Artificial Intelligence (AI) has witnessed an exponential rise in adoption by various sectors. The technology has unknowingly become a part of our day to day life. From Google search results and Amazon’s products recommendations to Netflix’s film suggestions and bank VRU systems, there are AI-powered tools that even non-tech-savvy individuals’ use.
Due to the technology’s ability and efficiency to offer a personalized experience, its use is set to grow immensely during the next two years. Research firm Gartner recently released results for their study about the influence of Artificial Intelligence on businesses. The research suggests that AI would handle around 85 percent of the interactions between companies and customers instead of humans by 2020. Some of the world’s leading brands have already implemented the new technology to recommend their products to consumers in the most effective manner. Thus, e-commerce stores need to be aware of market trends and upgrade customer-facing features to offer the best possible user experience. Artificial Intelligence is not just about product recommendations. Here’s how it can revolutionize a business’s overall operations.
AI-powered social CRM is set to become the new norm
Until the last decade, television advertising and flyers were crucial parts of every company’s marketing strategy. Now, social media channels like Twitter, Facebook, Instagram, etc. have eaten into the television’s share. Most importantly, customers prefer to use those same platforms for communicating with brands as well. So, it has become essential for companies to upgrade their CRM into a social CRM.
AI-driven social CRM has changed the way companies interact with customers. The advanced customer relationship management system can integrate social media conversations, emails, chatbots discussions, as well as other communication in the notes. Such data helps live customer care agents to solve consumer concerns without wasting time. It also helps sales teams to identify cross-selling opportunities.
SCRM enables brands to anticipate the future needs of customers and get a richer insight into their sentiment about products.
Digital assistants like Google Assistant, Amazon Alexa, Cortana, Viv, Apple’s Siri, and other voice-activated devices are becoming more and more popular each day. Alexa is better positioned than other digital assistants at present.
Customers are also using these voice devices for searching items on the internet and buying the same. The percentage of such shoppers is set to increase in 2019 according to firms that offer ecommerce development services.
By 2022, voice shopping is expected to cross the $40 billion mark in the US and the UK (combined). The stats make it clear that every e-commerce site needs to plan for voice engine optimization (voice search SEO).
AI algorithms in sales and marketing
Artificial Intelligence algorithms can help significantly in making accurate business predictions. The feature makes decision-making simple for higher management. AI forecasting tools can offer a glimpse of next quarter’s possible revenue figures with the help of past data and help managers to adjust resources and inventory accordingly.
Offering discounts and adjusting prices can be a tricky issue. The AI algorithm can make a decision based on past deals, client’s annual revenue, client’s industry, the customer’s geographical location, and prices quoted by competitors for similar contracts in the past. The feature is often referred to as price optimization.
An Artificial Intelligence powered engine can keep track of a customer’s browsing data and make relevant product recommendations. Cross-selling and up-selling require minor investment compared to spending on marketing to get new consumers on board. AI algorithms help organizations to zero-in on customers who can buy more of new products or upgrade existing ones. With such accurate data, brands can divert their marketing efforts to target those who want to buy. Companies can save considerably on marketing costs and improve annual revenue as well.
Keeping inventory up-to-date is essential to make sure that shelves remain stocked all the time. Artificial Intelligence is making a big difference in inventory management by gathering information about critical drivers in the market. It combines this data with predictive analysis and makes decisions. A reputed ecommerce development company like smart sight innovations can assist you in integrating AI tools with existing business systems as well.
AI and ML powered bots offer one hundred percent procedural compliance
Compared to bots, humans often make errors. For example, a human customer service executive might forget to record information or read disclaimers according to regulations and auditing requirements. Chatbots, on the other hand, automatically adhere to all the rules according to their programming. Plus, they also offer an auditable trail for the conversation, according to the legal requirements.
AI and machine learning have revolutionized the way software solutions are programmed. Bots learn from every conversation, plus, they also have access to historical data. Thus, the chances of offering incorrect answers due to the knowledge gap is minimal.
Humans may not feel comfortable indulging in multiple conversations at the same time. Bots can handle several customers at the same time and have no limitations when it comes to typing speed.
Boston Consulting Group’s study has pointed out that retailers who have implemented some of the ‘smart’ solutions have recorded 10 percent gains in their sales. AI and ML powered bots are set to rewrite customer service norms. However, complicated queries, as well as ones that need a human touch, still require customer service associates at call centers.
AI in every platform to offer a consistent experience
These days, a considerable percentage of internet traffic comes from mobile devices. AI engines ensure that customers visiting an e-commerce platform, using small and large screens as well as apps, get a consistent, seamless experience. Google Prediction API, IBM Watson, and AT&T speech, etc. are some of the popularly used ML APIs that can be combined with mobile platforms. A reputed ecommerce development firm can assist you in selecting the best option for your firm.
Most of the AI and ML-based systems become more and more accurate with time. The more a company uses them, the more they learn about the business and its e-commerce customers.