Creating an eCommerce store isn’t as daunting as surviving the fierce competition in the marketplace. By the time you decide to take your land-based company to the online world, some giant eCommerce stores will already be dominating the market.
So, how do you get above them? Well, the easiest way to up your game and stand out in the online world is embracing Artificial Intelligence. AI plays an integral part in re-shaping the eCommerce industry. Here are the 10 ways of AI into eCommerce.
Companies are now focusing more on producing customer-centric and the most relevant results. AI has also introduced voice and image search feature to offer a hassle-free online shopping experience to the customers. Besides, the companies have started to use the omnichannel method (all online platforms) to reach their target customers easily.
Predict Customer Requirements
With the help of AI, eCommerce websites can analyze the data and look into their customer’s purchase history. This information is sufficient to present the most relevant recommendations based on their budget, preference, and requirements.
Nurturing Leads to Potential Buyers
AI helps eCommerce industries turn their leads and prospects into customers. It helps companies to send the notifications of interesting offers and the latest deals. This way, it ensures customer engagement and improves the retention rate.
Customer Personalization Experience
Nowadays, customers want a personalized shopping experience. They don’t pay attention to irrelevant offers or notifications. To get ahead of the competitors, eCommerce stores have started embracing Artificial Intelligence to analyze and predict customer’s buying behavior. Based on this information, they provide their customers with a reliable and personalized experience by presenting the most relevant deals.
Lead Generation and Sales Funnel Process
Lead generation and conversions are the most important aspects of an eCommerce store. Not only does AI help companies generate leads but it completes the sales funnel process by guiding the customers throughout the shopping process.
Guided Shopping & Personal Advisor
A lot of customers abandon the cart because of a complicated checkout process. With the help of chatbots and virtual assistants, eCommerce stores can provide a better experience by guiding the customers throughout the shopping. Studies suggest that 1 out of 5 customers are ready to purchase products with the help of chatbots. These bots increase conversion and retention rates as more people get a personalized shopping experience.
Filtering Fake Reviews
Amazon has already implemented the AI technology to detect fake reviews. To make your store the most authentic and transparent eCommerce platform, you need Artificial Intelligence to filter fake reviews and provide genuine ratings and reviews to your customers.
Filtering Fraudulent Transactions
With AI, the online transaction system has become much safer and transparent than ever before. By implementing the Blockchain technology, you can secure the payment gateway and filter the fraudulent transactions.
Create Optimized Product Description and Best Pricing
As mentioned before, AI is used to analyze your customer’s buying behavior. You can explore their purchase history and determine the best and most relevant product recommendation for them.
Additionally, you can keep an eye on the competitor’s pricing and marketing strategy to come up with the best marketing plan. AI allows store owners to create an optimized product description and set the best pricing so that they could drive more customers to their online store.
Analytics, Marketing & Business Decisions to Merchants
Artificial Intelligence has made business analytics, marketing, and decision making a smoother process. By providing the best insights into the competitor’s marketing strategy and customer preference, AI allows eCommerce stores to stand out by implementing a better strategy.