Artificial Intelligence is one of the most interesting parts of computer science that focuses on the development of intelligent machines which work and react like humans. By leveraging the power of IoT in eCommerce, businesses can gain valuable insights into customer behavior and preferences, enabling them to personalize their offerings and boost sales. AI computers help to improve speech recognition, learning, planning, and problem-solving.
After AI was introduced in the real world, various people started spreading rumors that AI will take over their jobs and make human life extinct. But now it’s believed that AI can be useful in various business sectors.
Out of which, one sector is eCommerce. AI has opened doors for a wide number of retailers around the world. Using AI, they can improve various processes such as marketing, logistics, and product development. Integrating Point of Sale technologies in retail can provide a seamless omnichannel experience that boosts e-commerce sales.
Moreover, the recent study shared by Business Insider suggests that around 85% of customer interactions will be done without any human interactions.
Various eCommerce businesses have started implementing AI to provide an improved user experience, generate new leads, introduce new search options, and better understand their users.
Let’s have a look at how artificial intelligence can help eCommerce businesses to boost their sales.
1. Chatbots for eCommerce sites
The popularity of eCommerce sites is increasing day by day. Customers are looking for an unmatched experience and they want solutions to their questions instantly. Chatbots can provide 24*7 customer service to all your buyers.
Visit any reputed E-commerce website, you will be prompted with Chatbot. When you drop your query in the chatbox, you will get highly filtered results. Application modernization can help eCommerce businesses boost their sales by improving performance, enhancing security, and providing a better customer experience. AI chatbots offer personalized user experience and maintain a human-like conversation.
2. AI allows Personalized Product Recommendations
Personalization is the main reason why popular search engines like Amazon constantly show products similar to just what you have checked. This is possible due to the implementation of AI in eCommerce.
AI and machine learning analyze the way customers interact with websites and mobile apps, thus giving the best suggestions and increasing sales.
For instance, when a customer searches for a smartphone on the website, they receive an instant push notification on their phone to purchase the product, this makes the purchase process smooth and fast.
3. Retarget Potential Customers
Based on Conversica’s data, around 33% of marketing leads are not followed up by the marketing team. This simply means that all the shortlisted potential buyers who are interested in your product or service, fall back due to unavoidable gaps. Moreover, various businesses are bombarded with uncontrollable customer data, with which they do nothing much.
To resolve this, AI can help you to improve the sales cycle, by customizing your answers to the query and generating a strong sales message that reaches potential customers at the right time.
4. Create customer-centric visual search
Customers are sometimes disappointed by their eCommerce experience as the product results are not as expected. Other times, customers face a situation where they like a product or item but don’t know what it’s called?
Thanks to AI, it follows natural language processing to reduce, contextualize, and improve search results for online shoppers. Implementing Artificial Intelligence in eCommerce sites will enable visual search capabilities, thus providing relevant products and improving the user experience.
For instance, when you upload a picture of a product on Amazon, it will identify and provide you with the results you are looking for in just a few seconds.
5. Better Inventory Management
Inventory management is a very essential part of your business and it consumes a lot of your time. How? You should have detailed information about how much stock you are holding and how much more is required.
eCommerce sites feature thousands of products, therefore it is hard to monitor all the products on a daily basis for a human. AI will help to manage the inventory with ease.
6. Smart & Effective Sales Process
In this smartphone era, eCommerce business requires a smart and effective sales process. Those days are gone when we check Yellow Pages and contact their potential clients via cold calling.
Now, customers get influenced through feature-rich visuals which they watch on different social media platforms.
In order to sustain in a highly competitive market, you have to follow a highly-effective sales process for your business. To achieve this, you can integrate AI into your CRM. There are various AI systems that allow natural language learning and voice input.
In this type of case, CRM software will answer most of the customer queries and efficiently solve their never-ending queries. This will provide an opportunity for the sales team to improve their business.
7. After Sales Service
Selling your product on an eCommerce site is not enough. Businesses have to persuade users to enter into the customer buying cycle. After-sales service is the most important part of the business. AI apps can automate different services such as feedback forms, replacements, and manage any other things in the product. Also, the brand value of the website will be enhanced by resolving buyers’ issues at different stages.
8. Tackle Fake Reviews
The majority of online retailers and eCommerce shops have faced issues of fake reviews at least once. Based on a recent study done by Dimensional Research, 90% of respondents said that their buying decisions were based on positive online reviews, and 86% of respondents said that their buying decisions were based on negative online reviews.
But, there is a strong possibility that these reviews can be fake. How AI can help to handle this issue?
As of now, most of the eCommerce sites use AI to fight against astroturfing. It is simply a practice of focusing more on verified and helpful reviews.
For instance, Amazon utilizes AI to curb fake product reviews and a sudden increase in the popular star reviews. Their AI emphasizes the reputation and weight of the verified customer purchase reviews and promotes them. AI also looks at all those reviews which are marked as helpful by all the users.
Conclusion
Even though Artificial Intelligence is not as perfect as it should be, it can take the eCommerce industry to a new level.
AI in eCommerce can help businesses provide a best-in-class shopping experience to users. Moreover, eCommerce firms can analyze data of millions of customers and then target offers to only one potential customer. Thus, AI is changing the way we buy and sell things online. One should not underestimate the benefits of AI. Hence, we suggest you should accept this technology and its potential, which might become the future of online retailing.
