In the world of ecommerce, AI technology revolves around algorithms and machine learning mechanisms that form the foundation for automation, predictive analytics, and more.
As we have discussed in our previous articles, AI offers a multitude of advantages to online businesses. These benefits range from enhancing customer service to mitigating credit card fraud risks, and these are just a few of the many benefits AI is able to provide for any ecommerce business.
This article will focus on the practical and effective ways that ecommerce businesses can achieve if they choose to leverage on AI. So, let’s delve into the details.
Significance of AI in Our Daily Lives
AI is rapidly integrating into various aspects of our daily lives. Think of virtual assistants like Siri and Alexa, these AI-powered assistants can perform a variety of tasks, from setting reminders and making phone calls to controlling smart home devices and providing weather updates. As a result, AI is becoming an increasingly integral part of our daily routines and interactions with technology.
In the world of retail, the COVID-19 pandemic has accelerated the growth of ecommerce and made the ecommerce landscape highly competitive. To stay ahead of the competition and thrive in the digital era, business owners are seeking new ways to grow their business online.
AI is proving to be a game-changer in boosting sales, efficiency, and productivity for ecommerce operations. By driving engagement and interaction with digital touchpoints, AI can help ecommerce businesses to improve their customer experience and make more informed business decisions.
5 Ways to Benefit Your Ecommerce Business Using AI
Implementing AI in your ecommerce website can provide you with a competitive edge and pave the way to success. To help you harness the power of AI, we’ve compiled a list of the top five ways it can benefit your eCommerce business.
By optimising various aspects of your business, such as customer experience and operational efficiency, AI has the potential to transform your online business and give you an edge over your competitors.
1. Streamline Operations with Automation
The majority of online stores are now accessible across multiple channels and available 24/7, making automation an essential component of the eCommerce industry. AI has become a valuable asset for eCommerce business owners, particularly in automating customer support.
By delegating basic customer support requirements, such as answering shipping-related queries, to AI, business owners can save precious time, energy, and resources to focus on more complex requests, and ultimately increase productivity and revenue.
Furthermore, automation helps ecommerce businesses manage and streamline both front-end and back-end workflows by handling repetitive tasks. With the use of AI, ecommerce businesses can automate various processes such as featuring new products across multiple channels, synchronising sales, identifying high-risk transactions, and offering discounts to loyal customers.
2. Enhance Experience with Personalisation
Personalisation has revolutionised the ecommerce industry by providing customers with a shopping experience tailored to their individual needs, preferences, and tastes. From displaying recently viewed products to creating personalised product lists and running automated email campaigns, personalisation has become a crucial strategy for ecommerce businesses.
With personalised product recommendations, ecommerce stores can take advantage of customers’ impulse buying tendencies and even cross-sell or upsell products at checkout based on their preferred brands and categories. AI can analyse large amounts of data, including click-through rates, browsing history, and purchase behaviour, to provide real-time analytics and optimise the customer experience accordingly.
3. Improve Search Experience with Smarter Search Engines
Customers who rely on the search box when browsing ecommerce websites are more likely to make a purchase compared to those who are just browsing. However, finding the exact item they are looking for can be challenging, even when using relevant keywords.
To address this issue, ecommerce websites have implemented smarter search engine techniques such as “searchandizing” and image search.
Searchandizing incorporates various features, such as faceted search, navigation, autocomplete, recommended product listings, recent searches, and other elements, to improve the search experience whereas image search enables customers to perform a search using an image to find the product closest to it.
4. Scale Support Service with Virtual Assistant
Another method to offer more precise search results is the use of ecommerce virtual assistants (VA). Also known as chatbots, it uses language processing and machine learning technologies to understand customer queries and provide appropriate support.
This technology is now commonplace, with well-known examples including Google Assistant, Amazon’s Alexa, and Apple’s Siri. ecommerce businesses prioritise the use of virtual assistants because they are available 24/7 and can handle inquiries effortlessly. This also increases a business’s scalability since virtual assistants can perform various tasks, including product research, listing, and inventory management. For customers, VA provides quick and easy access to information and assistance.
5. Predict Behaviour with Data for More Targeted Remarketing Techniques
Remarketing is a way for ecommerce businesses to remind their target audience of their brand and products. A retargeting strategy focuses on reaching users who are already customers or have previously visited the website. These customers may have already made a purchase or abandoned their buying journey before completing it.
AI can help an ecommerce business identify each customer’s behavioural pattern based on their purchase history and the most popular or frequently viewed items. This data can be used to bring them back to the ecommerce store.
One such technique is push notifications. It is a powerful retargeting strategy as they are brief and straightforward, so customers are unlikely to become annoyed.
Businesses use AI in their remarketing campaigns because it is a cost-effective and effective strategy. Remarketing ensures that the business remains at the forefront of the customer’s mind, so the next time they shop online, the business will be one of the first they consider.
The Future of Ecommerce is with AI
AI is revolutionising the ecommerce industry by transforming how businesses present and sell products to their customers. With the help of virtual buying assistants, AI offers a highly personalised shopping experience that benefits both retailers and shoppers.
Furthermore, AI technology enables eCommerce stores to identify and analyse consumer behaviour and big data to segment and retarget their customers. Personalised customer experiences are crucial to the success of online businesses, and AI applications can provide insights into future purchasing patterns and recommend products based on browsing habits.
The impact of machine learning and AI is already being felt in the present, and it will undoubtedly transform the eCommerce landscape in the years to come. By leveraging AI and data collected from customers and businesses, eCommerce businesses can make informed decisions, forecast future results, and adjust marketing campaigns accordingly.
It’s time to explore the world of AI to reap the benefits of it and be one step closer to achieving greater heights for your business and staying ahead of the competition!