The Ecommerce industry has greatly evolved, and online retailers can no longer ignore the powers of artificial intelligence technologies. In this article, we look at all the exciting ways that you can make use of AI in 2021 to attain those six-digit sales from your online store.
But, before we dive into the many ways that you can adopt AI in the E-commerce world, let us look at the promise of this technology.
Artificial Intelligence in the digital age
Artificial intelligence was developed with the primary aim of making machines smarter and more efficient. Its practicality is based on the capabilities to automate the learning processes of machines. This way, the machines become intelligent over time and can function independently just as a human would. With the ever-growing dependence on digital devices, AI technologies have become embedded in our lives. Today, there is a touch of AI wherever we are, right from the smartphones that automatically recognize users using facial recognition to our airports that use advanced security check systems.
The winning point for artificial intelligence technologies have been the amazing ways that it has made our devices and machines ‘come to life.’ You no longer have to manually do a lot of tasks when using an AI-powered device as most of these processes have been automated. The odds have been raised as we live in a big data age, and it would be frustrating to handle gigabytes of information each day. However, with AI-driven platforms, this is a walk in the park as all that is required is an algorithm and the data available will be analyzed in the shortest time.
The growing importance of AI in the E-commerce industry
E-commerce has its basis and essence hinged on modern-day technology. The introduction of artificial intelligence was always bound to cause the industry to advance significantly. This is because, with the growing competition in the industry, online retailers had to make their businesses faster and smarter. AI technologies have made this possible as it supports machine learning and automation, which have redefined online marketing and client experiences.
To stand out from the crowd, here are the tried and proven ways AI technologies will make your store attract more clients and have more sales:
Automated marketing and advertising solutions
The covid-19 pandemic has caused a re-awakening of the modern consumer, who now, more than ever, has placed maximum value on convenience and immediacy. As people had to spend most of their time at home with little movements allowed at the peak of the pandemic, there was only one solution – shop online for virtually everything. According to a study by Shopify, this led to an unexpected and expedited growth of E-commerce where ten years of growth was experienced in three months.
This trend is expected to continue even in the post-Covid world as people have witnessed the huge potentials of E-commerce. Nevertheless, the big question for online retailers is – how do you efficiently tap into this vast market?
Well, with tens of thousands of customers looking for products each second, the only way to attract attention is through targeted marketing. This is where AI technologies come to the rescue as they offer you a smart and simple way to create and run top-quality ads that are value-based. Okano is a leading E-commerce marketing automation platform that offers end-to-end digital advertising solutions for online retailers who want to drive sales at the lowest costs.
Personalized experience with virtual assistants and chatbots
Even with the reality that E-commerce is all about faceless shopping, the modern customer wants a personalized shopping experience that makes them feel valued. No one wants to be another unknown shopper as we all want to be valued as individuals by receiving the right amount of attention. Artificial intelligence helps bridge the gap between an online store and its clients through virtual assistants and chatbots.
These AI technologies have taken online shopping to a whole new level as they have automated customer service. The ability to communicate with a human-like customer care representative using speech or text has made it easier and comfortable for more people to shop online. This is because it has transformed online shopping from a do-it-yourself process to one aided by intelligent and caring ‘in-store agents.’ The result is a wholesome shopping experience as all needs by customers are instantly addressed, and there is an efficiently tailored client support.
Intelligent product recommendations
It is never enough to run general marketing campaigns if you have an online store and want higher conversion rates. Consumers today have specific preferences, and they will never give anything outside their liking attention. This means that you need to target clients with the right product recommendations for your marketing to be effective.
How do you do this when you have no idea about what they like? The simplest answer is through the use of big data and AI technologies. You see, every day, consumers use the internet to find out more information about what they like. This creates a browsing habit that can be monitored using AI systems and broken down to develop intelligent product recommendations. By sending personalized ads to the right individual, the client conversion rates will significantly grow, increasing sales.
Automated inventory management
One of the challenges of running an online store is maintaining the perfect inventory management system. For long, the norm has been to rely on human employees, but with the need to maintain high accuracy levels and by-the-minute track of all products, this is no longer a viable option. Luckily, artificial intelligence offers a way out as machine learning has made it possible to have an automated inventory management system.
The competitive edge provided by an AI-powered inventory management system is that you will have more than real-time information about your stock. These systems will keep track of your sales trend, anticipate changes in product demand, show supply-related issues, and help introduce new products.
It is no secret that E-commerce and artificial intelligence have become inseparable in current times. As online shopping becomes the standard worldwide, AI technologies have become the must-have tools by online retailers after practical and value-driven solutions. The endless potentials of artificial intelligence further make it an integral part of modern-day business as it has changed the approach to crucial day-to-day functions. Ultimately, E-commerce’s future lies in how smart, quick, and efficient online stores can run, and AI is the pathway that makes this possible.