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Do what the eCommerce giants do to stay on the top!
Do what the eCommerce giants do to stay on the top
Have you ever wondered what Amazon is doing that you're not doing with your eCommerce business, is it about the scale at which Amazon operates, well the answer is NO!. It is the embrace of technology which is:
Amazon uses machine learning to model its recommendations by understanding customer behavior. They make use of the massive customer database to drive its predictions of a potential sale by recommending a product an individual customer may need next.
Amazon uses Artificial Intelligence tools to continually fine-tune their logistical services choosing the fastest possible routes, adjusting delivery times, etc. The AI steadily is making data-driven decisions for greater accuracy and efficiency in the process.
The direct benefits of using AI on your eCommerce business
AI insights enhance the existing line of products.
AI makes better decisions based on data and not intuition.
It leads to the creation of new products.
AI tools optimize and streamline various processes.
AI identifies new potential markets.
AI automates workflows to improve the overall efficiency of the business.
5 Use-Cases of AI that eCommerce giants are employing
Personalized Recommendations: There exists a big chunk of data from Purchase and search history, social media sharing, and engagement that can tell a lot about the customer's shopping behavior. Artificial Intelligence can predict recommendations to customers that can make the journey from wish-list to the shopping cart.
Personalized Marketing: Artificial Intelligence makes the possible one-to-one interaction between the customer and your business. It's very critical for the customer to feel important, and the key is to find new ways of personal engagement so that the frequency of conversion and sales happens more often.
Pricing based on Supply and Demand: Artificial Intelligence can help retailers set the right pricing so that profit is maximum in both on and off-season. It's the art of optimizing the price that major eCommerce giants have so far mastered. It's only a matter of making the use of AI tools for small eCommerce businesses to tap the right pulse of pricing.
Inventory Management: Artificial Intelligence can help retailers establish a flawless and dynamic supply chain network, that not only streamlines various aspects involved in the supply chain such as order management, warehouse management, inventory management, etc. But also makes the process faster and cost-effective.
Artificial Agents: Artificial agents and chatbots offer prompt and relevant customer service in terms of queries and inquiries. They are an excellent source of relevant data generators that helps to make a better knowledge of customer behavior.
The future of AI and retail coincide
The modern consumer is picky and a bit lost with a barrage of options around him, but knows what he wants when given the right options to choose from. The retailers must know what to offer so that the customer will pick a personalized interaction that is based on the known preferences and likes of the customer. Artificial Intelligence can offer valuable insights on customer behavior which is not based on mere intuition but relevant search and purchase data. The scenario is similar to a potential sale for every footfall in your brick-and-mortar retail shop.