AI or Artificial Intelligence is one technology that has changed the whole business world for good. By using this technology, many businesses can reduce the menial workload and improve customer service while keeping the operational cost as low as possible.
Its immediate and long-term effects are so lucrative that industries of kinds can’t resist deploying it. Out of all those industries, e-commerce has managed to heap the maximum benefits of AI and showed the world that the right kind of AI can do wonders in your business ecosystem. As e-commerce is all about online trading, AI’s implementation and execution were easiest in this industry type. Almost every single best e-Commerce platform is using AI.
From improving customer satisfaction to increasing sales figures, AI has helped the e-commerce industry to grow exponentially. To have a better understanding of this, we have come up with 10 powerful ways to use AI in the e-commerce industry and making most of this novel and inventive technology.
1. Getting hold over customer-centric search
The whole burden of your e-commerce business’s success is carried by the kind of search results your platform offers to the customers.
If you are not showing the right and relevant type of search results, then customers won’t give it a second thought and ditch your platform once and for all. They will abandon your platform and will not come back. So, if you want to grow as an e-commerce business, you must learn to offer customer-centric search results. Don’t show what you have. Show what your customers what to see.
With the implementation of AI, this is possible by all means. The cut-above AI technology makes note of your customers’ search history, analysis, and finds out the exact match for your customers.
Choice AI is a powerful platform that helps an e-commerce platform software to create personalized landing pages and smart banners. Its intelligent engine keeps a close eye on every shopper’s needs and creates 1:1 personalization and dynamic search components. So, when a customer searches, AI delivers only the most relevant search results. The chances of abandoning the platform are reduced by this.
2. Offer a voice-enabled search facility to your customers
Gone those days when customers have to type for the thing they are searching for. Now, we have Alexa and Siri that follow our voice commands and search for us. Don’t believe in us then here are few statistics supporting our saying.
50% of all searches across the internet will be voice-based by 2020, says recent research by Quoracreative stats.
Another research by Gartner concludes that 30% of all searches will be done without having screen access.
These statistics clearly show that voice-enabled search is a real thing. The AI used in these two is so advanced that they even find out the cheapest deal available and help you make the right purchase. You can also integrate them into your e-commerce and offers an advanced kind of search facility to your customers.
Amazon, the best e-commerce website is already using it. Amazon’s customer can make a voice search, get custom quotes, and even pay for a product using Amazon Echo and its integrated AI assistant Alexa
3. Stay at your customers’ service using a chatbot
E-commerce is one industry where businesses and customers have no face-to-face contact. They rely upon virtual communication. While being at your customers’ service using a phone is not possible, you can achieve it using a chatbot.
A chatbot is AI-powered virtual assistance that can assist customers’ queries around the clock and throughout the year. So, whether it’s Christmas holidays or long weekends, chatbots never take-offs and always remain at work.
These chatbots are so efficient that they communicate like humans and answer queries with full perfection. They help you to speed up the recurrent buying purchase processes as well.
Domino’s Pizza has already deployed a whole team of chatbots that take care of repeatable processes like ordering products and generating invoices.
4. Have virtual agents
Even though chatbots are a great help, you can’t deny the worth of a telephonic conversation. Some people prefer calling a business over live chat. In that case, AI-powered cloud telephony can be a great help for your e-commerce business.
You can set up an IVR and let them resolve some of the queries on their own. Then you can have multiple agents at multiple locations without having multiple offices. AI has made remote working possible. As it comes with multiple integrations facility with the Inventory management system, it will help you manage various things in one go.
5. Take personalization a whole new level
As per Smart Insights, 68% of online revenue is generated via personalization. This is the reason why Amazon keeps you suggesting the relevant products of your past purchase again and again. By using innovative AI, Amazon is managed to offer you a 100% customized and personalized service.
In e-commerce, a personalized buying experience matters a lot. By using AI, you can create various touchpoints and find out the personal preferences of your customers even if you don’t know them.
6. Don’t let the customer abandon you
Do you know that the typical cart abandonment rate of online shopping is between 60% and 80%
This is one of the biggest issues that the e-commerce industry is facing these days. They add the products to the cart but then forget about it. It not only reduces sales but also shrinks down your ROI. You can set up the AI-powered notification system to alert the customers about it and reduce its occurrence.
There are various AI-driven tools as well that allows you to reduce cart abandonment rate by analyzing digital body language. These tools find out whether the customer is making random searches or interesting in buying. If the search is real, they push customers to make a purchase by sending promotional messages and provide more information on the content.
7. Sell using wearable technology
Just as the iPhone is famous, Apple Watch has also managed to win the hearts of customers. Products like Fitbit and Apple Watch are offering customers more than calling. You can also choose the best e-commerce platform. They are keeping track of their fitness level, counting steps for them, and doing other stuff. Then you should let it buy for them.
Using AI, you must make your e-commerce platform wearable technology compatible.
8. Gather reliable customer reviews
Do you know that 82% of customers have read a fake review and dropped the idea of buying?
Reviews play a crucial role in your e-commerce business’s success. So, we must emphasize how to collect reliable customer reviews. Well, AI can help you. You can set an auto-mailer or IVR facility and collect real-time customer reviews. If you choose the right AI it detects that the reviews are genuine or not.
Amazon is well aware of the worth of genuine reviews and has started using an AI-driven tool named ReconBob. This tool weeds out the inaccuracies in its seller ratings and improves sales.
9. Retarget the existing customers
You have 50-60% chances to do business with an existing customer while only 5-20% is your likelihood with new customers.
Targeting existing customers is always an easy task.
Using AI, you can send a personalized recommendation and create customer loyalty programs to retain/retarget potential customers. It can optimize your remarketing strategies by using ML.
By interpreting data around users’ purchase history; it also helps you identify future buying behavior. There are various AI-powered tools like Artudata that can help you doing easy remarketing.
10. your platform’s security
There are around 71% thefts, 66%, phishing, and 63% account theft incidents that happen during online purchases. And all these fraudulent transactions will lead to $71 billion lost over the next few years if left untreated.
If you want to grow as an online business, you must learn to mitigate online fraud risks to both your sellers and customers. Here also, AI comes to your rescue. You can prevent CNP, Return to Origin, and many other kinds of fraudulent payment fraud by verifying accounts automatically.
Well-integrated AI will identify the card marked valid by the customer and proceed with payment hassle-freely.
It remembers the most used card preferences. You can set OTP and verification facility before each purchase and reduce the chances of any fraud.
AI is a boon for mankind. When used in the right manner, it can make a huge difference. With its help, the e-commerce industry can overcome many operational hurdles and grow without any impediment.