Almost every industry has started developing knowledge of artificial intelligence to incorporate it into its business operations and marketing practices. But, one industry which is extremely receptive to the inclusion of AI is E-commerce.
With the highly customer-centric environment and immense competition in the digital arena, leveraging technology such as AI will not only enhance the customer experience but make mundane tasks much more efficient. As a result, the E-commerce leaders will have more time to focus on E-commerce marketing strategy building and the employees will be much more empowered with the optimization of everyday tasks that were, prior to AI, done manually.
With that, let’s dive deep into understanding aspects of E-commerce that can be transformed with AI.
How AI is transforming the e-commerce industry
As per stats, AI-enabled E-commerce solutions are expected to have a valuation of $16.8 billion by 2030. AI is a disruptive innovation that is here to stay and empower E-commerce businesses, given it is optimized to its maximum potential.
AI in Content Creation
Content is the online salesperson for your E-commerce business and demands to be skillfully crafted. With AI, content creation has taken a swift turn towards better quality and customization.
Different types of content work for different motives. For example, for social media handles, simple and short content is key, because of high scrolling tendencies and less attention span of viewers. For sales pages, content that immediately informs the viewer of the product benefits and value is what converts. In informational content, such as articles and blogs, AI assists in e-commerce headline creation, error corrections and e-commerce SEO.
AI in Conversational Marketing
With intense competition in the E-commerce landscape, quick response to customer queries serves as a major competitive advantage. Online stores now include virtual assistants and chatbots on their websites to provide visitors 24/7 customer support and immediate assistance.
With the self-learning capabilities of AI through machine learning, E-commerce businesses are resolving customer issues optimally by better understanding their behavioural patterns and search intent.
Read more on: Conversational Marketing
AI in Personalization
Customers are seeking more personalized shopping experience. This is best achieved through AI software that studies customer shopping behaviours and past purchase history to recommend personalized products.
How many times have we seen similar products all across the various digital platforms we surf? It is all smart AI. AI assists E-commerce marketers in creating enhanced advertising and targeting strategies by displaying tailored products and advertisements to an AI-curated segment of the target audience.
AI in Predictive Analysis
With AI, businesses can predict the future demand for a product to manage the stock of the same in the present. It also predicts the changes that might occur in the immediate future. This enables E-commerce businesses to take preventative measures to be wary of any inventory loss or possible wastage.
AI’s predictive analysis provides more empirical backing to decision-making and future strategy building. Moreover, with machine learning, AI is getting better and better at making highly accurate predictions for what’s to come.
AI in Dynamic Pricing
Price is one of the most sensitive factors in a customer’s buying decision. With so many choices just a click away, they are even more mindful of it, which is why tailored pricing is vital. Smart AI technologies make the manual researching and updating of prices simpler.
By analyzing various external factors such as demand-supply, competitors’ prices, current market trends etc. AI modifies and updates the pricing on your online store, holistically.
AI in CRM
Prior to AI, CRM used to be an extremely time-consuming task, but post-AI evolution, it has become much more efficient. With the help of scheduling, immediate automated responses and automated emailers, keeping in touch with the customers and garnering their feedback has become easier.
By leveraging the lucrative analysis of big data, immense insights can be gathered to better segment, target and re-target both current customers and potential customers.
AI is definitely a tool that assists and empowers online businesses to enhance both e-commerce strategy building and implementation. A lot of businesses are leveraging the power of AI to stay a cut above in the intensely competitive and dynamic industry of E-commerce.
If you are also looking for a tech-savvy company to leverage the power of AI to enhance your E-commerce digital marketing strategy, then your lookout ends with #ARM Worldwide. Join hands with us to take your E-commerce business to great heights with the power of AI!