementing AI to enhance their customer-centric searches using AI techniques. Machine Learning can be used to automatically tag, organize, and visually search content. This is performed by labeling characteristics of their images and videos so that customers can search using keyword tags, etc. Advanced image and video recognition techniques can be used to enhance your eCommerce projects.
- Re-Targeting Potential Customers (Ai based follow-ups for reminding purchases)
According to a recent study, at least 33% of marketing leads are not followed up by sales personnel. This is one major reason how businesses lose pre-qualified potential buyers. Unmanageable customer data has to be tracked efficiently and Artificial Intelligence techniques can be used to enhance the sales cycles.
With AI, omnichannel retailers can enhance their ability in remarketing to customers.
- Enhancing Sales Process (AI-based customer management)
Unlike traditional cold-calling that pesters most customers, integrating AI into your eCommerce solution’s CRM system enhances the sales process. Most AI systems enable Natural Language Processing as well as voice input techniques to solve customer issues, answer their queries, and identify opportunities for the sales team.
AI-driven CRM systems can multi-task and improve eCommerce retailer’s issues.
- Creating Personalization Across Multiple Devices (AI based behaviour prediction)
AI-based personalization performs a multi-channel approach to access numerous customer touch-points to help eCommerce companies analyze customer purchasing behavior online. AI engines can constantly monitor all devices and channels to enable a unified customer view to drive customer experience across all possible platforms.
- Sophisticating With Chatbots ( Intelligent chat platforms)
eCommerce companies can leverage the benefits of predictive maintenance to identify marketing strategies. Chatbots can simulate conversations with users over the Internet for enhancing customer service.
Chatbots can thus provide customer support solutions for eCommerce companies which form a great alternative to contact forms, emails, and phone calls.
- To Improve Recommendations For Customers (AI recommendation engines)
Cloud-based software agents use Natural Language Processing techniques to improve the way customers purchase. With large chunks of data being generated each day, AI can be utilized to scan through enormous bytes of data to predict customer behavior and provide them with recommendations.
eCommerce companies can utilize AI to deliver their customer’s personalized shopping experience. Machine learning algorithms, for instance, use customer information such as purchase information, contextual and third-party data, buying history, and so on to deliver customized messages for the customer.
Customers are moving from traditional ways of shopping to digital platforms and it is inevitable that the technology evolves and is applied at the right touchpoints for customers to make purchases.
AI helps eCommerce companies to personalize and enhance the customer experience. To learn more about AI-driven applications for eCommerce projects, and how it helps businesses improve outcomes, drop us a call and talk to our experts!