AI solutions for e-commerce business
From the customer-oriented search engine to the voice assistance, from management of inventory to predictive pricing.
E-commerce is one of the most forward-looking industries of the globe. Worldwide e-commerce sales are projected to be $4.8 billion in 2021, and advancement in artificial intelligence is a significant factor behind this unprecedented growth. According to a study, AI technologies will be responsible for managing 80% of the customer interactions in the near future.
Considering the intensive competition amid e-commerce sites, you need to be aware of the different features of AI that can improve the growth of your e-commerce site. While creating irresistible email headlines are essential, several small to mid-sized businesses are taking leverage of AI technologies.
Don’t worry if you are a beginner. We have penned down some practical ways in which AI can benefit your e-commerce business and accelerate its growth in an online shopping world.
13 Exciting AI Tools To be Used for Driving Up Your E-Commerce Business
1. Customer-Oriented Search Engine
We all have heard about voice search, but voice search is a new thing for most people. Building on the machine language, the e-commerce sector has started using AI for enhancing customer experience. The AI feature automatically categorizes, labels, and visually explore content by classifying the various aspects of an image. With a single click, users can get a massive list of things they are desire. The visual element is more appealing to humans and improves customer interaction with the brand by allowing them to view the size, color, and dimensions of a product before placing an order.
2. Tailored Recommendations
AI software intelligently uses texts, pop-ups, and tracks search made by the customers to predict their behaviour and provide them with personalized recommendations. It is now a common knowledge that the better you understand your consumer, the better you would be able to satisfy their needs. With AI technologies, this is now possible for you. In-depth knowledge of consumer behaviour allows e-commerce sites to display ads and products relevant to the interest of users. Like most e-commerce retailers nowadays, you can provide exactly what is desired by your customers resulting in better sales and revenues.
3. Effective Digital Marketing
As per the most prominent digital marketing trends of 2020, hyper-personalization is at the heart of AI-enabled digital marketing. With this facility onboard, you can send emails to customers that are of their interest and individual needs. AI-enabled marketing gives automated engagement emails a human look based on user analysis. With improved capabilities of AI technologies, you can manage your digital marketing campaigns automatically. From scheduling to analytics, and everything in between you can manage your marketing campaigns in a hassle-free way. With predictive and descriptive analytics, marketers can predict the future. Isn’t it great?
4. Retarget Lost Customers
With massive customer data, it sometimes gets unmanageable for businesses to go after every lead. But with AI, it is now possible to enhance to take follow-up of the pre-qualified potential users interested in your brand. For example, facial recognition is a commendable feature of AI that capture a user’s time spent on the e-commerce website. It means that if someone spends a notable time looking for characteristics of Apple Watch, these details will be stored for use upon their future visit. With developments in AI, you can anticipate people receiving customized offers on their screens based on their past purchases and searches.
5. Voice Assistance
To make the shopping experience of your buyers worthy, AI-enabled voice assistance is something every e-commerce platform should use. You must have heard about some popular virtual assistants like Siri, Alexa, and Google assistant. All of these are an example of voice assistance or conversational agents that interpret the voice command and offer real-time virtual assistance to users. This type of software has unique features combined with Automatic Speech Recognition (ASR) which makes it easy for humans to interact with online providers. We suggest you add virtual assistance on your platform, enabling them to use voice to order. Now you can serve more customers regardless of the language they speak.
6. Chatbots With Personal Touch
Recent studies suggest that one in every five buyers are interested in availing chatbot services, and that’s why a lot of e-commerce platforms are increasingly opting for them. Generally, chatbots are AI systems that interact through text or voice, to round-the-clock support to online buyers. Advanced AI systems are highly intuitive and have some unique learning capabilities that add the human touch to conversations and ultimately improve the customer experience.
7. Low-Cost Services
Good things don’t necessarily need to be expensive, and AI technologies are doing it well for businesses. Automated computer programs and processes for the provision of customer services help e-commerce organizations to keep their costs low. Needless to say, client service via social is no more an option, but it has established itself as a necessary condition. Be it a multinational or a mid-sized company; AI offers every business a competitive edge over rivals if used correctly.
8. Management of Inventory
One of the most critical components of a successful e-commerce company is how well it manages its supply chain processes. Efficiently managing your store inventory is all about maintaining the right stock levels without warehousing idle stock. A sound AI-enabled inventory management system is also useful in predicting the demands of specific products in particular seasons like Christmas, Halloween, etc.
These systems can also pinpoint potential stock-related issues that could disrupt supply levels based on past trends and changes in demand levels. Apart from this, the application of AI-enabled robots is changing the face of warehousing management resulting in less dependency of businesses on humans.
9. AI-Based Marketing Optimization
With reference to artificial intelligence marketing, marketers usually leverage machine learning and data analytics to achieve a company’s goals and objectives. In this area, AI is used in market research and real-time fully automated marketing campaigns. When it comes to marketing campaigns and AI, one of the best practices is to create a strategy to get a clear and crisp image of the market situation.
If you aren’t monitoring your campaign, how do you know if you are performing well? Consider metrics and set your KPI’s to track your campaigns. Make sure that you optimize every marketing platform and share a consistent brand message across all channels. For example, a cheap literature review help provider should promote itself as a low-cost academic writing assistance provider on all the marketing channels to create a robust image in the customer’s mind.
10. Online Sale Analysis
AI-based e-commerce data analytics provides the benefit of online sale analysis, meaning that every sale made by your platform is evaluated thoroughly by intelligent computer programs. You can track record of your sales gain and profitability rates necessary for understanding your current position in the market and where you want to be in future. It helps business marketers set goals and what else they want to achieve. It supports online companies to take a pragmatic approach, or we can say a bird’s eye view of the overall business.
11. Getting Local With AI
Most of the people will not purchase a product from a website if it is not in their native language. A site in a different language not only discourages people from buying, but it also makes it harder for them to trust your brand. With the adoption of the localization concept, an e-commerce store appear local to buyers and attract them. In fact, localization boost e-commerce business by positively impacting the purchase decision of buyers.
With intelligent AI systems, the data of visitors including their demographics and geographic located is collected which is then used to make an informed guess about the content that should be displayed for the buyers at each location. Moreover, the culture of a specific geographic area is different from another place and is viewed as a significant factor impacting buyer decision. For example, you can’t sell your product with a half-naked woman in Arab regions because of the religious values. Localization efforts, like translating your e-commerce site, also allow you to increase the comfort and trust level of your customers.
12. Predictive Pricing
Machine learning, combined with AI tools, studies a user’s navigation and search record to understand their behaviour. Based on this understanding, the prices of products are adjusted in real-time. Most advanced AI systems use factors such as market demand and prices of competitors. All of this happens according to the parameters specified by the company.
13. Lowers Cart Rejection
Perhaps the most exciting benefit of AI for an e-commerce business is that it prevents cart abandonment. It merely means that you can convert customers that visit your site for purchasing a product but end up buying nothing. Now with improved AI technologies, these buyers are just a few clicks away from finalizing their purchase. AI-enabled systems allow e-commerce websites to remain in contact with these customers by sending them personalized emails and informing them about the latest offers, deals, and discounts. This customized content can compel customers and allow you to make the sale.
Now we all know that the trend of AI technologies in business is irreversible. In this post, some of the trending AI features in e-commerce has been discussed. Apart from Chatbots and predictive sale analysis, it can be said that artificial intelligence can replicate the human processes making your online e-commerce store smarter.