How can e-commerce brands use AI? How is AI revolutionizing the industry?
Well, the traditional approach to customers is no longer viable and are struggling to keep up with technology-savvy newer generations of eCommerce businesses. As per Microsoft, more than 90% of customer interactions will happen through channels leveraging Artificial Intelligence.
Artificial Intelligence has created a buzz across all the industry verticals. A better customer experience with customer satisfaction is a goal for many organizations that could be achieved with Artificial Intelligence. You can not resist the fact that AI is vital for a seamless customer experience. It leverages the use of natural-data and dives deeper into customer behavior, their purchase pattern, and complete insight into customer interaction with variant channels.
AI-Driven Automation Experiences
Most of the Multinational companies have successfully incorporated AI in their businesses and have already built a robust brand reputation, profits, and visibility. One of the leading companies that incorporated AI in its e-commerce operations is Amazon. You might have wondered at times that whatever product you search on your Amazon account, you will start receiving updates about the same on your social media as well. It is the power of AI. Being an early adopter of Artificial Intelligence and automation, Amazon always had an edge in using AI to improve its business efficiencies.
How is AI Facilitating a better Understanding of Customers?
The future of e-commerce will lead to a better customer experience. Customers now look for a personalized experience. With AI there is a significant rise in the recommendations for the customers. With the AI tool, you can predict the interaction of the user and manage customer data from different sources to get valuable insights with speed and precision.
Here are a few ways AI is helping to improve the customer experience:
1. Real-time and Predictive Behaviour Analysis
It is the ability to make a decision that is based on recent data and it is used as an effective and most preferred marketing strategy. It allows personalized recommendations to customers which gives them the most relevant content they are looking for. Another example is the customers who are using ad blockers, AI provides them with an alternative UI to engage them.
Predictive analysis refers to the statistics, data mining based on the predictions. AI helps to recognize a large amount of data in real-time giving insights about the future interactions between brands and the customer.
2. AI Helping in Hyper Personalization
It is the combination of AI and real-time data that helps customers to deliver what a customer is looking for. The traditional ways of interaction such as waiting for phone calls in the long queue or clicking through tons of pages have now been replaced by personalized AI experience.
AI and Machine Learning creates a personalized experience allowing the sellers to analyze the huge amount of data and offering what is best to their customers.
3. AI Chatbots for your Business
A recent report from Capgemini entitled AI and the Ethical Conundrum indicated that 54% of customers said they have daily AI-enabled interactions with businesses, including chatbots, digital assistants, facial recognition, and biometric scanners. This is where businesses enable AI-powered chatbots that enable personalization by automating almost all the answers asked by customers. This not only reduces the burden of the employee but also speeds up the process of lead conversion to your customer while reducing the operating costs.
Chatbots are not only used for customer service inquiries but also if you analyze the history of customers chatbot creates a proactive offer for customers based on channel and share links, images, or photos. Bots instantly greet customer's answers and if needed connect them with the agent.
4. Better Innovation of Product
Since AI can predict the purchase behavior of the customer, sellers are using the information to design products suited by the customers. An excellent example of Innovation is by a popular brand Tommy Hilfiger, they used AI research tools to find out the new trends and how are the customers viewing their products.
AI is significantly improving the customer journey through all the touchpoints and across all the channels. As space is becoming crowded with the rising competition in e-commerce businesses need to adopt these new and innovative ways to retain their customers.
Successfully leveraging AI will power customer engagement, build trust, create loyalty, and drive better returns on business.
Time to ask yourself “Are you there yet”? If not, contact OZVID and, know-how AI helps you reach your business goals and beat your existing competition.