In our previous article, we discussed the rising popularity of artificial intelligence (AI) in the ecommerce industry. Business owners are recognizing the value of using data and automation to streamline their operations and increase their conversion rates.
However, ecommerce businesses that do not incorporate AI tools, such as chatbots, into their operations are likely missing out on the significant benefits that this technology can offer.
If you’re still unsure about the benefits of using AI in ecommerce, keep reading. In this article, we will explore the advantages of utilising AI tools for ecommerce and provide guidance on how to incorporate this technology into your online business.
Our hope is that this information will convince you of the value of AI tools and encourage you to start utilising them for your ecommerce business.
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Benefits of Using AI Tools for Ecommerce
Incorporating AI tools in your ecommerce business can trigger a chain reaction of benefits that work in tandem with one another, resulting in a significant boost to your online store’s profitability and conversion rate.
Here are the following benefits of utilising AI tools in ecommerce:
1. Provide Customised and Engaging Shopping Experience
AI tools can help ecommerce businesses create a personalised shopping experience for customers. By analysing customer data and their behaviour, AI algorithms utilise these insights and provide personalised recommendations such as product suggestions, and customised pricing.
This level of personalisation can help businesses increase customer satisfaction and loyalty, as well as drive sales as it creates a more engaging shopping experience for customers.
2. Optimise Inventory Management
Leveraging AI tools for inventory management optimises the process by analysing sales data, predicting demand, and automating ordering and replenishment processes.
By identifying the products with the highest sales and those that underperform, online store owners can anticipate and pre-plan product demands, increasing efficiency and boosting the store’s performance.
This results in avoiding stock outs, reducing overstocking, and improving overall inventory efficiency, leading to significant time and cost savings for the business.
3. Enhance Customer Service
AI Tools, such as chatbots and virtual assistants, enable ecommerce businesses to offer 24/7 customer support, addressing common questions and resolving issues in real-time. This results in enhanced customer service and reduced response times, leading to increased customer satisfaction and retention rates.
Additionally, replacing human staff with AI for basic tasks helps businesses to save on overhead costs.
4. Manage Credit Card Fraud Risk
With the assistance of AI tools, ecommerce store owners can guarantee secure online payments by utilising machine learning technologies to identify and comprehend potential fraudulent credit card transactions.
5. Offer Best Pricing
Online stores can leverage AI-based pricing tools to optimise their product prices to generate maximum sales. These intelligent tools can also forecast future pricing trends by analysing several key factors such as inventory levels, demand, and supply patterns.
How AI Tools Can Enhance the Functionality of Your Ecommerce Store
Now that you have learned about the benefits of utilising AI tools, it’s essential to understand how they can elevate your ecommerce store’s functionality and enhance overall performance.
And here are some ways in which AI tools can enhance your store’s functionality:
Smart widgets such as chatbots can improve customer interactions and user experience.
Search Beyond Keywords
Visual search capabilities that enable shoppers to find products or similar items by taking a picture on their phones, with the AI tool analysing colour, texture, shape, and other relevant details.
Digitalise Try-ons (Fittings)
Virtual try-on features that allow customers to virtually test out products. For instance, an eyewear shop may use an AI tool that allows potential customers to visualise how they would look wearing a specific eye frame they have selected.
AI Tools For Ecommerce Examples
Congratulations on reaching this section of the article. By now, you should be convinced of the significant benefits that AI tools can bring to your ecommerce business.
If you’re wondering what the next steps are after discovering the advantages of AI tools, we have compiled a list of various AI tools that cater to the diverse needs of your ecommerce business. Let’s take a closer look at them.
Personalisation AI Tools
Clerk.io – a personalisation tool that uses a tailored algorithm to meet the needs of ecommerce stores. This tool is able to index the full product range and function and connect these products with people.
Clarifai – This tool is able to optimise product search and discovery to deliver tailored product recommendations to customers. With similar product suggestions, it can help to improve conversion rates, increase basket size and also reduce bounce rates.
Customer Service AI Tools
Inbenta – This AI-powered platform offers natural language processing, machine learning, and chatbot capabilities to enhance customer service. Their patented Neuro-Symbolic AI 4-in-1 platform enables interactions with customers, providing optimal answers to even the most complex questions.
Facebook Messenger – This widget allows ecommerce stores to set up automated replies, product suggestions, order updates, and customer service inquiries. By automating these interactions, ecommerce stores can streamline their communication with customers and improve the overall shopping experience.
Inventory Management AI Tools
Klevu – This tool is designed to connect shoppers with products they intend to buy, enhancing their search and product discovery journey by leveraging customer intent data. By doing so, Klevu’s platform helps to improve conversion rates and increase revenue for ecommerce businesses.
InData Labs – An AI-powered image recognition tool that enables ecommerce businesses to tag and organise their product images, thereby improving search functionality. With the help of custom image recognition, InData Labs can create tailored solutions to detect, recognise, and identify objects from raw images, leading to improved product classification.
Email Marketing AI Tools
Bluecore – This AI platform helps ecommerce businesses to personalise their email campaigns and product recommendations. By leveraging retail data, the platform creates powerful one-to-one campaigns that enable businesses to communicate with shoppers as soon as they land on their site.
Flowrite – This AI-powered email writer leverages your input (typically a brief sentence or two) to produce custom and personalised messages. Its one-click generator can quickly create emails with the option to develop your own intelligent templates.
Visual Search AI Tool
ViSenze – An AI-powered tool that enhances the product search experience for your ecommerce store. By utilising visual AI and rich catalogue data, it enables customers to easily find their desired product, thus reducing the likelihood of them leaving your store empty-handed.
Competitive Analysis AI Tool
PriSync – A tool that enables eCommerce store owners to discover their competitors’ pricing strategies and profit margins, allowing them to boost their sales and revenue.
Customer Behaviour AI Tool
Namogoo – An AI-powered platform that uses machine learning to gain a deep understanding of customers and deliver personalised promotions. It also manages coupons and price-checking extensions, preventing competitors from diverting customers and other similar activities.
AI Ecommerce Is The Future
There are numerous benefits of AI tools for ecommerce businesses, including improving personalisation, optimising operations, and driving sales. AI can also aid online business owners in making accurate sales predictions to enhance customer support.
By taking advantage of AI, ecommerce businesses can outperform their competitors in a fiercely competitive market, providing their customers with a more efficient and hassle-free shopping experience.
It’s time to integrate AI tools into your ecommerce business and reap the benefits they offer!
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