Artificial Intelligence (AI) has witnessed an exponential rise in the adoption by various sectors. The technology has unknowingly become a part of our day to day life. From Google search results to Amazon’s products recommendations and Netflix’s film suggestions to bank’s VRU system, there are several AI-powered tools that even non-tech-savvy individuals’ use.
Due to the technology’s ability and efficiency to offer a personalized experience, its use is set to grow immensely during the next two years. Research firm Gartner recently released results for their study about the influence of Artificial Intelligence on businesses. The research suggests that AI would handle around 85 percent of the interactions between companies and customers instead of humans by 2020. Some of the world’s leading brands have already implemented the new technology to recommend their products to consumers in the most effective manner. Thus, e-commerce stores need to remain aware of the market trends and upgrade the customer-facing features to offer the best possible user experience. Artificial Intelligence is not just about products recommendations. Here’s how it can revolutionize the business’s overall functioning.
Until the last decade, television advertising and flyers were crucial parts of every company’s marketing technique. Now, social media channels like Twitter, Facebook, Instagram, etc. have eaten into the television’s share. Most importantly, customers prefer to use the same platforms for communicating with brands as well. So, it has become essential for companies to upgrade their CRM into social CRM.
AI-driven social CRM has changed the way companies interact with customers. The advanced customer relationship management system can integrate social media conversations, emails, chatbots discussions, as well as other communication in the notes. Such data helps live customer care agents to solve consumer’s concerns without wasting much time. It also helps the sales team to identify cross-selling opportunities.
SCRM enables brands to anticipate the future needs of the customers and get a richer insight regarding their sentiment about the products.
Digital assistants like Google Assistant, Amazon Alexa, Cortana, Viv, Apple’s Siri, and other voice-activated devices are becoming more and more popular each day. Alexa is better positioned than other digital assistants at present.
Customers are also using these voice devices for searching for items on the internet and buying the same. The percentage of such shoppers is set to increase in 2019 according to firms that offer eCommerce development services.
By 2022, voice shopping is set to cross the $40 billion mark in the US and the UK (combined). The stats make it necessary for every e-commerce sites to plan their strategy for voice engine optimization (voice search
AI algorithms in sales and marketing
Artificial Intelligence algorithms can help significantly in making accurate business predictions. The feature makes decision-making simple for the higher-management. AI forecasting tools can offer a glimpse of next quarter’s possible revenue figures with the help of past data and help managers to adjust resource, inventory accordingly.
Offering discounts and adjusting prices proves to be a tricky issue. AI algorithm can take the decision based on past deals, client’s annual revenue, client’s industry, the customer’s geographical location, and prices quoted by competitors for similar contracts in the past. The feature is often referred to as price optimization.
Artificial Intelligence powered engine can keep track of the customer’s browsing data and make relevant product recommendations. Cross-selling and up-selling require minor investment compared to spending on marketing to get new consumers on board. AI algorithm helps organizations to zero-in on customers who can buy more new products or upgrade the existing ones. With such accurate data, brands can merely divert their marketing efforts to target those who would want to buy. Companies can save considerably on marketing cost and improve annual revenue as well.
Keeping the inventory up-to-date is essential to make sure that the shelves remain stocked at all the time. Artificial Intelligence is making a big difference in inventory management by gathering information about critical drivers in the market. It combines this data with predictive analysis and takes decisions. A reputed eCommerce development company can assist you in integrating AI tools with the existing business systems as well.
AI and ML powered bots offer one hundred percent procedural compliance
Compared to bots, humans often make a higher number of errors. For example, a human customer service executive might forget to record information or read disclaimers according to regulations and auditing requirements. On the other hand, chatbots automatically adhere to all the rules according to their programming. Plus, they also offer an auditable trail for the conversation according to the legal requirements.
AI and machine learning have revolutionized the way software solutions are programmed. Bots learn from every conversation, plus, they also have access to historical data. Thus, the chances of offering incorrect answers due to the knowledge gap become less.
Humans may not feel comfortable to indulge in multiple conversations at the same time. Bots can handle several customers at the same time and have no limitations when it comes to typing speed.
Boston Consulting Group’s study has pointed out that retailers who have implemented some of the ‘smart’ solutions have recorded 10 percent gains in their sales. AI and ML powered bots are set to rewrite customer service norms. However, complicated queries, as well as the ones that need a human touch, would still require customer service associates at the call centers.
AI in every platform to offer a consistent experience
These days, a considerable percentage of internet traffic comes from mobile devices. AI engine ensures that customers visiting the e-commerce platform using small and large screens as well as apps get a consistent, seamless experience. Google Prediction API, IBM Watson, and AT&T speech, etc. are some of the popularly used ML APIs that can be combined with mobile platforms. A reputed eCommerce development firm can assist you in selecting the best option for your firm.
Most of the AI and ML-based systems become more and more accurate with time. The more the company uses them, the more they learn about the business and its e-commerce customers.