jessica-clarke
Amazon's growth story is legendary. It began in 1994 as an online bookstore and today, with about 49 percent of the overall market share, it is the largest online store in the USA.
This success results from Amazon’s upselling and cross-selling algorithm powered by its AI-driven product recommendation technology.
Not just Amazon, but AI is transforming the eCommerce Industry as well.
Here are 5 ways you can use AI to provide a memorable shopping experience and generate regular leads
An eCommerce store receives a vast amount of customer shopping data and analyzing it is a critical challenge for every business. Designing the ideal product combo, upselling to customers, getting high-quality leads, and finding the right technology partner to monitor these activities are some key challenges an eCommerce business faces. Is AI a solution?
The growth story of Amazon is legendary. It started as an online bookstore in 1994 and today, it is USA’s largest online store with around 49% of the total market share.
This success results from Amazon’s upselling and cross-selling algorithm powered by its AI-driven product recommendation technology.
Artificial Intelligence (AI) is the science of creating intelligent systems to solve problems or complete tasks, the way humans would do. Often, it involves giving machines the ability to learn, relearn, and perform better, rather than programming them every time.
That’s what Amazon does. It uses AI to analyze its buyers’ shopping patterns and sells them more by recommending relevant products. Isn’t that brilliant?
Not just Amazon, but AI is transforming the eCommerce Industry as well. According to a survey by Tractica, industry experts expect AI’s contribution to revenue generation in eCommerce to reach $36.8 billion worldwide by 2025.
The industry leaders and your competition are already enjoying the benefits of AI. To survive in this competitive market, having an eCommerce store with AI capabilities is a MUST!
Here are 5 ways you can use AI to provide a memorable shopping experience and generate regular leads.
Marketing is dynamic, with so many factors affecting its results. Most are not in your control.
Imagine having answers to all these nightmarish questions…What are my customers going to buy next?
What do my customers love?
What do my customers hate?
Do visitors like my eCommerce store?
What devices and channels they prefer?
What is their typical price threshold?
How much discount would trigger immediate purchase?
When you have answers to these questions, you can plan your marketing campaigns in a better way; and these answers hide in your customers’ transaction data.
Getting a human to analyze this data and derive insights is impossible. AI can help you generate these insights on a real-time basis. These actionable insights will tell you what marketing activities to do and what to expect from them.
Product Recommendations is one of the widely used applications of AI in eCommerce; and has helped eCommerce companies in increasing their conversion rates by up to 915% and average order values (AOV) by 3%.
AI uses your existing customer data to influence your shopper’s buying decisions favorably by providing a personalized shopping experience.
Here are a few ways AI can help you personalize your customers’ journey.
By displaying relevant product recommendations
By showcasing custom offers and discounts as per customers’ needs and search queries
By sending personalized and specific emails
By altering prices at a favorable time based on users’ browsing activity
By displaying personalized, automated, and re-targeted ads across various channels
By displaying custom content as banners, videos, and coupons
By offering content recommendations that attract visitors at every stage of the customer journey
Most of us use Google for our daily searches. Not just because it provides the best search results, but also because it gives you the most relevant search results. Google’s powerful search algorithm analyzes a user’s browsing history to change the search results and shows the most pertinent ones at the top. Often, it attempts to identify your intent and auto-completes your search queries.
Don’t we all find that helpful?
That’s the beauty of Personalized Search; and it is influencing the eCommerce industry as well. Personalized Search has proven to boost up conversion rates by 1.8 times.
Your online store can use AI to provide personalized search to your shoppers and speed up product discovery in multiple ways.
By offering relevant auto-complete suggestions
By ranking search results basis the user behavior
By showing add-on items for products that one has searched or purchased in the past
By identifying speech via voice search
By analyzing images via visual or image-based search
Dynamic pricing is an eCommerce pricing strategy that involves changing your prices to stay competitive and grow your sales. It considers your competitors’ pricing, your costs, and comes up with the best price which will work for you.
In simple words, it tells you…
What to sell
Whom to sell
When to sell, and
At what price
Salespeople do this to close deals. But once your eCommerce store grows, you won’t be able to do this manually. That’s where AI comes in handy. It does the hard work of analyzing your customers’ past transactions and changes your prices on a real-time basis to speed up purchases.
But does it work?
Yes. Dynamic pricing has helped businesses boost their gross margins by up to 10%. eCommerce giants like Amazon, Walmart have been using this strategy and have recorded consistent growth for the last few years.
Chat Widgets and ChatBots are being used by almost all the eCommerce stores. While you need someone to man a chat widget, ChatBots sound dull because of its fixed and standard responses.
Using Deep Learning & Natural Language Processing (NLP), AI-powered bots can have human-like interactions, which are conversational and insightful. These interactions become more personalized and adaptive with every interaction.
AI-powered chatbots can…
Showcase the bestsellers to unknown visitors like a human
Suggest fresh deals to your returning customers
Alert your regular customers on stock availability and price change
Reply to customer queries with suggestions
Recommend custom offers and discounts basis purchase history
Offer post-sale support 24X7
Popular brands like Burberry, Sephora, H&M, LEGO, etc., have been using virtual shopping assistants for quite some time. Such assistants can help you cut operational costs by up to 30%.
To sum it up, AI is revolutionizing eCommerce in several ways, and if you have to stay competitive and lead in this digital economy, AI-powered eCommerce is the solution.
Leverage AI for your B2B business with ewiz commerce
ewiz commerce is the world’s only B2B eCommerce platform with built-in AI-powered marketing tools to help you create personalized shopping experiences for your customers.
Our key offerings:
AI-powered eCommerce Store
AI-powered email marketing automation
AI-powered recommendation engine
Talk to our experts today for a demo.
