Column: How AI can help online stores
Modern technology continues to reshape how businesses operate these days. When it comes to eCommerce stores, technology is one of their main advantages. This is especially true due to the fact that the market they operate in is oversaturated and highly competitive.
Without help from technology, an eCommerce store has no chance of reaching success efficiently and quickly enough. That said, the latest technological support comes from AI (Artificial Intelligence).
Although AI technology is still in its early stages of development, what’s been created so far has already made its way into business operations throughout various industries, eCommerce included. AI’s Machine Learning, Deep Learning, and Natural Language recognition capabilities are empowering various business processes for online stores.
Among other things, AI can be of great service to online stores when it comes to boosting Sales and Sales are one of the most important factors for eCommerce businesses. With that in mind, here are a few efficient ways AI can boost your eCommerce Sales.
Gather Data About Customers
Boosting Sales comes down to understanding customer needs, preferences, demands, and expectations. Any eCommerce store that wants to experience an increase in Sales needs to be able to cater to customer needs, as well as meet their expectations. You can’t do that unless you truly understand your customers and know what they want. AI can help out with that.
As a matter of fact, the main reason eCommerce stores opt for AI is to gain a better understanding of their customers (31.4%). So how can AI help? AI can gather and interpret data about consumers faster than any human data scientist can.
That said, any information AI can provide you with can be used to improve your efforts, personalize and customize offers, as well as encourage consumers to make purchases from you by catering to their needs. The more accurate and relevant information your eCommerce store gathers from AI, the more Sales it will be able to drive because of more informed and strategic decision making.
It’s no secret that a lot of eCommerce stores design retargeting campaigns to gain more customers. Everyone who didn’t convert in a previous Marketing campaign is retargeted after a while with new offers.
However, such efforts are based on a lot of guesswork. In other words, you can’t know for sure if your retargeting efforts will work this time and that consumers will be willing to convert.
In addition, a lot of Marketing efforts and resources get wasted on leads that never get to be contacted, to begin with. With help from AI, your retargeting purposes can be vastly improved. As mentioned before, AI can provide you with relevant consumer information.
It accomplishes this by analyzing huge swathes of data roaming free all over the Internet. With the right information in your arsenal, you can craft specific messages and personalized offers to lead a retargeted potential customer down your Sales funnel more efficiently and seamlessly.
Decreasing Cart Abandonment
One of the things that plague eCommerce Sales is cart abandonment rate. Consumers are ready to purchase but for some reason, they abandon their carts at the checkout process or even earlier. As a matter of fact, the cart abandonment rate worldwide has reached 69.57% for online retailers.
For good sales, you want as few abandoned carts as possible on your eCommerce platform. Fortunately, AI can also help you out in this matter. That said, AI can help you automate follow-up inquiries for any abandoned cart. It can, therefore, provide you with data as to why your leads had decided to give up when they were so close to converting.
It could’ve been a technical glitch, lack of payment options, shipping conditions or extra fees that weren’t previously mentioned and so on. The information you acquire can help you remove obstacles that cause consumers to abandon their carts and thus increase your Sales.
Enhancing Customer Experience
It’s no secret that customer experience is among the most important factors for increased Sales. If consumers aren’t happy with your eCommerce store for any reason, they simply won’t make a purchase and they might abandon your store for good. AI can once again provide you with a proper solution.
That solution comes in the form of a chatbot. A simple computer program powered by AI can make a difference when it comes to providing exceptional customer service and support. Chatbots exist in messaging apps and they can leverage natural language recognition to communicate seamlessly with consumers.
What’s more, they can address multiple consumers at once and they can operate 24/7. However, that’s not the most peculiar thing about chatbots. Their main advantage is their ability to cater to consumer needs by analyzing any relevant information about an individual customer.
They can make recommendations and answer any question or sort any issue a customer may have. Chatbots are particularly popular with younger generations who prefer to communicate with a chatbot rather than with a human representative of your customer service and support department.
Technology has once again proved that it can be of great assistance to businesses online. AI is just one of the newest technological trends that will revolutionize the eCommerce world. That doesn’t just mean helping the online stores increased Sales but also helping them create an entirely new level of experience for online consumers.