11 Jul 2020
How E-Commerce AI Tools Can Make Your Online Store Profitable In 2020?
Online shopping is creating a stir in the market, and the pandemic crisis has boosted its popularity level to another extent. However, on looking closely it can be seen that the eCommerce market is going through a fierce competition where eCommerce giants like: eBay, Amazon, and Alibaba are already consuming the space. In such a strong completion race, it is not easy for retailers to acquire and retain loyal online customers on their online stores.
Retailers need to understand, anticipate, and adapt changing conditions and trends as per customer preferences to thrive in the market.
This can easily be achieved with the emerging technology, in particular Artificial Intelligence. Yes, this very technology has the enormous potential to improve profitability factor for your online store.
This post contains a précised information of eCommerce AI tools that can help you win the revenue generation race.
Let’s read further…
AI-powered eCommerce will change the digital ecosystem
Unless you are flawlessly running the eCommerce channel, you can never offer an incredible user-experience to the users. This is where AI comes for your rescue, and gives you an edge over the competitors. Indeed, embracing digital technology lets retailers incur revenue and get a better return on marketing, business systems, inventory, and their team.
Let’s dig deeper and find out the number of ways AI boosts profit score on your business…
Machine-enabled search and sales
Indeed, the concept of AI-powered chatbots, which work as the virtual assistant, eventually saves time and effort. This technology is largely getting used by bigger brands to make consumers stay hooked to their platforms. The integration of NLP- natural learning processing, does not make virtual, automated, and algorithm-driven interactions sound mechanical. Rather these tools help in creating a personalized experience for the users. The conversation which takes place through bots is as human as possible. And their engagement rate helps the users to get assistance in the best possible manner.
With the help of efficient AI solution in your business model, brings numerous opportunities to enhance its working mechanism and helps online shoppers without a fail.
Smarter stock management
The eCommerce platform is all about offering goods to the users as per the demand and on-time, so they don’t grow closer to your competitors. However, an online platform brings a huge glut of products and services, which have to be tracked for smooth delivery. But purchase planning and inventory management are two different aspects, which are highly critical for success in eCommerce. As a business owner, you cannot initiate sales, unless you have sufficient stock on hand. As there can be a situation, where you might end up running out of stock, and fail to fulfill the demand. This will lead to customer dissatisfaction, and as a consequence, you would lose the sale forever.
To help you predict turnover and plan your purchase in advance, AI tool comes as a savior and helps you get a forecast of shipping lead times, seasonal changes, and product trends, so you can easily plan beforehand, and grab the attention of the users.
AI tool works along with the user-behavior data, search history, and competitor pricing, and helps you make the right decision to stock a particular product to meet the customers’ expectations and increase the satisfaction level.
Offers personalized and admirable shopping
With the help of AI-powered tools driven tools allow you to engage customers with personalized information or offers, given to them. This ensures to drive more conversion and brand loyalty. You must have noticed various eCommerce sites recommend products based on your users’ preferences. Needless to mention, but it drives more conversions and brand loyalty.
AI lets you implement sophisticated filtering of your product’s options based on customer data, and grows the highly specific product recommendations. This enables users to improve the searching capability and find exactly what they want in a faster manner. Further, the visual search supported by AI, also lets the users upload an image to get the matched search result without the need to type in the search bar.
User experience optimization
Success is better defined when buyers purchase without any hassle involved. You can create a better and engaging user-experience for your consumers when you know exactly WHAT they want from your services. To get a tailored solution meeting the users’ demands, can be well-addressed by AI technology, as it allows to design better and mesmerizing interfaces and interactions.
The AI tools let the users predict future behavior at par, and reach out to right customers through personalized emails or advertising, in real-time
Detects and prevents fraud
The evolved spectrum of technology has also brought ease to hackers, where they can fiddle with the card details and post fake reviews, to deteriorate the portal’s image.
However, this is where AI invades its technical efficiency and breakthrough any ever-changing cybercrime technique. Further, Machine Learning has the capability to distinguish between fake and genuine reviews. That makes the story get solved for your business with ease.
Food for thought
Artificial Intelligence paves a smarter way for your online shopping business to deliver engaging shopping experiences at scale. But this AI-enabled app solution must be developed and monitored by skilled professionals in the industry; a company that holds the required expertise in crafting an incredible AI-enabled eCommerce app, that is none other than Techugo.
On the other hand, our primary goal of this article is to highlight the trending use cases of AI in eCommerce. We would love to hear your thoughts on the same.