How Artificial Intelligence is helping E-Commerce Stores to be competitive?
If you own an E-commerce store, you might face a situation when you are looking for possible methods to boost the store performance, increase sales and grow ROI. There are numerous ways to achieve these goals but Artificial intelligence can meet all these objectives in a very simple possible manner. Artificial Intelligence has helped numerous E-commerce brands to meet the desired results. It provides a wide range of opportunities to the brands where they are always under pressure to provide unique stuff to meet maximum conversions, grow the customer base and provide engaging shopping experience. With the regular improvement in the voice search technology, AI-based gadgets like Alexa, Eco & Cortana, are in demand, playing a big role in the E-commerce industry.
Let’s find out the benefits of AI for E-commerce Stores:
1. Targeted Marketing
With the integration of Artificial intelligence into E-commerce stores, the store owner can target the users keeping their interests in mind for the right output. AI software is based on the self-learning techniques to get insights from a large set of customers data and target them in the best possible way. This has eased the burden of admin, employees working for an E-commerce brand. AI is a great approach to rule out any human error.
2. Purchase Assistants
This feature of AI is a big step towards boosting sales and many people are not aware of it. Purchase Assistant has helped both buyer and seller. Using purchase assistant selling and buying time is reduced automatically. It automatically presents the E-commerce store upcoming deals, price drop, and new product launch to the buyers. Buyers are highly satisfied with this technique and these assistants are programmed to add the products to the cart and perform the checkout process on buyer behalf. This is done after the buyer authorization only.
3. Highly Secured
E-commerce business runs on online payments, saving card credentials and trust. However, the store owners always face a challenge in offering a secure shopping experience to buyers. With the rise in online fraud, data breach and theft providing security is a must. These issues can be addressed by adding security standards of Magento E-commerce platform with Artificial intelligence. The technology has several features like fast iterating models to reduce manual review queues, using experiential data to adapt to new business standards and improve human decision-making.
4. Reliable Customer Support
Providing buyers timely support is a challenge and handling the queries of hundreds of buyers simultaneously is not a simple job. But with AI-based application chatbot brands can help buyers with their queries over the web. Chatbot applications have helped E-commerce brands to lower the operational cost by replacing customer support executive. These applications can serve hundreds of users at the same time which is not possible with a human being. Chatbots are programmed with information like product details, shipping information and quantities to provide proper answers to customers. Chatbots offer instant customer support service which was earlier possible through contact forms, phone calls, and emails only.
5. Personalized Shopping Experience
The major difference between E-commerce store & physical store is the personalized experience. With so many advancements, there is still a lot of improvements required for the E-commerce stores to enjoy personalized shopping experience. To meet the needs of the customer, AI is the perfect technology to consider. AI-based campaigns can be run to target the potential audience at the right time. AI can assist in the personalized shopping experience with the help of sending push notifications to the shopper’s smartphones. Magento 2 offers advanced features like Personalized recommendations, loyalty programs, gift options, customized pricing and cross-selling options.
6. Post Sale Support
Most shoppers have an uncertainty whether they will get after-sale support or not but with AI implementation online portals can assist customers even after the sale. This amazing technology engages customers by:
- Sending post-sale emails and follow-up notifications for any assistance.
- Handling shoppers complaints, product exchange, returns, and refunds.
- By processing warranty claims.
- Sending notifications related to customized offers, sale and latest discounts.
- Although AI is not as engaging as human interaction. But it is helping shoppers at every stage of buying.
7. Inventory Management
For the optimized working of the E-commerce website, inventory management is important. It includes the stock management and resource allocation for the inventory which is not required.
- AI intelligently handles the stock, make a database of the products available in stock.
- It suggests how much stock is needed for tomorrow and exactly when.
All the sales affecting factors are evaluated.
8. Future Sales Prediction
AI helps store owners to predict future sales. This help in properly managing the stock amount. AI keep numerous factors in mind to predict future sales:
- Customer buying trends
- Market share
- Last year sales history
- Real-time changes
- Changes in demographics, age, and gender
It’s not tough to implement AI in E-commerce website. AI is simple to use and implement saving numerous operational investment. After going through the benefits of this innovative technology, every store owner will implement it for the desired business results. Including AI will help to make your store a highly responsive store. Currently, when a lot of competition is present in the market, personalization and uniqueness is the most important factor to run a successful online business. The way AI is growing its roots in the business world its integration has become a necessity.
Ashley Brown is a Magento developer working with AgentoSupport, a reputed Magento support agency. If you are looking to hire Magento developer, she would make a great choice. She loves writing informative blogs on latest Magento updates.