The growth in the eCommerce industry was more than twenty-five percent, last year. This is projected to continue further during the current year as well. The competition among such wealthy eCommerce businesses has become intensive and visible. However, this growth has never been a challenge to online retailers.
With the advent of Artificial Intelligence (AI), it has been found that the competition in this crowded marketplace is certainly possible. This is true in the case of even small eCommerce businesses.
Artificial Intelligence tools are deployed in an intelligent way, which includes data mining, machine learning (ML), and natural language processing that allows businesses of all sizes to attract and retain customers. The following are the ten methods in which artificial intelligence can assist to boost your eCommerce business.
1. Virtual Personal Assistant
According to research, it reveals that the use of a virtual personal assistant (VPA) is rated as the most powerful AI tool, by 31 percent of business executives. VPA is considered as never sleeping, and a tiring assistant, which makes use of NPL. This enables the assistant to understand human speech and respond or take action as needed. Hence, it is useful as a time saver for executives and a tool for customers.
2. Customer Service
By 2020, through AI, it is possible to manage about eighty percent of all of your customer interactions. Here, Chatbots are becoming the fastest tool in customer service. In comparison to call centers, AI is cost-effective with increased efficiency. During the previous year, chatbot was utilized for customer service by 67% of consumers. Chatbots can be incorporated in online support, shopping cart and order processes.
3. Social Listening
A lot of information can be gained and shared through social media. Knowledge about the present markets and the way the products are working can be obtained. With data mining, tracking the brand name in social media can effectively be done.
4. Predictive Marketing
Machine learning tools can analyze consumer data. It can maximize e-commerce sites for the purpose of targeting the market. Hence, every customer can view what he desires, when and how he wants to view it. When the consumer data collected is more, the optimization for that consumer will be much better.
Customers prefer to view sites that seem personal to them. With information on customers through online, businesses can offer appropriate recommendations, personalized ads and also design particular content for them through AI.
6. Targeting Potential Customers
Budgets for marketing goes waste when sales teams fail to follow the leads. Techniques like facial recognition and predictive tools assist businesses to recognize brand preferences of their consumers. Through new lead creation, sales get enhanced from AI.
7. Becoming Local
It does not matter where the eCommerce business is based. Through location-specific advertising, location-based offers, the local consumers can carry out their businesses in their own localities.
8. Efficient Data Analysis
In your eCommerce business, it is possible to use data mining combined with machine language for achieving efficient analysis of data. Timely processing of millions of data-sets will enable you to execute every aspect of your business.
9. Integration Across Platforms
It is possible for you to use AI to integrate a retail platform with existing devices like, fitness trackers, and smartphones. Even household appliances will streamline the customers’ shopping experiences, thereby attracting them to companies by offering these options.
10. Search Optimization
The search function of machine language in an eCommerce site helps you to store the remember habits of every visitor. This also includes other aspects like, how they search and what are their preferences. Further, intelligent searching is also possible through artificial intelligence techniques.
Finally, it is said that businesses engaged in eCommerce activities across the world have already implemented all these AI tools to boost their efficiencies. Hence, they are able to reach wider audiences across the world.
August 24, 2020
August 22, 2020